Incentive Plan Incentive Program Proposal Real Estate Essay

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Incentive Plan

Incentive Program Proposal Real Estate Company

Employee motivation is the key to increasing productivity at any organization, but it is particularly important in sales related industries such as Real Estate. The real estate sales force must be able to remain motivated even in the face of continual ejection from buyers. To remain motivated and productive requires a combination of both intrinsic and extrinsic motivation. Pay incentives and other benefits are not enough. The employee must gain a sense of satisfaction in order to remain motivated. However, research findings suggest that pay can be used to produce intrinsic motivation if it is used as a source of recognition and reward. This project proposal explores the method that will be used for introducing a new employee motivation program at the real estate company.

Objective for Setting Up the Program

The objective of the proposed incentive and rewards plan is to increase productivity of the sales, marketing, and clerical staff. The incentives are designed to motivate employees and to allow them to increase job satisfaction. The development of these incentives will entail conducting a survey of staff members to determine which incentives would be most likely to serve as motivation for achieving higher productivity, increased employee retention, and increased job satisfaction.

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Motivation Strategies

Studies found that employee motivation has an effect on organizational performance (Manzoor, 2012). Motivational strategies will include both intrinsic and extrinsic motivation. Intrinsic motivational strategies include items that give the employee a sense of accomplishment and self-worth. Extrinsic motivational strategies are those which are typically thought of in the development of an incentive plan. These entail rewards based on job performance.

Modern motivational strategies employ the theories of Abraham Maslow and his hierarchy of needs, as well as other theories such as Herzberg's Two Factor Theory (Ahmed, 2011). Once an employee's basic needs have been met, motivational strategies that utilize emotional and social rewards will be more effective. In addition, the factors that will motivate every employee are different. One of the key challenges faced by human resources departments in if the development of incentive programs is to develop programs that will serve as motivators for every member of the staff. The suggested incentive program will utilize pay….....

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