In what different ways firms can give incentives to its employees?

It has been a very well brimmed strategy used by smaller Organizations. They donot pay much of financial Incentives/ Benefits. Instead they are made to believe that they are a part of their Big Family. Family tours for department employees, to make them feel better bound to each other for reasons apart from work.

Evening Family eat outs on Saturdays, Book Fair Visits fo children of Employees, New reasons for raise: attendance, behavior, team spirit,for just smoothening the work process, Loss Reduction..etc.

In our firm, the Non-Managerial staff has had a 0 attrition in last 4 years(that I know of). And the Above is practiced there profoundly.

From Gold Coins on Diwali, to Sweets in Holi , Office common lunches on new year, from boss to guard sitting and sharing a table...

That binds a lot (if not more than money.).

All of us genarlly long for recognition. It can be as simple as my manager recognizing the work that I have done in front of the peers and superiors. I think its a good Idea to call an employee who has done a good job for a dinner along with the CEO and recogtnize his work. Give an Award as a cash award and a certificate. This will help the organization to keep a competative sprit amogst the Peers and also a chance to the CEO to hear what the employees expect out of the orgnnization.

There is a typical atitude in the management. And which is majorly because of the ever growing talented population. Employees are generally explopited because of this attitude "There are more than 1000 with your skills outside waiting to take your job, do it they way I want it at the time I want it and at the rate ($$$) I want it. Else get lost." First get rid of this attitude. Respect them, respect their ideas, be open to their ideas. Stop treating them down becase they dont come from renowned universities or colleges or belong to a perticular group. Altough 0.1% or Indians is more than a lakh that does not mean you can treat them like crops in the farm.

Company products and services offered at a discount to staff or negotiated corporate discounts with certain retailers, recreational facilities or hotels/airlines. Today employees around the world can benefit from substantial discounts at nearly all the top retailers, when purchasing holidays, household appliances or everyday items like CDs or magazines, whether it is online, over the phone or in-store.

When we talk about corporate the management says we are a family… and when we say we are a family then treat employee as a family member .. and can anyone tell me any family member leave their family ???  whenever our family member are in need we help them .. like that if employee is in need then help them … for example suppose an employee has their daughter’s marriage then company can give some help when they say our employees are our family… like that now think how many ways are there we can give incentive to employee… if we give discount coupon, party etc etc.. Employee will forget but the help given in those days when they really need they will never forget….

It has been observed that genrally it is the lower rung who leave the company more and this happens in organisation where employee starts feeling that the work they are doing is very monotonous and they don't have any say in the decision making(as far as the operation is considered).

If the higher management starts giving values to the ideas of the people in the lower rung these people feel elevated. They smell oportunities and start working with more vigor and vitality. This is a great motivational force. This is Human Psychology, Look at a child they feel happy when you interact with them and appreciate them. Human being at all level rewuire this.

any thing will be worthwile only if they feel that enriches their life. And neither money nor anything can provide what a human being is searching for.  instead of giving food for some one if you could teach them how to cook it is always best solution .

i will offer them an trek to velliangiri hills (if they are gents) and isha yoga program (if they are ladies) because the trek will make them realize the importance of healthy body. not only that when it happens with devotion it will become a possibility for higher dimension also

it is not just velliangiri hills or isha yoga any trek or any yoga is matter for that because one way or other all forms are from the root of pathajanli. but i suggested velliangii hills because it is considered as kailash of south and a wonderful hemispere in the western ghats

these kind of experience not only gives them spiritual aspects, cultural aspects, but also makes them aware of eco aspects and preservation of nature

i wont say it is the only idea but i have only this idea in my hand and i considered it as best due to the witness of experiences of many many people

swami sushantha

Each person is unique!

Discover their talents and recognize them before every one and you'll gain a loyal colaborator not just an employee!

The real strength of an organization lies in the PERSONS not on just money or the power it can provide...

Money can, in fact, give a quick notion of power and capacity of accomplishment b but if the persons who work for the company are not, really, gained, it will lead to a powerfull appearen on the outside but totally weak on it really matters, on the inside.

"Treat others the way you would like them to treat you" -- a moto for Life and, indeed, a MUST in any organization!

António José Gomes

Employee can stay in the organisation for long time.

The single most important factor to retain an employee is to ensure that he grows substantially in  the organization commensurate with the organizational growth.All steps must be taken to ensure this.An employees morale will be high if he is taken care off well and he develops an emotional attachment for the organization.

