Performance incentives encourage higher performance among your employees by offering rewards (either cash or non-cash) for achieving pre-defined performance measures (such as sales targets).
While there is some overlap, bonuses differ from performance incentives in that bonuses cover a wider range of purposes (eg variable pay, company performance), can be both discretionary and non-discretionary, and tend to be more retrospective in nature. Performance incentives are forward-looking and KPI-based, and aim to engage employees in a way that neither bonuses nor commission can.
This expert guide gives lots of practical tips and insights into running employee incentive and reward programmes-
- What Performance Incentives can be used for
- Types of Performance Incentives
- Types of Rewards
- Steps to a Successful Performance Incentive
- Calculating the ROI on Performance Incentives
- Mistakes to Avoid in your Incentive Programme
- Case Studies