Evaluating and implementing a company incentive program
Most employees in companies, work hard even without any incentive programs. They have no added benefits except the
regular paycheck, and they are the best to target for a company incentive program. Because there is a greater probability,
they will increase productivity, due to the fact that they are getting paid for doing so. However, as much as the management
may want to increase the productivity, they should consider all the employees. It is fairer to develop a program with goals
that are achievable by most if not all. However, this does not mean that the objectives should be simple. Actually, they
should be a bit high to increase competition. If the goals are too simple, everyone will achieve and this might lead to a loss.
Implementing an incentive program;
When it comes to a retirement incentive, it is advisable to consider the target group. This will ensure that the company
does not run out of skilled personnel, especially with the management group. What will happen if they all are in the
incentive program and they all qualify for the early retirement? Implementing the program will require these considerations,
target group, maturity date, attractive benefits, and time span for registration, legal requirements, cost, and the proper
It is advisable to acquire an attorney while implementing the program; some individuals might take advantage of the
situation. This might end up damaging the company further than it was without the company incentive program. A waiver
should be drafted for each employee to immunize the firm against any unnecessary claims.
Evaluating the incentive program
After successful implementation, the program should be evaluated. This is generally checking whether the program is
running as it was intended. Compare the incentive program with others that are being offered by similar or equal-sized
companies. Compare the problems faced by the company with the employees are making; there should be benefit
recordings on both sides; otherwise, the program is not worth. Nevertheless, always consider that retention rates differ
from one company to the other, so if one is paying more does not mean that the program is not working.
The program should be designed in such a way that the most performing employees get the incentive. If it pays the equally
to all the players, then it is not a good incentive program. The hard workers should feel appreciated; otherwise, every
employee will just aim to be average. After all, they will get the same incentive.
A good company incentive program will require feedback. This is always necessary, especially if a company is planning on
introducing other same programs. Feedback will provide all the negative and positive aspects to the program.