Designing an incentive system is one of the most sought-after HR consulting services. After all, on the one hand financial incentives should encourage employees to work, and on the other hand – be justified economically. According to studies, a properly structured incentive system in a company can improve employee performance by as much as 30%.
Motivation can be tangible or intangible. The former consists of a permanent award, in the form of a monthly salary, and the latter includes a variable element, additional pay based on performance. Bonus payments are mainly based on KPIs, key performance indicators.
Fair pay increases employee loyalty to the company and improves engagement. But mistakes in salary formation often lead to demotivation and dismissal of key employees.
Non-material incentives are very popular today – paying for travel, lunches, health insurance, as well as awards, training programs. But the haphazard or inappropriate use of motivational tools, both the benefits package and financial incentives, can lead to the opposite of what is expected. Any reward requires an individual approach, involving experts in working with personnel. The staff of Global Staff is always at your service in this matter.
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