Did you know that 75 percent of your workforce is underperforming? It’s scary, but true. According to the Public Agenda Forum, only one in four American workers are working at full potential. So what can you do to skew this disturbing trend? Incentives!
Now, before you jump off the deep end, consider this: a well constructed employee incentive program costs just pennies on the dollar when compared to the increase in productivity, making it a no brainer for most businesses: large and small.
So why the negative reaction? Many Baltimore business owners consider the compensation packages they offer as incentive enough and feel an additianal program is an unfair expense. But regardless of your lucrative 401(k) match, free dental and three weeks paid vacation, compensation packages only serve to attract talent. They don't ensure maximum performance. For this you should turn to employee incentive programs.
Although your employees benefit from an incentive program, it is your company that benefits the most. In fact, companies with employee incentive programs have double the median return to shareholders than those which do not, as evidenced in a study by Watson Wyatt Worldwide.
So where do you go from here? Well, setting up a program can be as complicated as you want it to be. There are many companies that offer full turn-key products complete with tracking metrics and automated software. If that level of sophistication isn’t in your wheelhouse (or budget), consider handling it in-house.
The promotional products supplier you choose for the rewards can assist you in getting your in-house program off the ground. They have undoubtedly handled these types of programs before and will gladly share their knowledge and expertise. Consider using a local supplier that can visit anytime you have a question or need help. Their business is to work your program so you can focus on your business.
Regardless of which path you choose (turn-key or in-house) one thing is certain; your company's productivity will rise in tandem with your bottom-line.