Rewards and financial incentives have been said to be the main factor in the improvement of the atmosphere and the work environment for decades. The psychology that drives a person to work for a company or employer comes down to the benefits and other perks offered. While people are busy focusing on managing and caring for their personal lives they require necessary perks such as having health and financial well-being. People search for their basic physiological needs to be met in order to be productive members of society. The basic needs include food, water, air and shelter.
On Maslow’s hierarchy, safety needs are next on the pyramid, which pertain for the need of employment and health care. Rewarding employees is beneficial in a company. Perks and financial incentives do just that. They are rewards given to employees for their excellent performance and productivity.
When given a reward, employees are more efficient, have an increase in morale, and productivity as well. I believe it is important to provide employees with incentives and perks because it allows the employer to maintain or create a positive work environment along with promoting well being for employees as well. This is especially important for our company because even though we are small and only have 30 employees, the workload on each employee is large and keeping them happy and on board is essential. When searching for a job, future employees search for what a job can offer.
When providing benefits, it is often better to provide generous and relevant benefits and incentives to employees, which creates an environment where employees will be more engaged, happy and loyal. A benchmark company that has been amazing at implementing financial incentives and perks is Google. Ranking #1 as the best place to work, they offer a variety of perks and incentives to help their employees.
These perks include allowing employees to utilize their onsite fitness center, discounted gym memberships, telecommuting, job sharing, onsite medical care facility, onsite childcare, sick days for part-timers, health insurance for part-timers, and PTO for volunteering. They also offer paid leaves for maternity and free WIFI. I believe that they have done an excellent job in providing their employees with these rewards because more than 86% of their employees have said that they have been extremely satisfied with their job. Fashion Forward Co.
offers their store employees the opportunity to receive CIP or a LP reward. The CIP (cash incentive program) offers employees a chance to earn $1.25 for every item found with a wrong ticket or a markdown ticket with the wrong price that has a difference of less than $100. An LP or (loss prevention) reward gives employees a chance to earn $25 when a ticket is found with a wrong ticket or markdown with a difference from the original of more than $100.
It can also be awarded when a items being stolen are found and recovered. We also offer a discount of 30% on all our items that can be used by family members. We also offer health benefits such as dental, medical, vision up to 90% coverage to store employees who have been with the company for a year and head office employees from their first day. We are lenient when it comes to vacations. Store workers can take up to 14 days off for unpaid vacation days and both head office and store employees can receive maternity leave for a year with employee discounts still in effect. All employees will be given 12 paid sick days.
Head office employees are given 14 days paid vacation and after working for 4 years employees can receive an extra week off. We offer scholarships and co-op opportunities. Employees in the head office receive the same employee discount as store workers and are also provided health benefits which are offered to them and their family members. They also receive The highest-producing salesperson, or the individual who generated the most new leads will receive a cash reward based on the sales and the difference from others.
Financial rewards can be a fixed amount or a percentage of closed sales. They are also found in the form of profit-sharing or company-wide bonus programs.