How should an incentive or reward program be structured to be most effective in a New Zealand business?
Once you have made the investment to recruit good staff and trained them, you need to retain them and motivate them to consistently provide top quality performance in their work. A successful performance management system will go a long way to motivating your staff, but the addition of appropriate incentives will add some real power to drive the program.
Key elements of a successful staff incentive program are:
- Set goals that are clearly defined and measurable and allocate rewards on a cumulative scale so that top performance achieves top reward.
- Change the focus of the program in each work area on a regular basis so some aspects of the job do not become the only focus.
- Consider a points based reward program for maximum flexibility.
- Choose an incentive program structure that allows individual choice of reward for stronger motivation.
- Include some stress relievers and family rewards in the reward line-up.
- Manage the program with integrity – no unexpected surprises.
- Check regularly with staff to make sure they are happy with the incentives and the way the program operates.
- Public acknowledgement will increase the power of the program.
- Select a suitable partner to support the program to make sure it happens reliably, even when you get too busy to make it happen.
What are the benefits of adopting incentive or reward programs in your business?
- Increased sales/productivity/profit
- Satisfied customers
- More reliable performance
- Improved efficiency and quality
- Increased staff satisfaction and motivation
- Reduced staff turnover
How will an eRewards incentive program impact on productivity, sales and performance?
eRewards offers incentives and rewards that will drive productivity and improve performance. Results vary depending on the circumstances but we have seen some extraordinary results (in one case a 250% increase in sales). Certainly the power of incentives is demonstrated time after time and it is a motivator that New Zealand businesses who aspire to top performance cannot afford to ignore.
We will discuss in detail what the short term and/or long term goals are for your business and then devise an incentive reward system to help derive the productivity or performance increases you want. Our solution may be as simple as a recurring quarterly sales incentive, a reward system for employee of the month or it may be a sophisticated web based reward program that not only reports employee performance against kpi’s but provides information to improve performance, comparative data and a huge reward catalogue. We have developed many solutions for New Zealand businesses that are custom designed to work best for them, these tools and our experience will benefit all of our clients.
We can supply rewards for your existing sales or staff incentive program or one off rewards for particular purposes if that is what you need.
We can provide the level of service you need to get the best out of your staff and we have a range of rewards and incentives available that will grab their attention. We have put together some simple tips for operating a successful staff incentive program. To view these ideas click here.
Why choose eRewards to provide productivity and performance incentives for your staff?
We recognize that every business is different and staff respond to different incentives, our experience with helping businesses achieve productivity and performance improvements will be invaluable to your business.
eRewards has developed experience and a number of very effective models for incentive reward programs that all of our clients benefit from. We are happy to discuss your needs (small or large)and provide a cost proposal for an eRewards solution. We work with many different types of businesses from large corporates down to small businesses that only employ a few staff, but the universal element we bring to these relationships is personal service and a real focus on achieving results.
eRewards offers an extremely diverse range of rewards and incentives, more diverse than any other reward program in New Zealand. We will definitely have a range of incentives at a price point and with strong appeal to suit your requirements.
To find out more simply fill in the contact form so we can organise a time to get together with you.