An employee incentive is any program or reward introduced in the workplace to encourage employee performance and stimulate productivity. Although employee incentives Singapore can be a physical value or material goods, there are also many instances in which the incentives offered are actions or intangible rewards.
Employee incentives, also known as job incentives, can be monetary or non-monetary. They are typically introduced through a program to inspire employees to give their 100% for the business. The employee contributes with all their efforts, time, and energy towards achieving an organization’s set goals and objectives. As we all know, a salary may not be the only reason to motivate them, so giving incentives can help them from bringing out the best in each employee.
Benefits of incentives:
- An increase in organizational productivity comes through incentives since employees are motivated to work and achieve what they have set for themselves. They even aim to achieve more than expected to get more rewards from their employers.
- Retention of employees is done through these incentive programs. Employees find themselves appreciated by their organization and therefore do not find any reason to shift to any other organization. While this also ensures that customers get quality services, they are accustomed to
- Employees feel a sense of belonging when they are appreciated, promoting family feeling in the workplace. This feeling is essential for the employee as they get incentives; they get appreciated by the organization and their families as they are giving their best only for them so they can live a blissful life.
- Incentive programs certainly make companies more attractive to job seekers. As the business grows, the employer needs to add more staff. Many job seekers join those organizations where they get valued and appreciated by the team.
Why is it important to give incentives to the employees?
When it comes to employees, the rewards and incentives in the workplace have their benefits for both employees and employers. When employers recognize employees for their performance and productivity, it can improve morale, job satisfaction, and motivation to support the organization in achieving its aims.
Incentives raise the employee’s self-esteem and make them very proud of the organization they are working for. The provision of giving incentives day in and day out helps in attracting more qualified personnel for the company, which in turn, raises the company’s competitiveness in the world market.