In July 2021, BharatPe made news for the benefits it was providing to new hires. For those joining the company’s product and engineering teams, there were supercars, racing bikes, flashy gadgets, vacations to Dubai, and early appraisals on the table. Do you honestly believe that simply providing employees with lucrative deals will help up your game? After seeing what’s going on today, we’re confident you want to revolutionize the way you handle your rewards in much better methods.
It is not always about what you offer, but more so about how you do it. Incentives are crucial and managing them is even more. There are few ways you must consider to revolutionize incentives management for your employees that will help you in the long-term.
1. Select a motivating compensation model
Incentive Management can go beyond financial awards. You must ensure that your remuneration type and structure are equal and accessible to all employees. It should be thrilling. Stock prizes, flexible working alternatives, transferable points for vacations or presents, Learning & development opportunities, workplace bonuses, and donations in the employee’s name are all ways to manage increments. Time and Experience related benefits such as paid meals and time-off are more preferred to employees, whereas trophies, free corporate items, and company-wide appreciation emails are least preferred. Of course, each team has its own set of values, so consider polling your staff to discover what they want before making assumptions.
2. Shift to an Automated Solution
Technology is playing a significant role in altering the way you manage incentives. Consider a system that allows you to be self-sufficient, keep a small staff, and improve transparency and salesforce engagement. Isn’t it going to transform everything? You require a system with built-in IC intelligence and an easy-to-use business process. It must allow for end-to-end process automation and the management of ongoing operations with the press of a button. Aurochs, for example, has a full quality assurance architecture as well as integrated operational procedures. Approvals, multi-device enabled reporting and dashboards, plan simulation and comparisons are all the features that you need to up your game.
3. Ensure continued professional development
Typically, assisting the team in adapting to business change includes some kind of training or other educational component. At first look, this may appear to be an anti-reward, but offering to place a high-performing employee on a training course that will assist advance their career is a reward that most people will enjoy. When you invest in your employees’ careers, it matters to them, most of the time more than monetary incentives and they will stay with you for the long run. In exchange, your organization benefits from the fresh information and experiences that workers bring to the table, providing for greater internal advancement prospects.
4. Communicate and Promote your incentives plan
Communication is at the heart of the change management strategy. Throughout the change process, change management communication must be carefully studied and implemented on a continuous basis. Make sure that everyone is aware of your incentive programmes in order to raise awareness and encourage company-wide involvement. You should develop a promotion and communication strategy to make sure that all employees are aware of the various incentive programmes. Communication must provide avenues for two-way dialogue. Employees will have concerns or inquiries. They may require assistance in putting the adjustments into action. They may build on this by collaborating with leaders to create continuing initiatives that engage and retain staff. Include information regarding incentive programmes in your employee onboarding checklist as well, so that every new recruit is educated from the start.
5. Ask for feedback
Improving Performance Requires Feedback. The only way to get reliable feedback on your incentive programmes is to listen to your staff. Use an employee feedback tool that allows you to run pulse surveys to begin listening. Employees can bring ideas you would not have thought of otherwise, and they are your best source for gaining a better knowledge of what sorts of employee incentive programmes would have the most impact. Individual and team performance will increase if effective feedback is built into a performance management programme, making your business more effective. Employees and employers will not be working in the dark if feedback mechanisms are effective, and they will, ideally, attain their goals. Consider an always-on feedback channel that allows employees to provide comments at any time and from any location.
6. Don’t hesitate to recognise your reps
Staff appreciation has a huge impact on employee retention and loyalty. It only takes a simple thank you or a celebration of an employee’s accomplishment to improve your company’s retention rates. An effective reward and recognition programme not only makes your staff happier, but it also engages them in their job. When there is an incentive in place, we strive harder to attain the objective in order to receive the reward on offer. It’s so basic, yet it’s so brilliant. Spending a little extra time acknowledging employees will result in a more relaxed atmosphere and a sense of peace in the office. Employees will feel wanted, they will laugh, they will be productive, and there will be comradery in the office. This will result in the elimination of all workplace stress.
To have the greatest possible influence on the performance of your programme while making it meaningful to the players engaged, talent, planning, and methodical trial and error are required. Managing business transformation is difficult, but with a well-thought-out change management strategy in place, you’ll be well-positioned to advocate change in your company. Revolutionizing the way you manage your incentives game will enable you to achieve specific outcomes by rewarding individuals who are accountable for those outcomes.