Diversify Your Incentive Plan

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Any good financial advisor will tell you that diversifying your portfolio is the best way to maximize your return. The same can be said with employee incentives. Hiring managers and HR professionals need more than one way to recognize and reward employees for a job well done. In addition to base salary and insurance benefits, employees seek incentives and perks when choosing where their loyalties lie.

Jobacle.com recently published an article on their blog outlining the eight best employee incentive programs. They, like us, believe that a diversified approach is best to maintain and recruit top talent. Their list is featured below. (See article for detailed descriptions).

  1. Flexible hours and/or telecommuting
  2. Health and wellness programs
  3. Points programs
  4. Separate group and individual incentives
  5. PTO, paid holidays and relaxation
  6. Production-based bonuses
  7. Social and networking events
  8. Tuition reimbursement and learning opportunity

Employees are not all motivated by the same factors. Thus, by utilizing a diversified set of incentives, more employees are motivated. Do you agree? What would you add to this list? Would you remove any items?