One of the most important parts of any business is the team of people driving it forward, and an effective team with passion and drive can grow together and help your business to grow as a result. However, employee development doesn’t occur by accident. How can you use HR incentives to improve employee performance and help your employees realize their full potential?
Employee appraisals are critical to the sustained growth of your business, as they equip employees with knowledge of their status in your business and help to identify growth opportunities for the future. Appraisals are also an ideal time for managers to commend employees for a job well done and provide guidance on how to continually improve. While the appraisals themselves can be one way of offering HR incentives to improve employee performance, they should also be supplemented with additional recognition to increase motivation.
Promotions, opportunities to lead a special project, salary increases and performance bonuses are also effective HR incentives to improve employee performance. If you conduct regular appraisals, it is easy to see how an employee has grown over the course of the quarter or year and make a decision about offering a promotion or salary increase as a result. Performance bonuses are another powerful motivational tool that can be tied into sales goals or other internal benchmarks.
When you perform employee appraisals, you will always find areas in which your team can improve. Before offering a reprimand, work with your teams to motivate and coach them, provide usable advice or help them with a solution. Your goal should be to provide actionable advice that helps your employees grow and motivates them at the same time.
Difficulties of Development
It’s not always easy for businesses to develop employees effectively with appraisals and monetary incentives alone. In fact, almost 90% of businesses, managers and employees view their current appraisal systems as ineffective. One of the primary issues hampering proper development is a lack of data to work with. If you conduct evaluations once a year, an employee who has been with you for two years will only have two sets of data to pull from and make incentive decisions around. That’s where Truvelop comes in.
Truvelop allows managers to collect multiple performance and attitude related data points throughout the year and provide feedback in real time at any time. This increases the number of relevant data points when evaluating employees for promotions or bonuses and helps to provide a more complete picture of employee performance with more opportunities for meaningful feedback and growth.
Truvelop: Helping you Implement HR Incentives to Improve Employee Performance
Truvelop provides solutions that help businesses evaluate, develop, and maximize the performance of their team. Schedule a demo and learn how your business can benefit from our industry-leading performance review and employee retention solutions. If you have any questions, shoot us an email at firstname.lastname@example.org.