Written by Michelle Read on September, 24 2019
This article was published on hcamag.com.
If you’re an HR professional, you’ve dealt with employee incentive schemes firsthand. And a good incentive scheme is a great thing to witness – when it’s done right, it will align employees with organisation goals and boost performance in the process.
But many HR professionals don’t get the desired results, and don’t understand why. Surely creating an incentive scheme isn’t much trickier than putting some KPIs and rewards together, right? As it turns out, this isn’t the case at all!
In this HRD-exclusive article, remuneration specialists Strategic Pay reveal their secrets to developing an effective incentive scheme:
How incentive schemes are a statement of company values
- The difference between intrinsic and extrinsic motivators – and why you need to leverage them in your workplace
- The important difference between discretionary bonuses vs incentive pay
- Why employee incentive schemes are actually an investment, not an expense
- How your current staff incentive scheme might be setting you up for failure