When it comes to rewards, there’s no doubt that some of the most effective incentives are based on the power of recognition. But that doesn’t mean that you should only reward employees with gifts and discounts. What you need to do is find a way to recognize them for what they do well.
When incentive programs are used, there are many ways to reward people for doing good work. In the workplace, these can include:
One of the most popular types of incentive programs is a bonus program. Bonuses can be paid out to employees based on certain performance metrics. The key is to make sure that the employee has a clear understanding of what is expected of them and why the incentive is being given.
A monetary incentive program is a program that provides monetary compensation for work. This may include bonuses, merit based raises, profit sharing, and more
