Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Incentive programs are a type of employee recognition program that rewards and incentivizes employees for meeting specific goals or objectives. These programs can include rewards such as gift cards, trips, or even cash bonuses, and are designed with three goals in mind:
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Incentive programs reward employees for their work—they have the power to drive productivity, foster teamwork, and create value-driven behaviors. Incentives can also improve employee motivation, productivity, and engagement because when employees feel recognized and rewarded for their hard work, they are more likely to feel satisfied with their jobs and more engaged in their work.
Incentive programs can have a positive impact on employee engagement and motivation by providing clear, value-driven goals and objectives for employees to work towards. When employees have specific targets to meet, they are more likely to be motivated and engaged in their work, leading to improved performance and productivity. Additionally, incentive programs can help create a sense of friendly competition among employees, further driving motivation and engagement.
To create the best incentives and avoid any potential incentive pitfalls, keep these best practices in mind: