Incentives and rewards are very important for employee motivation and increasing their working ability. Companies may find incentives as an added cost, but incentives can bring more revenue to the business. Hospitality industry is the fastest growing industry, which requires dedicated and skilled professionals. However due to many factors employee retention and job satisfaction of employees become difficult to achieve. Incentives and rewards can result in motivating employees for providing their best and may also increase their job satisfaction. Organization also experience increased revenue with motivated and committed employees.
The main thing to be identified is the expectation of the employee and their desires. Most of the employees who start their job in the hospitality industry are enthusiastic and energetic for their job. Such employees require continuous support and encouragement from the employers and staff members. People can be kept enthusiastic and encouraged for good work, by offering them appropriate rewards for their performance. The rewards offered to the people in the organization can be based on different level. Rewards or incentives can be given on Annual performance, group incentives, individual tips, or ownership in the organization.
There are also non-financial rewards that can be offered to employees. Non-financial incentives or rewards include recognition, opportunity for personal growth, job security, praise and healthy working environment. In some cases, it has been seen that non-financial rewards can generate highest level of increased productivity and motivation in employees. The recognition of the employees can be done depending on their performance, length of service, attendance or for increasing the sales. Providing incentives to the employees in today’s workplaces is very significant to determine the success and growth of the business. Employees or people working in an organization are the asset for the organization. Hospitality industry is one of the most significant industries and also the fastest growing industries of the world. Providing benefits, rewards and incentives to the employees are significantly important for this industry to attain success. Paper reviewed and discussed all the important aspects of offering incentives to employees.