Top 3 Tips For Providing Incentives to Your Filipino Staff
Business process outsourcing (BPO) companies like Shore360 continue to bolster the Philippine economy in the midst of global health concerns and related business and trading issues. Growth demands in the BPO sector can offer talented workers new employment opportunities every day that can prove to be a challenge for employers staff retention with high level of competition. To remain a competitive employer, here are some tips to keep your Filipino staff motivated.
While good communication is fundamental to working with your Filipino remote team, employers should ensure salary packages are competitive, be prepared to acknowledge excellence with recognition, incentives and bonuses to retain and engage good staff.
Standardise Salary Rates and Incentives
Even if it is against company policies or the law, Filipinos will not hesitate to discuss their salaries with close colleagues. Others will feel disadvantaged or shy and choose to not speak out instead. This might raise concerns about fairness and equality regarding employee treatment. Situations like this can cause disunity in your team, distract from productivity and encourage a worker to consider alternative employment offers.
Align salary package for like jobs or positions to promote equality and reward better performers with a bonus or performance incentive.
Establish a standard system or guidelines of how salaries are evaluated and determined that will encourage advancement and promotion. Setting guidelines will create and promote an equitable environment as the company grows.
Implement Regular Salary Appraisals
Companies, especially those who are not in a financial position to give regular salary increases and promotions must still conduct regular appraisals for their employees to ensure that both parties are on the same ground regarding how they are compensated or rewarded for their work.
Monthly performance reviews and annual salary appraisals offer a systematic approach to help manage employee expectations. It will give you a chance to provide your employees with feedback on how they can improve their work and aim for an improved salary
Develop a Strategic Reward System
After establishing standards on how compensations are given, you should also be able to create a rewards system and give bonuses to celebrate and recognize those who are performing beyond expectations.
Depending on the nature of work performed, bonuses may be team orientated, aimed at delivering a minimum standard, KPI or based on quotas.
Reward systems can be as simple as non financial rewards such as a pizza day, movie tickets, shopping vouchers or employee of the month programs. More complex monitory rewards can form part of the employment package, performance based monthly, quarlterly or annually but must be measurable and monitored. These bonuses will give employees extra motivation to perform better. It makes a positive impact on the way they see and appreciate their jobs and you as their boss or employer.