Incentive programs are used to motivate individuals to achieve business goals and accomplish aims with the prospect of a reward, either monetary/material (money incentives or gifts) or honorary (employee recognition), in exchange for exemplary performance in the academe or in the workplace. Because of this, incentive programs work hand-in-hand with employee/student achievement recognition.

Employee incentive programs gives employees something to look forward to as a result of exemplary office performance, be it in the area of employee attendance (i.e. free of absences or tardiness in the past month or during the last six months), sales (i.e. meeting the quota consistently or surpassing a sales mark consistently in a span of time) or even in little things like cleanliness in the workspace and office courtesy.

Money is one of the common forms of employee incentives, although non-monetary rewards and incentives given to an employee or to a group or team are also appreciated. These can be in the form of group activities such as dinners or even group billiards, poker or bowling night or activities that are sometimes an all-expense paid event courtesy of the company management.

Incentive programs are designed to rewards those who are performing above and beyond the average expectation, as they are made to inspire others to do the same, ultimately making the company not just more productive, but also teeming with positive and professional attitude. There are several ways for designing incentive programs. These designs may be based on point programs (i.e. points being earned for point-generating achievements with the accumulation of points equivalent to rewards) or sales incentives (i.e. reaching, and if possible, breaking of sales quota), for example.

Award programs provide numerous categories for the awards they hand out to employees. Some, like awards for milestones in service tenure, will take a long time and require dedication and loyalty. Still, there are awards that do not take very long to accomplish, including annual awards for performance-based recognition.

Tags: Self Improvement

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