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Incentive Compensation Management

Strategies to improve employee performance

By March 17, 2017June 11th, 2024No Comments

As data indicates employee satisfaction and output of quality work are intrinsically connected, the importance for employers to develop employee incentive compensation plans is crucial to increasing employee performance.

Here are five ways to improve morale, employee stimulation and capitalize on incentive compensation software:

Reward workers with recreation
Letting employees know they are valued and appreciated for their time, effort and sometimes sacrifices can be time-consuming and costly; however studies on workplace attitudes continue to reveal the added effort is worth it. According to the Utica Observer-Dispatch, informal activities such as office parties, annual get-togethers and recognition of employee anniversaries, birthdays and achievement of goals all are significant contributors to an increase in workplace satisfaction.

Among the tangible results incentives provide is a strengthened bond between the employer, employee and their coworkers – ultimately creating a more cohesive and productive team and a sharper connection to the company, resulting in increased worker loyalty. Worker camaraderie in a satisfying work culture serves as a springboard to enhance work productivity, quality, communication and a comprehensive business development plan.

Encourage a quiet environment
Forbes recently released a study that found 61 percent of workers viewed loud coworkers to be the biggest distraction when trying to manage workloads and was a primary source of employee attrition.

The Office and Workplace Productivity study revealed that of the 2,060 respondents aged 18 and older who were active in the workforce, 61 percent agreed that noisy colleagues were the biggest point of distraction and productivity killer in the office. Employers have the challenge of striking a balance between encouraging an environment that fosters creativity and collaboration among teammates and reiterating the importance of focusing on their work, said Lisa Ross, vice president of Ask.com’s human resources.

Employers can use sales incentives to motivate employees to practice a focused diligence at work, free from distractions, by utilizing ICM software. This could result in a heightened compensation package for the worker.

Time at the office is important
One surprising find from the study revealed that 86 percent of participants that work from home hit their maximum productivity stride, noting that the majority of respondents, a whopping 63 percent, said they prefer to work at their designated work space than at home.

Although with the rise of telecommunications and employers offering the option to work remotely has rapidly increased, workers are also reporting they feel equally, if not more, distracted at home. However, it is important to note that distractions at the office occur as well, as more employers are updating “break rooms” into “lounge rooms” with the addition of bean bags, video games and even alcohol. Again, balance is the key for ultimately reaching an employee’s maximum potential for work output as well as keeping them content.

Minimize impromptu and unnecessary meetings
Another contributor to lessened worker efficiency and productivity was the overabundance of impromptu meetings, face-to-face interactions and coworkers stopping by their workspace, which was reported as being detrimental by 40 percent of survey-takers.

Employees who utilize and encourage the use of unified communication systems such as chats and instant messaging, about 46 percent of survey participants, found they strongly prefer private electronic methods to face-to-face time-eating communications.

Open air offices are preferred by workers
Over a quarter of respondents, about 27 percent, said they would prefer to work in an open area, or newsroom-style workplace where they are not confined to a cubicle or are shut off from other employees. Issues such as low morale have been linked to isolating workers, however only recently has there been a shift in creating floor plans that capitalize on this.

Likewise, 38 percent of employees reported they would gladly trade any of the above annoyances to avoid sitting directly next to, across from  or even near their boss or direct superior, creating an added layer of difficulty to fully maximizing on the open floor plan incentive.

By employers following these five recommendations, they are sure to increase worker productivity and satisfaction dually, a dream any employer hopes to achieve. Business analytics software allows employers to track an employee’s production and develop plans for worker mobility and higher employee satisfaction.

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Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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