5 Incentives You Need to be Giving Your Employees
Employee incentives are imperative to job satisfaction in many ways. Your team may work hard for you, and they want to know that their hard work is not in vain. Nothing can lead to discontentment in the workplace more easily than employees who feel they are doing nothing more but spinning their wheels in a meaningless position each day. Discontentment can lead to work-related stress, turnover, a lack of productivity, poor customer service, and more. If you are looking for great incentive ideas to incorporate in your business operations to improve your employees’ work experience, consider these thoughtful options.
The value of a simple thank you should not be under-estimated when you are looking for ways to improve employees’ job satisfaction. You can thank employees privately when you see them coming in early or working late. Public recognition at team meetings or in a corporate newsletter are important when one or several people have made standout contributions to the company. Focus on thanking the individual as well as pointing out the importance of their effort to achieving the company’s goals. You may even honor some employees by taking them to lunch or giving them a gift card as a token of appreciation.
Employees who feel like they are chained to their desks may also become unhappy in their positions. Giving your employees some flexibility to come in later or leave earlier can go a long way toward improving their level of job satisfaction, provided the schedule adjustments are reasonable. In addition, consider letting some of your employees work from home a few days a week. This gives your employees greater opportunity to successfully balance their work-life experience, and it can decrease their overall stress level.
You can also set up special wellness programs in the office or outside of the office to decrease work-related stress and to improve morale. For example, some companies will hire a masseuse to give massages to team members once a quarter. Others may have weekly yoga sessions held during the lunch hour. Consider setting up a charitable organization volunteer program as well for your team to bond over on the weekends. These show employees that they are appreciated in different ways, and they can improve mood.
Whether your employees love or tolerate their jobs, there is one universal truth. That is that most employees are working to generate income. They need money to pay their bills, but most want to save for the future and improve their lot in life over time. Implement a policy of giving annual bonuses based on job performance that keeps up with the rising cost of living and adjustments to the earning power the employee’s experience and education has. In addition, consider adding an end-of-year or quarterly bonus to share the profits with your entire team. After all, they were instrumental in generating the profits. It can be frustrating for them to do so much work for a company and to see others reap the rewards.
You can also schedule a periodic executive assessment to identify rising stars in your organization. Select the top few individuals from relevant teams to attend special training sessions and to enjoy other perks that can prepare them for advancement when an opening is available. In some companies, it is seemingly impossible to move up, and this forces turnover as employees look outside the company for greater opportunities. You can retain top talent when you incorporate these opportunities in your organization.
You may think that you would need to spend a fortune improving your employees’ work experience. While some incentives, such as regular annual raises, can be costly, others are inexpensive or free to implement. All of these ideas, however, can go a long way toward decreasing work-related stress and turnover and improving morale, productivity, and more.
Kevin Bugielski is the Marketing Manager for Victory Lap, a purpose-driven startup changing the sales game. Avid Snapchatter, SoulCycle lover, newfound runner, but ultimately, a foodie.