Gift Incentives

With modernization of the workplace, there is a huge change in the expectations of employees. Whether at the shop floor or at the boardroom, the employee seeks more than job satisfaction or monetary rewards. Adopting the approach of paying higher and higher cash pay does not help because the post tax benefits to the employee in such a case are minuscule. It could damage your bottom line too. Gift incentives are an attractive method of beating the mental fatigue brought on mechanization and stressed-out working styles.

What are gift incentives? Put simply, they are bargains in shopping, leisure and hospitality. A scheme of gift incentives covers benefits offered to the employees for acquiring otherwise expensive items like jewelry, durables etc. It could also be discounts in restaurant bills or hotel accommodation.

Any incentive scheme operates on the principle of results related to recognition. Therefore, a gift incentive scheme is also tailored to boost employee motivation and sustain performance. Where the employee meets or exceeds the stipulated targets, whether financial or sales, he or she is awarded the incentives.

Employers usually tie up with commercial establishments that specialize in gift services. Gift incentives can range from simple flower and card delivery on the occasion of birthdays and anniversaries to more expensive all-paid holidays at exotic destinations. Gifts on festive occasions like Christmas or regular parties with whole families keep the employees and their families bonded together.

A successful incentive scheme should have the following characteristics:
ØIt should be transparent, consistent and timely.
ØIt should match recognition with the results achieved. Otherwise, it can be a great source of employee unrest.

Every incentive scheme confers the following benefits to the employer:
ØA tangible method of boosting employee morale
ØIt gives a sense of decorum in the employer-employee relationship. A rather remote incentive check in a sealed cover is not appreciated much but a gift voucher given in front of assembled colleagues does great to one's ego.
ØBy including family in most of the benefits, the personal needs are also met.
ØCost of incentives is lower because of discounts in corporate deals.

There are specialized gift services companies that offer gift solutions for every occasion. You only need to keep your budget and the specific needs of your employees in mind. They would help you with identifying the right kind of gift incentives and also take care of administering them.