Employee Incentives Singapore: An insight into the System
Employee incentives reward effort and success in a workplace where employees earn recognition and prizes. For an incentive to work it must be perceived as valuable. Incentives could be formal like a paid trip or informal like a casual Friday. In this way, the employees would feel valued and stay with the company for longer. One of the best ways to incentivize employees is to offer them extra money for extra hours on a particular project or work. Employee incentives Singapore is the best known of all times.
What is the main motive for offering incentives?
The main motive lies as-
- To get all the recognition and reward programs in one place.
- To empower employees and build trust with peer appreciation.
- To provide local rewards for a company’s global family anytime anywhere.
Many companies in Singapore have successfully empowered over 500,000 corporate employees through mobile solutions that integrate the latest best practices in employee engagement and corporate Wellness for corporations in Singapore and beyond. Leveraging the extensive digital rewards marketplace, their staff incentives and recognition solutions ensure that employees remain motivated and engaged, allowing their clients to enjoy the benefits of a highly engaged workforce.
What are the benefits acquired in the name of providing company incentives?
The former two benefits include-
- Employee Benefits- The employees get an extensive reward marketplace (>1,000 local/regional brands). They benefited from the enhanced employee rewards program. They enjoy enhanced Wellness and healthy competition among their peer competitors. They get transparent recognition and incentives for employees. Through the incentive programs, the communications among the employees grow more robust and transparent, creating a solid network among all. It increases team bonding and improves engagement.
- Business Benefits- It helps the company sustain its engagement and reduce employee absenteeism. It increases productivity and improves bottom lines. With the incentives program, administrative efficiencies could be seen. It increased staff loyalty and enhanced the culture of appreciation, recognition, and bonding. The company’s employees are aligned with corporate values.
The companies in Singapore opt for transparent leaderboards. They focus on peer-to-peer and company-wide staff recognition programs. They have customizable health challenges, along with workshops and workout sessions. They emphasized employee referral incentives with a continuous, relevant, and flexible rewards program. There is an erase implementation/integration with existing applications and seamless connectivity. They prefer more real-time data and analytics.