Employee Incentive Programs

In: Business and Management

Submitted By lalbert2012
Words 518
Pages 3
Employee Incentive Programs

Leasil Albert

OMM 618

Prof. Steven Pierce

May 8, 2012

Employee Incentive Programs

Employee incentive plans are successful resources to encourage reliability, obligation, and serious hard work. Employee incentive programs should be a key apprehension for managers today. It is becoming more and more complex to attract and keep high-quality employees, and opposition amid companies for the professional personnel is powerful. A carefully intended plan can advance not just the individual employee's attitude, but the association entirely. One of the most frequently known employee incentive plans is recognition. A recognition program can emphasize numerous key areas such as the number of years an employee has been with the company, peer recognition, monthly appreciation ceremonies, or recognition for an explicit job well done. Bonus incentive programs are very useful tools in getting and keeping excellence employees. A bonus incentive program does not have to be financial to be successful.

Studies have revealed that employees from time to time react fine when commended for great work, as they do money. For some organizations, a system of admiration and recognition for supported by small, non-monetary rewards may be adequate to keep employees motivated. A disadvantage in recognition programs is that a more pay-based reward programs might be necessary to keep employees motivated. Employee recognition programs usually honor employees who have achieved well with gifts or other rewards that is not monetary compensation. These rewards could vary from trophies, plagues, certificates, paid time off and luncheons in recognition of the employee. An advantage in employee recognition programs is being aware of efforts and greater actions similar provide to encourage the employees. A lack of…...

Similar Documents

Employee Assistance Programs

...The Human Resource Department of Atain Insurance Company (The Company) is requesting a proposal to its Board of Directors to implement an Employee Assistance Program (EAP). The EAP will be offered as part of our comprehensive benefit package to all of its employees and their qualified dependents. An EAP is a confidential counseling service, paid for by the employer that is designed to help employees and family members who have personal problems as well as work problems that can interfere with their work and family life (Attridge, 2010). Employees and family members will be eligible to receive free counseling for (Attridge, 2010): • Stress • Alcohol and drug problems • Legal and financial problems • Emotional problems • Child/Elder care • Grief and traumatic events The objective of the EAP will be to (Attridge, 2010): • Reduce cost of medical benefits • Reduce turnover • Reduce absenteeism • Increase productivity • Improve efficiency • Reduce lost-time accidents • Increase overall wellness of employees We propose to contract this service out to an outside vendor that will be more qualified to handle the counseling. Benefits, implementation and costs of this program will be thoroughly presented within this proposal. Scope What the company would like to accomplish with implementing an Employee Assistance Program is to protect the health and safety of our workforce; attract and maintain talent; and achieve positive financial performance......

Words: 1999 - Pages: 8

From, Cost of Living Allowances (Cola) to Employee Incentives .. .

...(COLA) to Employee Incentives . . . What Have You Done For Me Lately? L`Jada Storm Parker MHR 6751 Labor Relations and Collective Bargaining Abstract The cost of living allowances (COLA), was a portion of benefits, that was at one time, a reactions, to the action of inflation that all U.S. employees felt the impact of, however looked forward to seeing on their pay check stubs, and as part of a benefit to subsidize for the lack of pay raises, as the economy yearly increased on its services and goods to the public. The term cost of living allowances was a yearly incentive to all who were employed, being that prices of all services and goods increased year after year, however the employee paycheck failed to keep up with the rising cost of increased to live. Employers began to become a bit more creative in assisting employees with various offset incentives that were pleasing to employees as the COLA began to phase out. More attractive to the employee was the opportunity to be compensated more often than once a year with an ineffective form of benefit as COLA. In all actually, the COLA was a contradiction to its name and purpose. Cost of living payouts were not equally proportioned with the Cost of living increase. As a result employees began to question the employers with “What have you done for me lately?” As I began to ponder the actions and reactions to the payments of the cost of living allowances (COLA), when compared to employee incentives, the......

