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One crucial tip for implementing performance incentives in the workplace

by , 07 June 2016
One crucial tip for implementing performance incentives in the workplaceAre you looking to increase performance in the workplace? Well then performance incentives might just be the solution.

These incentives only pay for performance achieved, and so they're beneficial for two reasons: Firstly, they encourage employees to work harder in the workplace to obtain an incentive. And secondly, you'll only really have to spend extra money for performance that was actually achieved.

But before you go ahead and implement performance incentives in the workplace, there's one crucial tip you need to know...

The one crucial tip you must know when implementing performance incentives...

 
TIP: Don't get too risky!

Your performance incentives shouldn't put the company at risk, whether it be financially or otherwise.

For example, if there's a drop in the economy, don't commit to paying out incentives, as this could severely hamper your company's pocket.

Keep reading to see what to do instead…
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So if, for whatever reason, you find yourself in a situation where you can't pay performance incentives to your employees, you should do the following:

·         Give all affected staff advanced written notice. Let them know that you're considering not paying them their bonuses. Invite them to give their input, whether in writing or verbally, on the matter and to propose any solutions. This can make them feel a part of the decision making process and a sense of responsibility over their wealth;
 
·         It's important to give your employees time to process and consider the notice. Give them at least 24 hours to comment on it and come up with solutions;
 
·         Genuinely look into the feedback of your employees and seriously consider the feasibility of each proposal; and
 
·         Inform your employees as to whether you agree or disagree with their proposals and provide satisfactory reasons for why you say so.
 
 

*To learn more on what you can do if you can't afford to pay your employees performance incentives, page over to Chapter B 03 in your Labour law for Managers handbook, or click here to order your copy today.
 

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