Why Are Incentives So Important for Your Staff?

For all businesses, no matter the industry, maintaining morale is very important in order to ensure your staff are driven to work hard for your company. Businesses are beginning to adopt incentive schemes in order to help with the success of their business. So, why is offering incentives so important?

1. Increases productivity

Everyone knows that productivity is essential to ensuring your company’s success. Productivity drives business, so what drives your employees? Incentives are a great way to ensure that your employees stay motivated to do their job to the best of their ability. By offering something they can achieve if they hit a certain target or achieve something, they have something to work towards.

2. Decreased Employee Turnover

Giving incentives to your employees not only motivates them to do their work, but it can also motivate them to stay longer at the business. Having these perks might be the reason they choose to stay at your company, instead of looking elsewhere.

3. Happy Employees

Not only are incentives great for your company they are also great for your employee’s happiness and wellbeing. Allowing them to blow off steam or win prizes is a great way to ensure they are happy working for the company.

4. Help attract new talent

According to Glassdoor, incentives do attract talent, with 57% of candidates reporting it as one of their top considerations before accepting a job. To attract top candidates, you need to stand out from the competition and offering unique incentive schemes could do just that. It could be the reason a candidate chooses your company over another one.

5. Team Culture

It has been found that productivity improves by 20-25% in organizations with connected employees. If you are offering incentive trips or things that multiple people will be able to win or attend, then it can help with team bonding and strengthen the relationships between your employees. IRIS FMP’s Incentive programme incorporates peer-to-peer recommendations and managers nominations and is great for team spirit. Allowing colleagues to nominate one another for rewards is empowering, as it demonstrates that they value each other’s opinion. Among other incentive schemes, IRIS FMP offers the chance for all staff to go on an incentive trip every year. This year we sent 25 of our staff who exceeded their targets or excelled in their work last year to Long Beach, California for the American Payroll Association Congress. As well as everyone working very hard on our stand, a fantastic vacation was enjoyed by all with lots of fun and food! We are proud to give back to our employees that have worked so hard for us so that we can celebrate the success together. The IRIS FMP team on their incentive trip to California in May 2019, wearing their pilot gear on their "Prepare For Global Take-Off" themed stand!