Incentive Program

Introduction

Business organizations are facing major challenges on external and internal work environment, so organizations cannot sustain institutional performance without providing incentives, rewards and long term benefits to their employees based on their efficiency and effective work.

Incentive

Incentives can be defined as, an inducement, device, reward, or an additional payment method made to the employee for the encouragement and motivation to improve productivity and behavior (business dictionary.com, 2013).

Incentive program

Incentive program can be defined as, techniques which are used to give benefits to the employees in the form of gifts, cash rewards, special programs and other benefits to improve the productivity and performance level towards the organizational goal. It is a contest in between the individual or group of employees for the specific aim and purpose for organizational benefit and outputs. Incentive criteria is written in the appointment letter of the employee which is followed and administered by the human resources department and they are liable to pay the incentives to the employee who achieve the targets assigned to them. It is an acknowledgement given to the employee by the executive of the organization which is an achievement in itself. It is also the opportunity provided to the employee by the company in order to increase his annual pay scale (business dictionary.com, 2013).

Employee recognition and reward programs

Motivate and retain your most valuable assets

Employees recognition and reward programs are useful for the organization because it increases the organization`s loyalty for employees in the market and retention level of the employee ship, accidental and health care benefits and increase the living standards. Employees are assets to the organizations, the loyal employee which gives the profits to the organization to the long extent. And it can be very harmful to the organization because the employee has the secrets and the internal financial facts it can harm through the techniques of Public Relations, it can create the negative image into the external publics and can share your secrets to your rivals and opponents. So it is very necessary and helpful to the organization to retain the employee with the benefits and job security. Employee's benefits and incentive programs are given below;

Employee benefits and incentive programs.1. Attendance. 2. Training / Certification. 3. Suggestions / Ideas. 4. Participation. 5. Compliance. 6. Product or Service Quality. 7. Productivity. 8. Safety. 9. Wellness.10. Teamwork. 11. Referrals. 12. Customer Service. 13. New Sales, Up-Sell, Cross-Sell.

14. Any measurable behavior or activity.

Employee Recognition Programs

Human Resources function group is designed to encourage employee recognition through commitment. With features including mechanism like, spot recognition, and service awards, executives can effectively encourage their workforce and improve and track performance. HR element can be compared to an internal social media network, and can be used to build a recognition customs (loyalty works.com, 2012). The HR suite consists of following components: 1. Service Awards. 2. Birthday Acknowledgement. 3. Spot Recognition. 4. Peer-to-Peer Recognition. 5. Nomination Process. 6. Suggestion Awards. 7. Associate Referral Program. 8. Sales Referral ...