Words: 1899 - Pages: 8

12 Ways to Optimize Your Employee Benefits Program

...12 Ways to Optimize Your Employee Benefits Program: Low-cost employee incentives, recognition programs and employee rewards Sign up for Business Management Daily's e-letter for Leaders & Managers now and receive aFREE copy of 12 Ways to Optimize Your Employee Benefits Program... Sign up for Business Management Daily's Leaders & Managers e-letter now and receive aFREE copy of 12 Ways to Optimize Your Employee Benefits Program with advice on: * Low-cost employee incentives * Meaningful employee recognition programs * Inspiring employee rewards * And much more... ------------------------------------------------- Top of Form   We value your privacy. Bottom of Form   If you’ve had to cut pay and staff and now expect more from those who remained, it’s vital to revamp your employee recognition and rewards program. Employers can double their rewards and recognition efforts in innovative, cost-efficient ways. Examples: employee-of-the-month awards, employee incentive pay, employee appreciation luncheons, more time off, shopping sprees, wellness incentive contests, plus employee rewards customized to motivate Millennials, Gen Xers, Baby Boomers and the Matures. Now is the time to get clever with your employee recognition programs. This special report, 12 Ways to Optimize Your Employee Benefits Program: Low-cost employee incentives, recognition programs and rewards, will show you how. Discover low-cost, inspiring ways—many of them suggested by Business......

Words: 2418 - Pages: 10

Introduction of Employee Retention Programs

...INTRODUCTION OF EMPLOYEE RETENTION PROGRAMS WINSLOW GEORGIA Prepared for: ABC Company Prepared by: xxx Date 12 Peachtree Street Atlanta GA 30565 (505) 555-5842 Blah Blah Project 110-12 August 11, 2013 Human Resources Department Atlanta Georgia 30000 Attention: Joe Smith VP of ABC Company INTRODUCTION OF EMPLOYEE RETENTION PROGRAMS WINSLOW GEORGIA High employee turnover rate decreases the company’s efficiency and carries a high price tag. All of the company funds spent on employee’s training are lost when the employee resigns. Moreover, further spending is generated in order to advertise the vacancy and training for new employees. The purpose of this document is to present new methods on retaining employees to help the company alleviate the cost attributed to high turnover rates. This report introduces new programs that present opportunities to lower high employee turnover rate and therefore helps the company cut down overspending from job advertisements and employee training. The document will present how positive orientation programs, competitive compensation packages, job specific training including leadership training will contribute to lowering the employee turnover rate. Thank you for the opportunity for allowing me to be part of this program and I look forward to our company succeeding from these programs. Sincerely, Jose Baca VP Human Resources Contents List of Illustrations …………………………………………………………… 4 Executive Summary......

Words: 1298 - Pages: 6

Google & Employee Incentives

...developed during the 20% time in their product offering. As the book explains, the relationship between job satisfaction and job performance is stronger in complex jobs because employees will typically have more autonomy to make decisions about their work. Google offers a significant amount of autonomy in its complex jobs, and this mix has been a beneficial one. Google stands by the conventional wisdom with respect to motivation and job satisfaction, in that they believe that without happy employees, a company cannot be successful – its managers will suffer, its customers will suffer, and it in the end the company will suffer. Although being “happy” does not necessarily equate with “job satisfaction,” nor the ability to motivate an employee, this paper explores the common threads between them, and delves into what it takes to ensure that employees are satisfied with their roles so that they can be easily motivated, accountable, and in turn benefit the company as a whole. Background Google was officially incorporated in 1998, and quickly moved to its current headquarters in Mountain View, California. Google was founded by Sergey Brin and Larry Page, two Stanford graduate students who would very quickly change the world. With some venture capital funds and a fantastic product, Google exploded within just a few years. Although it seems unfathomable, Gmail has only been around since 2005. However, Google’s ability to attract and retain top talent is what has kept it...

