Incentive Programs



How Incentive Programs Help Motivate Employees And Drive Productivity

Introduction

The topic of this research project is 'How incentive programs help motivate millennial employees and drive productivity for the Franklin Loyalty & Retntion Center at Verizon Wireless'. The purpose of the study is to find out how the incentive programs boost the motivating millennial employees productivity in the Franklin LRC (Loyalty and Retention Centre). Many researchers have been conducted studies related to the productivity within an engaged workforce. Many surveys and focused groups have been completed to measure the types of center activities, and incentives employees like to see and demand in each department. This study will add to the knowledge within this subject area through obtaining the feedback from the new hires in the Verizon Wireless LRC related to the effective incentives which help to drive the productivity. The group selected mainly includes the millennial age work group.

For employees, motivation is the driver for the achievement of goals. Motivation can be intrinsic and extrinsic. Employee motivation is required for the fulfillment for the fulfillment of basic needs, enhance pleasure, and achievement of company goals. Motivation can be a huge driving factor in making a self motivated and productive employee. The following factors are related to motivation. Stimulus is the factor to produce the reaction, incentive is to produce a stimulus for the movement and excitement to conduct positive attitude, interest for the inclination for the subject related to certain securities and learning of new kinds of behavior (Dessler, 2003).

Motivation can be divided into three types which include A) explanation and justification of the choice of individual areas for profession and labor specialization; B) implementation of the individual's prescribed social norms and values and C) justification of a wide range of alternatives. These motives aim at optimizing the life cycle of the individual in a system of multiple factors, conditions and situations (Smoot, 2007).

Incentive programs are a formal, organizational plan for the promotion and encouragement of specific actions for the behavior by a specific group of employees within a specified time period. The business management particularly uses the incentive programs for the employee motivation purpose and to attract and retain employees. This concept is also known as pay for performance. The employee incentive programs are used to improve overall employee performance within the organization which is related to the daily employee performance, boost morale and loyalty, reduction of turnover, increment of retention and improvement of employee wellness.

Types of motivation

Motivation can include monetary and non-monetary rewards. Monetary rewards are related to the success of the organizational programs. The main goal is to select such items which boost the employee's interests and feelings and support the organizational objectives. Motivation arousal can be for both short and long time period.

Cash is one of the first monetary rewards. It is known through the studies made that cash has the least impact on the motivation on the employees. A Center for Concept Development study found majority of the respondents of survey agreed ...