Every pharmaceutical and contract research organization needs an effective employee incentive program. Otherwise, you risk ending up with a complacent, unmotivated team. Unfortunately, it isn’t always easy to tell if your incentive program is working or not. Here are four signs you need to enhance your employee incentive program.
1. High Turnover
If you experience high turnover, you definitely need a better employee incentive program. You don’t want to waste money constantly hiring and training new employees only for them to leave within the first year. What’s worse is if you’re losing your top performers – this affects the whole company. When your employees see people frequently coming and going, they will become paranoid. They will worry that either there is something wrong with the company or that they’ll be the next one out the door. You need your team to have confidence and clarity about the company and their positions.
If your employees are showing signs of burnout, you need to enhance your incentive strategy. Do you notice your team seems to have trouble focusing? Do they seem exhausted, detached, or unhappy? They might be experiencing burnout. When employees experience exhaustion, they’re more likely to leave and their performance will tank. A successful incentive program can help prevent that.
3. Low Morale
Another sign is low morale within the company. If your whole team seems to lack motivation and energy, performance and productivity will drop. Incorporating a system of rewards and acknowledgements can help ensure your team stays driven and excited. You need your employees to be motivated or they won’t perform at their best.
4. Attracting Talent Becomes a Problem
Overtime, low morale, high turnover, burnout, and other problems will start to affect your company’s reputation. You might notice that it becomes harder and harder to attract talented candidates. Candidates won’t want to work for your company if it has a tarnished reputation. A creative incentive program can help repair damage done to your organization’s reputation and get quality candidates excited about your company again.
5. Building an Incentive Program
A successful employee program starts with keeping your team satisfied by ensuring they have a safe, non-toxic work environment, receive fair compensation, and have basic benefits like affordable health insurance. To ensure your team stays motivated and happy, you need additional rewards and incentives that address achievement, work-life balance, and team dynamics. The key is to create a work environment and company culture that people are excited about.
You know you need to enhance your employee incentive program if your team experiences high turnover, burnout, or low morale. When this happens, your pharmaceutical company or contract research organization will start to have a hard time attracting and retaining quality talent, which is essential to your organization’s success.
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