How the Performance Incentive Plan Improves Morale

by: Luke Kreitner April 13, 2016

For your company to enjoy ongoing success requires the efforts of motivated employees. After finding and hiring the best team you have to keep their morale up so they continue to provide the hard work you know they’re capable of. In addition to salary, it requires a safe and enjoyable work environment to accomplish continued profitability. A fairly simple way to accomplish this is through a system incorporating a performance incentive plan to remind your employees how much you value their contributions.

Gift Cards as a Performance Incentive Plan

Gift cards are always a nice recognition, as in some cases they can mean as much to an employee as a cash bonus. A gift card can be for a product or service the employee is going to buy anyway, so a penny saved is a penny earned. Other types of gift cards as part of a performance incentive plan can be for travel, movies, or a restaurant, giving the employee an opportunity to brag about their accomplishments at work.

Merchandise Rewards

A further aspect of the performance incentive plan can be actual merchandise rewards which serve essentially the same function as the gift card through a slightly different method. The employee typically gets points toward a merchandise catalog to “purchase” items they need, whether for themselves or as gifts for family and friends. Again, it’s a chance to get the things they want or need without having to pay out of pocket thereby saving their personal funds for other necessities, or in some cases can provide an opportunity to show their families they’re good at their job and important to the company which is something everybody likes to be able to do.

Travel Based Incentives

The travel based performance incentive plan provides multiple benefits for your employees. The vacation itself is something everybody needs from time to time as a chance to unwind and after performing above expectations throughout the year. A group travel plan can be especially useful as a team building exercise and a way for employees to get to know each other outside of the workplace. Employees have the chance to visit a place they may not have thought of on their own, and when they get back to the office they’re going to be motivated to earn their spot on the next trip.

All told, the performance incentive plan shows your appreciation for all the hard work and effort your employees contribute to the success of your company. Feeling appreciated makes employees work harder, and the goal of earning rewards provides ongoing motivation to put forth their best efforts on every project. Talk to one of our representatives to find out more options for our performance incentive plan and information on how it can improve the output of your employees.