Tuesday, October 20

Reward And Incentive Programs For Improved Employee Performance And Accountability

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Reward and Incentive Programs

For businesses, reward and incentive programs for its existing and potential consumers are imperative so as to gain customer loyalty, build and establish rapport, promote new products, increase sales, and grow profits. Hence, every business should have a well-designed rewards or incentive program so as to gain the various benefits they offer.

While businesses and companies need to take care of their customers or clients, they too have to lookout for their workers or employees. Giving rewards or bonus incentives can be a worthwhile in plenty ways. For instance, when incentives or rewards are given, people are most likely to perform better as they have a goal to achieve.

Improving Employee Performance And Accountability

The Republican Study Committee and US President Donald Trump have proposed banking more on bonuses for employees as a movement towards a more effective, efficient, as well as a more accountable government.

The government is unlike other industries, markets, and sectors and rewards/incentives wouldn’t be proper or effectual in each context. However, undoubtedly, there are operations, processes or procedures where improvement of employee performance is needed and rewards/incentives can encourage better results. Customer satisfaction for instance. Frequently, the government gets a lower score when it comes to customer satisfaction compared to other organizations. Additionally, accountability in the government is, to some extent, still unclear. Group incentives which is tied to better satisfaction scores can be very useful and beneficial in refining and improving these.

The utilization of goal setting, with rewards/incentives to strengthen and improve the significance of employee performance as well as reinforce accountability.

Individuals have better and improved performance when there are goals in place. They also have much better performance when they work as a team/group to realize the goals. When involved in planning, people become more committed and accept and acknowledge accountability in the achievement of the goals.