Employee Incentives for a New Company
My company will begin this New Year as a neophyte in the business world; a newbie in the industry. Just four months old, the company is holding its own even in a tough economy and I have to hand it to my small group of employees for sticking with me and working so hard to get everything done. I wish that I could pay them more but as a new company the bottom line is ultra-important and I’m just happy to have my head above water right now. What I have decided to do, however, is to implement an employee incentives program; something to give my employees the confidence that their work is being acknowledged and is appreciated.
An employee recognition program sets up goals that the employees are expected to reach and the prize incentives that match those goals. The company that I worked with to set up my rewards program was great in their understanding that I did not have a lot of money to work with but still wanted to do something nice for my employees. They helped me understand that the scope of the employee program was entirely up to me - scaled to match my budget instead of the other way around. Then, as my company grows I can revisit the employee recognition program and make whatever changes I want to make.
Right now the employee recognition program that I’m using includes small electronics and jewelry - not overly expensive prize incentives by any means but still things that are appealing to employees and things that they may put in extra effort to get by reaching the pre-determined goals that we have outlined. This employee recognition program stays within my budget and honors the needs of a small business - while still motivating employees like any large corporation.
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