To give incentives is to provide a source of motivation that will encourage one to take action. It is usually a bonus or reward that aims to motivate an individual. Incentives are used to spur people into doing things that they would otherwise not do or put minimal effort into. incentives stimulate one's senses and rouse individuals to put in more effort. Incentives go beyond salaries and wages. True, those are ways to incite people to work. But incentives refer to something extra asides from the monthly payment to which they are entitled.

Why Incentives are Important

1. We all need motivation. Incentives are a great way to keep your employees motivated.

2. Incentives also boost the satisfaction an employee has on the job. Job satisfaction has a great impact on the performance of an employee.

3. Incentives are a sure way to drive sales and increase employee productivity levels.

4. They are also a great way to appreciate outstanding performance.

5. Incentives go a long way to boost the morale of employees. Use incentives along with other methods to boost your employee's morale. 

6. It is a means to encourage hard and better work habits.

How to Incentivize Employees

Incentives usually cost money. But it is a cheap price to pay considering the impact that your incentivized employees would have on your organisation. Here are some ways that you can incentivize your employees which would cost money:

• Cash rewards- offer bonuses or cash rewards for specific challenges.

• Free movie tickets. You could offer movie tickets for sterling performances. Tickets to blockbuster movies would be a great incentive.

• Meal vouchers - This works well as an incentive. The more exotic the meal, the better.

• Gift cards

• Shopping vouchers, free tickets to games, concerts or festivals.

• Paid time off

• Sponsored vacation.

The ways mentioned above cost money, there are other ways to incentivize without money such as;

• Days off

• Flexible work schedules such as rotating shifts and remote work.

There are other ways to motivate your employees without money.

Planning your Incentive

There are a few things to note before you start handing out or making promises of incentives.

• Identify your goal. Your employees are expected to work for you no doubt. But sometimes you need them to go the extra mile. What exactly is "the extra thing" you need them to do for you? Where exactly do I need my employees to put in more effort? Identify that and build your incentive around it. It is not wise to promise incentives for accomplishing a basic task.

• Where your incentives would cost money, have a budget and stick to it. You might want to have a specific amount dedicated to incentives while preparing your annual budget. Here are ideas on how to prepare your business budget.

• Take time to decide what your incentives would be. Make sure they are worthwhile and stimulating, something your employees would look forward to.

As an employer, you should explore all options when it comes to incentives for your employees. Humans often need an extra push to put in more effort. Do not feel incentives are a waste of time or money. The results you get from handing out incentives surpass whatever expenses might have been incurred for the incentive. Not that incentives are just one of the numerous secrets to being successful in business.

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