Hi everyone, I’d like to now the possible limitations of incentive schemes. Also, what could be the non-monetary rewards given to the employees.Thanks. Zara
From India, Pune
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12From India, Pune
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In my experience, incentive schemes come to two ends:
1. They level off - plateau. When a scheme reaches a certain point, usually 3-7 years from inception, there is no more "productivity, efficiency, or savings" gains which can be realized.
2. The goals are constantly being set higher and eventually are unattainable. At this point, employees become frustrated and usually leave the organization.
Non-monetary rewards:
Public recognition - in the organization's monthly bulletin; Periodic (quarterly/semi-annually) off-site award/recognition event - invite spouse and children.
Personal recognition - Plaque/certificate from organization head; A day off to spend with family; Fulfill an employee's "wish": a practical, non-work related, legal response, within reasonable cost guidelines, to what an employee wants.
Just some thoughts,
PALADIN
From United States,
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1. They level off - plateau. When a scheme reaches a certain point, usually 3-7 years from inception, there is no more "productivity, efficiency, or savings" gains which can be realized.
2. The goals are constantly being set higher and eventually are unattainable. At this point, employees become frustrated and usually leave the organization.
Non-monetary rewards:
Public recognition - in the organization's monthly bulletin; Periodic (quarterly/semi-annually) off-site award/recognition event - invite spouse and children.
Personal recognition - Plaque/certificate from organization head; A day off to spend with family; Fulfill an employee's "wish": a practical, non-work related, legal response, within reasonable cost guidelines, to what an employee wants.
Just some thoughts,
PALADIN
From United States,
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Conf_RevMeeting _CPFC_20570_MOM 10% refund on admin charges incentive.pdf
Rewards Strategy.doc