Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®, CLU®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

September/October 2021

Reward Employees for Their Hard Work

Reward Employees for Their Hard Work

Employees who enjoy their work and are motivated to perform at their peak are important to the success of your business. Employee incentive programs encourage excellence and promote worker loyalty that can help your company reach its business goals.


Advantages of an Incentive Plan
Employee incentive programs reward employees for excellent job performance and keep them invested in the company’s success. Offering incentives can help your company retain talented employees, reduce turnover and foster teamwork. Incentives also boost morale and increase job satisfaction. Employees are motivated because they know they’re working toward a goal. And higher job satisfaction typically means lower absenteeism.


Implementing an Incentive Program
Defining priorities and goals for your business should be your first step in setting up an incentive program. If you’re just getting started, request feedback from employees on the kinds of incentives that would appeal to them. Then develop a plan that takes into account their responses and your company’s budgetary constraints. As a small business, you may have to limit the number of incentives you offer, so it’s important to know what employees value most.


Incentives: What Kinds?
Incentives can be monetary, non-monetary or a combination of the two. Financial incentives might include:
  • Merit-based raises for meeting performance objectives

  • Annual bonuses to reward excellent performance

  • Holiday bonuses

  • Small cash awards to recognize initiative

  • Referral bonuses for recommending a job candidate who is subsequently hired

  • Profit-sharing, wherein the company distributes a percentage of its profits to employees, frequently as a contribution to a retirement plan


Non-financial incentives vary widely but might include perks such as:

  • Paid time off (PTO)

  • Professional development opportunities

  • Health and wellness initiatives

  • Flexible schedules

  • Tuition reimbursement

  • Team-building activities (team lunches, yoga sessions, outdoor events)

  • Annual holiday parties or picnics

  • Company-branded items (clothing, mugs, water bottles, etc.)


Acknowledging Contributions
Employees appreciate monetary rewards, but they may not be the only factor in motivating employees. Recognition for their accomplishments makes employees feel valued as integral members of the team. Recognizing employees for their work is an incentive that costs the employer nothing but reaps huge benefits in the form of employee satisfaction and company loyalty.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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