Organizations that show their appreciation for employees' hard work will find it can help boost morale at critical times.
Employee incentive programs enable companies to provide additional value to their staff during tough economic times.
During periods of high economic stress, organizations that show their appreciation for employees' hard work will find it can help boost morale at critical times. Whether or not the company is struggling, larger economic and social trends can weigh heavily on staff. Taking the time to acknowledge workers can provide the security and stability that the employees desire. For this reason, many companies rely heavily on incentive programs to drive business growth.
A survey by the Incentive Research Foundation found that corporate incentive programs remained a strategic tool during recessions. The use of the initatives can create a strong cohesive culture for staff members that are enthusiastic about the company's future. This motivational tool can help spur procedural shifts that can reduce overhead, improve marketing efforts or lower operational costs at a time when cutting expenses is critical. These challenges often require overcoming daily obstacles, and an incentive program can help energize employees during these crucial periods.
"This supports the beliefs of those who work within the incentive industry that incentive programs are results-oriented, cost effective, useful for multiple applications and highly measurable," Rodger Stotz, chief research officer of the IRF, told Incentive Central.
Employee incentive programs can survive economic downturns because of the numerous advantages they provide over other management tools. These programs can be customized to target both short-term and long-term goals, which provides additional flexibility for the organization.
Providing regular feedback to employees through incentive programs allows the company to easily monitor performance and improve the overall competency of the staff. Developing and implementing an incentive program is a simple, low cost way to create value for employees and the organization.