There’s a ton of research praising the benefits of incentive management in the office, but what exactly is it? Is it right for your company? Most likely. Incentive management is the practice of using employee benefits, employee benefit program(s) and incentives to motivate employees to reach specific goals. Incentive management also includes the administrative components of tracking these benefits (check out this guide on benefit administration systems), and administering them out to your employees. These goals can be related to productivity, personal goals, or health and wellness. Rewards can range from cash bonuses, gifts, paid time off to fitness memberships. It doesn’t have to be competitive, and in many instances employees can all receive the same reward if a particular goal is met. Incentive management is common in sales positions in which employees are offered commissions based off sales goals that are met. It can also be a powerful motivator in many other departments and aspects of life. Studies have shown that incentive management can increase employee productivity by up to 22% as well as improve employee engagement.
Although incentives are known to motivate staff, a recent survey suggests that only 27% of employees are using them. Jim Link, director of human resources at Randstad U.S., claims that although employees would like to see more incentive management practices in the workplace, it can be difficult finding the correct program that fits their company’s culture (but it’s also important to consider that perks alone won’t be enough to create a strong company culture). If you would like to see how your employees are using your benefits, feel free to use our complimentary employee benefits survey template.
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At Incentfit, we promote rewarding employees for fitness with incentives because we know it’s a win win situation. Employees that maintain their health and exercise more are more likely to be happier, and a workplace culture that includes incentives have higher employee retention rates and better productivity. In fact, Johnson and Johnson has claimed that their wellness programs have saved them over 250 million dollars in health care expenses in the past ten years. Some examples of programs that we implement include offering incentives for running, going to the gym, and even sleep challenges.
While we’re all about supporting health goals, our platform can be used for incentivizing more than just wellness. In fact, Incentfit is the only incentive management program with a completely flexible platform to accommodate any company goal. Our system makes documenting and tracking goals simple, and because it is high-tech, implementation is low cost. So whether it’s a performance goal to a fitness goal, we have the ability to take the leg work off or your HR for a fraction of the cost. Ask us more about how we can help you implement incentive programs!