Have you ever mentioned your expectation for going the “extra mile” to your employees? Well, if you haven’t, the extra mile is the amount of extra effort your employees might put into the execution of their functions. The extra mile translates to employee dedication and heavily contributes to employee performance reviews. However, not all employees go the extra mile and need a little incentive to do so—an employee incentive.
Corporate training can be a great employee incentive. Let’s find out how.
What’s an Employee Incentive?
An employee incentive is something an employer uses to trigger the desired performance in an employee. And it must be something of value to the employee.
Here are some examples of employee incentives:
- An object, such as a more powerful computer
- Free participation in an event of interest to the employee
- A paid professional certification course and exam
- Another kind of training course the employee wishes to take
Employee recruitment and retention in your organization may depend on the employee incentive program you have in place. In other words, it’s worth investing time in defining the best employee incentive program you can. But first, you must know a bit more about employee incentive programs.
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What’s Included in an Employee Incentive Program?
Varied kinds of incentives exist. That means you can build an employee incentive program from either a single type of incentive or a mix of types. Nevertheless, due to the diversified nature of interests among employees, you should go for a mix of employee incentives.
Then, you must decide on the mix of employee incentive types. Here’s a list from which you can choose the types of employee incentives for your program:
- Monetary incentives such as raises, bonuses, profit-sharing, stock options or gifts
- Recognition incentives such as electing an employee of the week, or thanking employees before the team or the organization
- Appreciation incentives such as social events with employees’ families, birthday parties, team lunches or sporting events, all of them company-paid
Now, picture your organization as a tree. How can you—the employer—use the employee incentive program to grow fruit on the tree?
Incentive Programs Benefit Your Organization
Let’s stick to the tree analogy. Employee incentives—whether they’re more or less formal—are organic fertilizer. And what fruit do they help yield from the tree? High performance. Goal achievement. Teamwork. Employee retention. Talent attraction.
But watch out! Employee incentives can work the other way around, and instead of promoting teamwork, collaboration and cooperation, they could promote harsh competition. In other words, always select team or organization goal-oriented employee incentives. Because if you have your employees competing against each other individually, you risk having no team at all. And even if you’re managing a sales team, employees should share their best practices in selling.
In short, you must nurture high achievement behavior among your employees because building synergies is much better than creating individual competition. At the end of the day, your employee incentive program must favor delivering a high-quality product or service, instead of providing less than top notch. Keep on reading for a few golden tips you should keep in mind when building an employee incentive program.
Some Advice on Incentive Programs
First, as an employer, use employee incentives to raise awareness among employees about what actions and contributions you expect from them as part of going the “extra mile”. A sponsored sports team may be a great employee incentive. Or simply ordering a pizza in to celebrate a product launch.
Second, imagine you’re a baker. A motivated and engaged team is the yeast of the bread you’re making. And an employee incentive program is your bread oven. To maintain the motivation and engagement levels of your teams, make sure your employees know and understand why you set up an employee incentive program and the criteria you use to grant an incentive. Additionally, the criteria must be systematic rather than arbitrary, or you risk losing your employees to another company.
Remember: Employee incentives are for the “extra miles”, which means you should use them with thrift. Once everyone is already going the extra mile, you must raise the bar for granting the incentive.
But how does corporate training play a role in employee incentive programs?
Employee Incentive Programs and Training Programs
Corporate training programs are a great way to incentivize employees as part of talent management in your organization. Aspiring managers and high achievers all have professional goals besides individual or team performance goals. Reach out to us if you need expert advice on personalized talent management solutions that include training programs.
For instance, how many of your employees have already expressed their will to progress in their careers? CoreAxis can implement a customized leadership development program to advance the talent that you already have in your organization. With such a training program, you can enhance the skills of your current and future leaders and magnify the leadership structure in your organization.
How many times have you felt that you should somehow develop the skills of the key leaders and executives in your organization? With CoreAxis’ tailored coaching programs, you can increase the motivation of your managers, executives and high-potential employees to achieve performance and professional goals. Moreover, coaching must be part of any organization’s employee retention strategy, as it nourishes career progression.
Bottom line: You must design your employee incentive programs to include corporate training. As a result, you’ll be helping your employees attain their professional goals and progress in their careers. By raising the skills of your leaders to higher levels—especially the skills of your most ambitious employees and high performers—you’ll be managing talent effectively in your organization.