Words: 3077 - Pages: 13

Employee Incentives

...employees and management meet organizational goals. Employee incentive programs have been a successful way of helping achieve these goals. This paper will discuss performance management and show how apac incentive plans relate to their specific organizational objectives. It will also show if incentive plans help apac achieve its goals and objectives. Performance Management is defined as the process through which managers ensure that employees activities and outputs contribute to the organization’s goals. This process requires knowing what type of activities and outputs are needed in each individual organization, observing whether they occur and providing feedback to help employees meet expectations of the company. While giving feedback, management and employees may find performance issues and think of new ways to resolve issues. Performance Management can be approached in different ways. Performance appraisal is one way companies rate employees and was the way most organizations have previously evaluated employee performance. The evaluation of employee performance by using a scale has many negative results. Performance appraisal measures specific areas of employee performance usually annually or sem-annually. Evaluations usually rate employee performance on a scale and if the evaluation is good, raises are given to the employee. Evaluations and appraisals are uncomfortable for the employees and managers if the employee being evaluated needs too much......

Words: 459 - Pages: 2

Analysis of Corporate Banking Incentive Programs

...Process Improvement of ABC Bank’s Current Incentive Program Group 2 Kristin Lukasik Tanya Kessen Danielle Moore Timothy Knihtila Jennifer Goldinger Table of Contents Section | Page Number | Cover Page | 1 | Executive Summary | 4 | Mission Statement | 5 | Flow Chart | 6 | Cause and Effect Diagram | 8 | Data Collection Tools | 9 | Collected Data | 12 | Data Analysis | 14 | Criteria Matrix | 29 | Conclusion | 30 | Conclusion; Impact, Recommendations, & Controls | 31-32 | Appendices | 33 | List of Figures Figure 1 Flow Chart | 6 | Figure 2 Cause and Effects Diagram | 8 | Figure 3 Results from Survey Question 3 | 16 | Figure 4 Results from Survey Question 6 | 17 | Figure 5 Scatter Plot | 18 | Figure 6 Results from Survey Question 5 | 19 | Figure 7 Results from Survey Question 4 | 20 | Figure 8 Histogram | 21 | Figure 9 Pareto Chart | 23 | Figure 10 Critical Incident Chart: Cost to Profit Ratio | 25 | Figure 11 Critical Incident Chart: Products | 25 | Figure 12 Critical Incident Chart: Customer Service and Wait Times | 26 | Figure 13 Critical Incident Chart: Location | 27 | Figure 14 Critical incident Chart: Reputation | 27 | List of Tables Table 1 Results from Banking Incentive Program Survey | 13 | Table 2 Criteria Matrix | 29 | Executive Summary Consider the following scenario; Barbara a bank teller at ABC Bank Corp does a phenomenal job completing Mr. Johnson’s transaction. They have a great time......

Words: 3977 - Pages: 16

Employee Incentives

...Individual Research Paper: Employee Incentives The purpose of this paper is to discuss incentive programs for teachers. In a society where education is more important as ever, public school districts should be thinking of new ways to encourage their teachers to remain in the educational field. Teachers are leaving their desired profession to find employment that has enhanced incentives. According to Management-People, Performance, Change, “a growing number of companies are launching inititives so that employees can balance their family and work life. The most common inititives are redesigning work, alternative work arrangements, leaves, time-saving assistance, emotional well-being, financial assistance, legal assistance, relocation, health benefits, wellness, parenting, childcare, child develepment, exceptional care giving services, and handling family issues in the office.” In order to preserve respected, qualified, and experienced teachers, incentive programs for educators need to be improved. The school district I will be discussing has 18 schools. According to Connecting Business to the Future website, the school district “is one of the newest school districts in their state. In 2008, it was surveyed to have more than 15,500 and 2000 staff members.” The school district is the 2nd largest employer in their county. I interviewed two high school teachers, and one principal from the school district. They all agreed there is a large turn over with teachers and......

