Incentives are used in every major industry in a wide variety of ways at all levels from entry hourly employees to upper-level managers. Incentives create a positive work environment and motivate employees to work harder towards a goal. Incentive programs help retain employees and keep them actively involved. These can range from small monetary prizes to large extravagant trips.Incentive programs work as the motivational factor that encourages employees to provide quality services and achieve high level of productivity for the organization.
Incentive programs motivate employees to push and challenge themselves to achieve higher level of productivity. Incentive plans make employee understand that their hard work will be recognized by the organization and their efforts will be counted. Then, the staffs are willing to put more effort and energy on the work. The collaborative working efforts are promoted through incentive plans. Team work in the organization is also promoted, where all employees rely on each other’s efforts to increase productivity.
Team work is also supported, as to receive bonus and rewards, employee encourage each other to perform well. On the other hand, employees competing for the incentive are tending to offer higher level of services. This enhances the reputation of the company with increased customer satisfaction. Thus, this paper will discuss the importance of incentives in the Hospitality industry. The paper will also discuss that how different stakeholders are affected by incentives. Paper will also review the importance of the HR strategic planning that can effective increase business revenue and employee motivation.