Benefits of Incentive Programs Incentive
programs can be used to help fulfill a successful business strategy. A
study conducted by the International Society of Performance Improvement
found:
- Incentive programs improve performance. Effectively designed
and properly implemented incentive programs increase performance
by an average of 22%. Team incentives can increase performance
by as much as 44%.
- Incentive programs engage participants and can increase interest
in work.
- Properly structured incentive programs can attract and retain
higher quality workers.
- As a part of an integrated business strategy, a well executed
incentive program will motivate people at all levels of the organization.
A few goals that incentive programs can achieve include:
- Increase revenue and morale
- Improve customer/employee
satisfaction
- Change problematic behaviors
- Reduce absenteeism
- Provide sales incentives
- Encourage teamwork
- Promote customer/employee loyalty
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