Words: 1127 - Pages: 5

Employee Assistant Programs

...| | Employee Assistance Programs | | | | | | | | | Employee Assistance Programs: (EAPs) are employee benefit programs offered by many employers. EAPs are intended to help employees deal with personal problems that might adversely impact their work performance, health, and well-being. EAPs generally include short-term counseling and referral services for employees and their household members. Services: Employee and their immediate families may use EAPs to manage situations they are facing in their personal lives. There are special EAP counselors that are there to provide assessments, support, and referrals for assistance including but not limited too; substance abuse, emotional distress, major life events, healthcare, legal concerns, and aging parents. EAP services are provided to employees at no cost, pre-paid by employer. The EAP services are generally maintained by a third-party contractor, which provide their own lawyers, counselors, travel agents, and childcare providers. Benefits: Some studies indicate that offering EAPs may result in various benefits for employers, including lower medical costs, reduced turnover and absenteeism, and higher employee productivity. Critics of these studies question the scientific validity of their findings, noting small sample sizes, lack of experimental control groups, and lack of standardized measures as primary concerns. Proponents, however, argue that the consistency of positive findings......

Words: 518 - Pages: 3

Employee Recognition Program

...Employee Recognition Program - write a 6-8 page double space describing recent trends around the issue. * Summary of key issues pertaining to the topic. * List strategies that are being implemented by organization and why. * Paper should be backed by substantial research which may include an interview with a manager at organization of more than 100 employees. * Paper should highlight the particular strategy you would implement as a manager and why. * The cover page and bibliography page does not count as a page. * Written Assignment/Oral Presentation will be presented in on April 1. I found a couple of websites: http://humanresources.about.com/od/rewardrecognition/a/recognition_ten.htm: Baudville (www.baudville.com) Crestline (www.crestline.com Awards Ideas Green Award – presented to an individual/team that has shown consistent initiative in making our company environmentally friendly. Safety Award – presented to an individual/team that has shown consistent efforts in safety across the board…driving, elevators, steps, hallways, studios, and offices. Environmental safety, removing hazards (products/chemicals) or any other measure of safety in your area. Innovation & Idea Submission Award – presented to an individual/team that is consistently coming up with new and innovative ways to improve upon the work of the department.  Peer to Peer Award – presented to the individual who’s peers consistently praise their work. (if......

Words: 373 - Pages: 2

Incentive Programs and Employee Engagement

...compensation and employee engagement. 2. Why are you interested in this particular topic? Is there a connection to your field of work or are you looking to broaden your knowledge base on the subject? I am interested in this topic because I would like to broaden my knowledge base on the subject. I have always been interested in employee engagement, but since I have enrolled in this course I would like to know compensation’s role in the matter. 3. Have you done a preliminary literature search on the topic? If so, how many recent journal articles (5 years or less) did you find? Would you be able to source at least 10 to 15 journal articles? Would you be able to write a 10 to 15 page, double-spaced paper on this topic? I have done a preliminary literature search on the topic and I have found 11 recent journal articles that I would be able to source. I would be able to write a 10-15 page, double-spaced paper on this topic. 4. What title would you give your paper? I would title my paper “Unlocking Employee Potential: The Link between Compensation and Employee Engagement”. 5. ------------------------------------------------- How would you construct the paper? What would the sub-sections be composed of and what would you label them as? ------------------------------------------------- The subsections of the Theories Discussed would be Employee Engagement; Motivation; Effects ------------------------------------------------- of Pay on......

