Tips For Implementing An Employee Incentive Plan
More and more companies are offering employee incentive plans to their employees. So, why are employees not taking full advantage of these opportunities even though they seem to be available at almost every job? Because most of the time they have no idea what the incentive plan is nor do they understand it.
An employee incentive plan can include many different types of things. Some companies offer that if the employee does not take any sick time all year they will be paid time and a half or double time for their sick time before it expires. Some offer this same plan for vacation time. Some companies offer their employees profit sharing so that the work they are doing affects their bonus at the end of the year. Other companies offer stock options in the company after so many years of service with the same employer. Whatever the incentive plan is, there are usually more than one at each company. And most of the time they are very detailed and very involved which is why many employees have no idea what is going on in the first place.
The first step in making sure that employees know what the incentive plans are is going over it with them before they even start working with the company. The salary or wage as well as benefits are always discussed in a job interview. So, employee incentive plans should be discussed as well. It is an extra bonus for the employee and many employers never even look at it like it is. Many employees that are highly qualified will be looking for the company with the most incentive plan since they can usually request the salary that they want from the beginning. So, that is why it is extremely important for a company to go over the incentives in the interview.
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If the interviewee is hired, then they need to be gone over the incentive plans again. They incentive plans should be outlined in the employee manual that the employee gets a copy of, and the company should ask the employee if they would like to participate in the incentive plan. This way, they are given many opportunities to join the incentive plan and ask questions about it if they do not understand. Employee incentive plans are very important and will motivate the employee more if they are offered which will in turn make the company more money. That is why it is important to have these plans out in the open as much as possible. Do not treat them like they are something that will hurt the company or cost the company too much money. Most of the time the incentive plans helps the company because the employee cares that much more to get their work done properly so that they can enjoy the benefits. If the employee understands what the incentive plans are then they are much more likely to participate then if they do not know what is going on. |
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