Workplace incentive programs are a highly effective way for companies to boost their overall productivity. Regardless of your niche/industry, recognizing your employees with personalized trophies in exchange for pushing themselves on the job encourages higher levels of productivity. Employees will feel more drive and determination to excel in their current position with the possibility of a reward lingering over their shoulders
While most U.S. companies and organizations have at least some type of incentive program in place, few of them take the time to optimize it for maximum results. Whether you’re thinking of starting an incentive program, or if you’re looking to improve your current program, you should take a step back to look at the basics.
Study Reveals The Link Between Personalized Trophies and Performance
A recent study conducted by the International Society of Performance Movement found employee incentive programs boosted a company’s performance by an average of 22%. To put that statistic into perspective, that means companies that normally generate 1,000 sales in a given month could potentially generate 1,220 by implementing an incentive program. Of course, this is just one of the many examples of how incentives can boost performance in the workplace.
Other Interesting Points From The Study:
- Team incentives increased performance by an average of 44%. Don’t limit yourself to strictly using single-worker incentives, as this study reveals the importance of team-based programs as well.
- Longer incentive programs yield better results. Programs that run over a year produced a 44% increase in performance, whereas programs that only run 6 months of less produced a 30% increase in performance.
- In addition to boosting performance, incentive programs also attract, and retain higher quality employees,.
- Although incentive programs are undeniably effective, most employers complained about how they operate.
Cash vs Non-Cash Incentives
There are routes to take with a workplace incentive program: cash or non-cash items. Offering cash as a reward to employees who push themselves is a short term way to encourage better performance. The fact is that most workers would gladly accept a bonus check as a reward; however, this doesn’t necessarily mean it’s the best choice for the employer getting the best long term ROI. I once had a client bragging on this great bottle of expensive wine they gave out to a large group of their best customers which is better than nothing, but once the wine is gone how long will that motivation or memory last of the gift that was given to them? Elegant awards and personalized trophies are displayed as a constant reminder to that person that hard work pays off!
A more meaningful and personal incentive able to be a constant reminder is personalized trophies. By custom ordering an award with the recipient’s name on it, your company’s program will have a stronger, more lasting impression on workers; thus, resulting in higher levels of performance.