Words: 443 - Pages: 2

Employee Suggestion Program

...Business Communication Assignment Report on Employee Suggestion Program Prepared for The Vice President Submitted by Keshav 16 Sept 2015 Introduction Employee Suggestion Scheme is to encourage and reward employees who come forward with ideas which can improve performance and or generate financial saving. Procedure  Obtain Senior Management Buy-In Any new program starts with a persuasive business case. Your business case for a staff suggestion scheme should outline business benefits and investments required. The most common are listed below * Improve staff morale * Increase job satisfaction * Create a feeling of ownership and engagement * Build team spirit Evaluation Criteria Suggestions will be considered against the following criteria: • cost saving and/or benefit generated • originality of suggestion • cost and feasibility of implementation • efficiency • effectiveness, and • improvements in quality Develop an Internal Promotion Plan How will you encourage people to submit good ideas? An internal promotion plan is essential to your scheme’s success: * Give your suggestion scheme a......

Words: 405 - Pages: 2

Employee Orientation Program

...YellowPepper New Employee Orientation Program As YellowPepper Plans to grow in the next few years, Dalida has thought having a solid new employee orientation program will help acclimate new employees and get being productive contributors more quickly. So your plan needs to address these two goals. New Employee orientation may start before an employee arrives to their first day. For example, I received a tour when I interviewed at St. Thomas University and received the employee and faculty handbook (rules and standards) a couple weeks before I arrived on campus. Orientation also tends to last for 3-6 months, though it may be less intense the last few months as employees have started getting a handle on things. For accelerating the time it takes to get a new employee up to speed, you should look to include: * Outlining expectations, goals and success criteria for the new employee * Utilizing technology and online training to make recommendations for new employee training * Defining the role managers need to take for helping their employees succeed * Recommendations for a help guide For orientating new employees, they need to know and understand policies and procedures, standards, and business goals and how the employee can be personally successful within them. * Planning ahead- what can be covered before the employee arrives, what needs to happen day 1, week 1, etc * Explaining company goals and culture and helping the employee integrate ......

Words: 325 - Pages: 2

Cost Benefits Analysis of Employee Trng. Program

...Cost/Benefit analysis of Employee Training programs University of Phoenix HRM/531 Training is a process that can provide significant value and rewards that far outweigh its financial costs. The effects of training touches the lives of employees from the first day of a new job through retirement The purpose of this paper is to show how employee training benefits not only the organization but also the environment as well. The reader will be introduced to an oil distribution company undergoing costly problems because of poorly trained employees. These problems have resulted in repeated environmental violations. An analysis of the company was conducted to weigh the cost/benefits of incorporating an effective employee-training program to address the problem. The outcome of the analysis will determine whether the training is financially feasible, or if another project should be pursued. In addition, the effect of management behavior on productivity, the definition and use of behavior costing, effects of high performance work policies on business financial performanceas that relate to the company; along with recommendations based on researched data gathered will be given in this paper. Training is defined as an activity leading to skilled behavior. Employee training involves a set of planned activities that organization will have their employees complete in order to increase their job knowledge, skills, and abilities. In practice, training gets employees......

Words: 2346 - Pages: 10

Proposal to Implement an Employee Wellness Program at Electronics, Inc.

...Proposal to Implement an Employee Wellness Program at Electronics, Inc. Deena Lampe National American University Abstract This paper is a proposal to implement an employee wellness program for the employees of Electronics, Inc. This proposal contains background on the need for, and benefits of, instituting an employee wellness program, the importance of employee wellness and productivity, and educational needs of employees to maintain health and wellness. Attracting and maintaining personnel is crucial to an organization’s success and with current trends in the labor market, retaining personnel and ensuring business stability is a continuous challenge that requires conscientious human resource management. A happy and healthy workforce facilitates productivity through wellness and physical fitness. Proposal to Implement an Employee Wellness Program at Electronics, Inc. People in the labor force, are depended upon to follow through with work commitments. A healthy employee is able to do more and feel well enough to enjoy it. With high stress jobs, increased rush hour traffic, and demanding schedules, how can employers not be concerned about the health of employees? Research shows that, to maintain a healthy lifestyle balance, one third of a 24-hour day should be for sleep, one third for work and one third for play. The trend in today’s workplace is for employees to work longer hours and as a result, when they arrive home they do not feel like......

Words: 2469 - Pages: 10