There are many different employee incentive programs that Australian companies can use to find the support that their employees need to work well in a team. Part of these programs is a set of reward and recognition programs that seek to find the members of the company who are working the hardest and reward them for their effort. On the one hand, these programs can serve as an excellent way to celebrate certain important milestones in a fiscal year. However, if used too often their effect is often lost.
There are many different kinds of reward programs for employees, but the most common are gift cards, travel incentives and debit cards. There are also presentations and awards in some cases. If these are used too frequently, studies have shown that their effect is lost. In fact, in many cases it is detrimental as it reduces the importance of the competition and also creates a complacent attitude in the workplace that knows no discipline.
The other problem with these types of outdated employee incentive programs is that financial rewards are often loaded with diminishing returns. After a certain point, money no longer seems to motivate people and they are searching for other types of work-related benefits. Satisfaction with the job is the number one concern of most people in work-places (either very satisfied or unsatisfied). It should be a number one priority for any business owner to develop programs which help employees find their reasons and get on board with the company mission.