The best incentive is trust.. Of course to trust ur employees is the apex of any management. I mean when ur employers feel safe with you, talk to you regularly and are friendly to you, no one wud like to get out !!! Other ways are performance bonuses....Timely appraisals with appropriate feedback (HRs to b blamed for pressurizing operations to cut down promotions)....allow employees and support them for their ideas.. at least give it a try ( managers: its your job to market ur employee's idea, not theirs)

An effort should be made to help the employees know their career growth in the organization. It is only when they know what they need to achieve is what will make them perform. It boosts confidence of the employees in the organization and they feel a part of the organization

There is always a fear in the employees when it comes to interacting with the management. It is very important that employees have access to the management and they take an objective view of the issues they face in their day to day working.

People play politics and some are good at it. But nothing is more comforting to the employees when they know that their seniors understand and care for their problems, ready to lend a listening ear and help them out

Following are important ways through which companies can make employee reward program more meaningful and useful;

Appreciating Recognitions: Appreciation is the best way to make others feel they are valued and needed for smooth functioning of a process. It boosts the morale of employees and shows them a path to continue the good work.

Provide The Right Positions: It is important for company people to assign employees to their deserved positions. Give fair and equal rights to all on the basis of their performance and talent. Give them growing opportunities and tasks at different level so that they can explore their potentials to the fullest.

Incentives: Incentive programs are the most important way to enhance employee motivation. It can be treated as a token of appreciation and hard work that an employee has done for the organization and common goals. Incentives make everything object-oriented as well.

Keep Your Words: Employers have to be careful about what they say and promise. If you promise something, respect it and try your best to fulfill your words. Companies that announce bonus at the end of a particular period should fulfill their words on time. It will be in increasing credibility of the company.

Give a Supporting Working Atmosphere: All employees deserve a clean and proper workplace to explore their hidden skills and potentials. Together they plan, find, innovate and create effective strategies that work to help employees to get rid of this great stress.

Development Programs: It is important for companies to conduct development programs for all employees after regular intervals.

at a certain stage in career though monetary benefits play role but people move for people,

We basically go for employment for the salary they give. Any employee will be happy if the extra benefit which the company plans to give to employees is given as cash. But today young children are playing more video games and watching television. In this situation if Social meeting of family members of employees is assigned they will get more friends.

an employee works for perks and incentives and other personal benefits, rather than peanuts. I hope we all would agree to this, at least the software engineers ;-) but, apart from this, an employee also works for his/her manager. it's the key relationship between a manager and an employee which holds the employees in an organization. the moment that relationship is spoiled up, an employee decides to leave that organization. so, basically any employee doesn't quit the organization he/she's working for, rather he/she quits the boss/manager he/she's working for. many a times, it so happens that even if the ctc and other perks or incentives received by the company is less than another organization he/she doesn't quit because he/she's happy working for his/her boss/manager.

having said that, I want to emphasize the fact that it becomes the responsibility of the lead/manager to retain the employees rather than a hr manager. if he/she knows the trick of this game, then according to me there'd be minimum attrition rate in any company. it's because the managers don't know how to play their part well, which compels the employees to look for a better alternative.

please note that the above opinions are very personated and from my personal experience and may vary from an individual to another. do not form your views based on the above writing and I'd rather suggest you to experiment with it to establish the validity of my opinion stated above.

apart from the points mentioned above, any kinda incentive offered by the hr group of a company may lure the employee from looking for an alternative ;-)

-Pritam.

INCENTIVES COULD BE ANYTHING WHICH CAN BOOST HIS CONFIDENCE IN THE COMPANY. INCREMENTS AND REWARDS MAY NOT BE ALWAYS A RIGHT THING TO OFFER. DISPLAYING THE NAME AND WORKING OF EMPLOYEE  ON OFFICE DISPLAY BOARD AND COMPANY'S MAGAZINE WILL MAKE HIM FEEL VERY SPECIAL AND WILL BOOST HIS CONFIDENCE LEVEL FOR THE PROJECT UNDERTAKEN OR THE WORK ACCOMPLISHED.

1) On project completion.

2) Anual Bonus.

3) Performance bonus to individual basis his/her performance

Our Company Vision

To be the Global Technical Leader by using latest technologies effectively
and also by introducing innovative solutions while keeping Employees and Users happy.

Organization is started by peoples for Peoples for achieving a particular goal.This is basic management Theory.We stick to the basics.Employees and End users happy only save any organization.  

Hi, I feel that if we are talking about the Sales/Business Dev/Marketing/Business Analyst/PreSales people we have a convincing of motivating or giving incentives.

That is the employee can be provided with the percentage profit on the Sales/Tasks he completed in time, say 0.5 % to 2% depending upon what the task was.... because 70% times people switch job due to salary hikes or incentives

IF THE PERSON IS FROM FINANCE OR TECHNICAL BACKGROUND: Again beside club and product discounts & foreign trips..... the can be provided with extra pay on the name of profit sharing annually (Other than incentives part) as project completion appreciation. So that that person will always try to achieve this extra income and will perform well every time.