Here’s something that should have Finance managers worried: 86% of employees plan to look for new jobs within the next year.
Those figures come from new research by Right Management.
That doesn’t mean you have to prepare for a mass exodus. In fact, the right incentive program is a proven way to keep top performers from jumping ship.
Regardless of the type of incentives your company offers, there’s a right and a wrong way to communicate with employees.
Here are three keys to a successful employee incentive program:
Whether it’s geared toward your entire company or just your Benefits department, employees need to know exactly how the incentive program works.
That means employers need to clearly spell out what it takes to hit a goal as well as the specifics on how that goal will be measured.
When employees can’t see how much progress they’re making toward their goals, they lose focus.
So make sure employees always know where they are – and where they need to go.
One idea: Sending out weekly progress emails to keep employees on track and motivated.
Granted, employees will always be motivated primarily by individual rewards – especially if those rewards are monetary.
But recognizing people’s accomplishments in a group setting is also important. Try holding regular recognition meetings to encourage both individuals and teams to keep up the great work.