How to Run Successful Employee Incentive Schemes: Creating Effective Programmes for Improved Performance

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The biggest asset for any organization is a well-motivated workforce. Motivation breeds productivity, which in turn generates profit: the key to a healthy organization. But how many employees ever reach their full potential at work? Almost everyone has the capacity to perform better, and it is a shrewd manager who recognizes that performance improvement programmes should be part of any long-term business plan. How to Run Successful Employee Incentive Schemes provides practical advice for anyone who is responsible for constructing effective motivation programmes or incentive schemes for staff, salespeople or distributors. This revised third edition includes up-to-date and relevant information for all those looking to motivate staff in order to maximize profit potential. The book contains updated information in keeping with the latest developments on the internet and new software advances. It covers all aspects of performance improvement in a comprehensive and accessible way, including: the human audit flexible benefits constructing programmes incentive travel building the budget measuring performance rewards effectiveness recognition systems. Table of Contents: The profit potential Improving performance Where should you begin? Specific incremental profit The human audit Human audit guidelines Company performance Personnel inventory Digging deeper Understanding job roles in detail Recruiting the decision makers Taking an overall view Testing your presentation Constructing the programme Motivation theory Performance improvement in practice Isolating the objectives Quantitative objectives Incentive techniques for individual participants Variations for team participants The middle-band concept How long should the incentive programme last? Rules and regulations Tiered reward systems Building the budget The concept of incremental profit Cost headings Does more money motivate? Basic salary Salary plus commission Performance-related pay (PRP) Money the worst motivator Flexible benefits Benefits as security Benefits as loyalty incentives The stages of effective communication Tax, insurance and financial planning issues Administration Is choice of benefits motivational? Incentive travel: everyone s top reward Extraordinary rewards Promising the earth Making incentive travel different Trends in incentive travel Individual incentive travel Significant product factors Other means of transport Forward planning of destinations Tangibles: merchandise Merchandise catalogues Invent your own catalogue! Tangibles: vouchers and services Advantages of vouchers Redeeming features: universal vouchers Disadvantages of vouchers Administration Voucher promotion Designer awards Developing technology Events Meetings and conferences Hosted weekend incentives Group activities Staff parties Measure, monitor, mirror Measure Monitor Mirror Recognition systems Why recognition works Types of corporate recognition Club concepts Distributor clubs Frequent buyer/loyalty programmes Informal recognition The future of incentives