Gone are the days when employees were motivated with a bonus or an extra month’s salary. While it can still work as an incentive, it is not the way to retain employees for the long term. Your employees are the assets that keep your business running, and as a leader, you need to take the necessary steps to keep them motivated at all times. While cash matters, it is not the only thing that does. This is where incentives come into play. It is something that encourages the employees to take a certain action or avoid it. The purpose of an incentive is to drive a desired behavior for an outcome. Organizations have employee incentive programs that help engage and retain talent. They are also known as reward programs and come in different forms. As a leader, you need to understand the importance of incentives and go beyond cash if you want to motivate the team and retain talent. Here’s how you can do it.
Rewards and recognition
Employees feel motivated when they receive recognition, and in today’s times, it matters more than ever. Rewards and recognition can ensure that the employees stay in the organization for a longer tenure, and they often rate the office culture highly. However, not many companies have an employee recognition program. It is the foundation of any business and will ensure that each employee feels a part of the company. The recognition for their efforts should be given in real time and when leaders do this, they see high employee retention and engagement. You can have social recognition programs where one employee appreciates and acknowledges the work of another. It is a cost-effective way of allowing everyone in the organization to express gratitude for the contribution of other team members. It doesn’t have to be anything huge. A reward or a gratitude note on the office board or appreciation during the weekly meetings can go a long way. Consider unique>trophy ideas for employee service awards<. When the management recognizes the strengths of an employee, they feel motivated, and it improves productivity.
Skill development programs
Professional development is a way to achieve individual and organizational goals. Employees with limited opportunities for professional development tend to leave an organization in five years. Over 80% of millennials think that development is an important part of their job and if you invest in their careers, it will ultimately benefit you. The company will benefit from the enhanced knowledge and experience that the employees have to share. Most importantly, these employees will stick around for a longer duration. You can create your learning and development program or work with a third party for skill development.
Wellness programs
Health and wellness is a way to ensure that employees have a healthy lifestyle and make the right choices. If they are unhealthy, they will not be able to perform at their best and this is where wellness programs make a difference. They are imperative for organizations that are looking to avoid burnout and ensure efficient physical and mental health of the employees. You can include on-site health screening, free healthy meals, bike to work, annual wellness programs, and standing desks. These are small but significant ways to ensure that the employees feel healthy and have high productivity. You could also have challenges like a 10,000-step challenge to keep them motivated and engaged.
Fun gifts
Personalized and unique gifts given to the employees will show appreciation for their efforts, and they will celebrate the achievements. By choosing a unique gift for them, you celebrate their hard work and make them feel that they are valued. It is a great incentive for holidays like work anniversaries or company-specific holidays. You can add extra joy to the holidays with personalized gifts. Popular gifts include onsite massages, half day off work, personalized branded gifts, and gift cards.
Paid time off
Additional time off is a paid vacation you give the employees as an incentive. Employees are always happy with extra time off and many even agree to a salary reduction if they can get additional time off. This will give them a chance to maintain an ideal work-life balance, and they can use this time to relax and rejuvenate. Some companies offer extra time off when the employees meet specific goals. It will also help reduce burnout and stress.
Let them choose projects
An incentive that can change the way employees work is to allow them to choose the projects they want to work on. Let them choose based on their interest or their areas of expertise. When you give them a chance to choose their projects it empowers them and brings the best out of them. Leaders who offer this incentive are highly trusted by the employees and foster an environment of trust.
By Leona
