5 Essentials of an Effective Employee Incentives Programme
Through the power of an effective employee incentives scheme, businesses can boost engagement, productivity and motivation in every corner of the workforce. Research shows when employees are recognised and rewarded for their contribution and achievement, engagement can increase by 89% and retention by 87%.
When delivered well, incentives are a key tool in unlocking the people potential behind a brand. However, the trick is getting this right – particularly in the modern workplace for engaging remote or frontline, ‘deskless’ teams. So, what are the fundamental elements of effective employee incentives schemes? Let’s explore.
1. Configurable. The business landscape is rapidly evolving – and employee incentives schemes must reflect this. The programme should be fully configurable and adapt quickly to fast-changing market dynamics. For incentives to drive the best outcomes, they must align closely with the unique needs of the organisation and wider market.
2. Personalised. Importantly, everyone is motivated differently. A tailored approach to delivering incentives is key – targets and rewards should be personalised to individual and team preferences. This ensures each employee feels meaningfully motivated to be their best and drive results.
3. Targeted. To maximise the impact of incentives, they must be strategically targeted to the right employees – including specific individuals, employee groups, business branches, or the entire workforce. This ensures the incentive are ambitious but achievable by reflecting the skills and capability of the right talent.
4. Visible. Transparency is key. Employees should always have visibility of their individual and team performance via league tables, so they can track progress anytime, anywhere. This maintains consistent motivation and keeps team focus concentrated on the overall goal.
5. Centralised. To maximise impact, all elements of an effective employee incentives programme need to be centralised under one roof – so teams are regularly updated and motivated, whilst managers can assess performance and engagement through live data insights.
Rippl’s streamlined technology enables Volvo UK to incentivise their network of over 110+ retailers in line with sales objectives. In the midst of the pandemic, Volvo needed an efficient solution that allowed their Head Office to deploy tactical incentives across their multiple retailers.
Volvo launched Rippl to deliver their ‘Champions’ platform that combines incentives, recognition and reward into one place for their people. Since launch, ‘Champions’ has seen some impressive impact through delivering an effective employee incentives programme that dynamically adapts to the changing needs of their teams and the wider market.
Through uniquely streamlined and customisable software, Rippl creates a synergised environment that empowers all teams to unleash their potential. Chat to one of our experts around what an effective employee incentives programme could look like for your business.