Every company aims to have the best corporate performance every year. Corporate performance is the overall measurement of the performance of the company i.e. how well it executes on the important parameters like marketing and financial.
It is basically the organizations performance in terms of financial terms. It is this financial performance that determines the overall performance of every organization and hence it makes it very important for every company to perform better.
To achieve that it is very important to have a motivated work force. There are certain factors that motivate and increase employee engagement in the companies. Many studies have proved that “incentives” if applied properly can increase a business upto 44%. So, let us take a look at some of the factors that are responsible for boosting the employees to work more dedicatedly and ensuring that they are incentivized properly in order to improve the corporate performance:
- A Healthy Office Environment
Many studies have proved that a healthy office environment has always increased the efficiency of the employees. Providing the employees with a high-speed internet connection, fast responding computer systems, proper desks makes them more willing to work harder. Also, the lights in the office also affect to a very great extent. The work-place should be illuminated properly. All the basic amenities should be made available to the employees.
- Right Goals & Targets
It is very important that the high management in every company should focus on assigning the goals to the team depending upon the capability and expertise of the team. This will increase the efficiency of the employees and bring out better results as well.
- Assign Individual & Team Goals
In almost all the companies, the employees are rewarded as per their individual performances and not as per the whole team. This is something on which the management should pay attention too and the teams should be considered while incentivizing. This will motivate and involve every member of the team to put in their best efforts to stand out among the team-mates, hence, improving the corporate performance.
Giving feedback to the employees is very important for both the employee and the management. This helps the management to know the performance of an employee and also give the employee a feeling of being checked. It helps the employees to polish their skills as well. So, giving a regular feedback will help boost the overall performance of a company to a great extent.
- Cash & Cashless Incentives
No doubt, cash incentives are very important and motivating for the employees. For almost all the employees, it is a very important motivating factor for the employees to become stellar employees. The management should not only depend on the cash incentives but also should try to motivate the employees with cashless rewards. Reimbursing a holiday of the stellar employees, booking a movie ticket, sponsoring their fitness classes etc. can be some of the ways by which the company can show how important the employees are for it. This may increase employee engagement among the employees.
It is important to let the employees know their importance for the organization and hence, performance incentives should be given to the stellar employees. These should be assessed and evaluated on various factors and made an important part of every organization as they can really improve the turnover of a company.
One of the factors that need to be taken care of while incentivizing the employees is that there should be proper transparency in the achievements of goals whether by an individual employee or by a team. This will make it easy for other employees to understand the way of performing better and hence, will bring profit to the company.
We, at Benefit One USA, strongly believe in the importance, effectiveness & transparency of incentives. We believe that there should be incentives that reach the maximum. Also, unlike manual tracking of the performances of the performing employees on excel sheet, we have come up the automated tracking of every employee based on certain parameters decided by the company. This ensures equality & transparency while choosing the best performer.
For more such tips on improving the corporate performance, stay tuned to our blogs.