A good reason why incentives for employees sometimes turn out to be ineffective for businesses is due to employers’ mistaken belief that everything starts and ends with employees. In truth, employee incentive programs for employees can only be successful if you incorporate them, integrate them and relate them to everything that makes up your company.
Make your company objectives and Mission-Vision Employee Centric.
Remember that incentive programs for employees in Singapore are composed of two sections: financial and non-financial incentives. To achieve and provide the latter, start by reviewing your company’s objectives and the mission-vision statement. Are they all about making profits and nothing else? Is there any mention of how employees benefit if and when their company does it well? Is there any mention of how much a company depends on its workforce?
Once you have made the necessary corrections, take the time to explain the changes you have made to your employees. Make sure they understand the need for cooperation and harmony. Finally, emphasize the give and take the relationship between the company and the employees.
Make financial incentives sound as exciting as possible.
When presenting a program of incentives for employees to your workforce, do it in the same way you would announce a new product in your market. Make everything sound as exciting and attractive as possible. Do not rely on mere figures to convince your employees to follow your directives. Yes, they are powerful, but why leave it that way when it can make them sound even more tempting?
Be fair and realistic with what you want to get.
Employee incentive programs that offer a multimillion-dollar commission will not work if you ask your employees to give you the stars and the moon.
When deciding on the objectives of your employee incentive programs, make sure that you adhere to two important conditions. First, they must be fair to their employees. Do not ask them to do something that, although achievable, can compromise their values and principles. Do not take advantage of your employees if you realize that you are in a desperate situation and prone to do anything for the incentive you are offering.
Second, they must be realistic. Do not award rewards that are obviously unattainable because you have assigned impossible goals. Do not hang incentives in the noses of your employees if you do not intend to give them in the first place. Consider the time constraints too.