It is vital for a business to be able to attract and retain the best employees. Losing talented individuals can be a massive detriment to any company. As a business leader, it is your job to ensure that your employees remain happy and satisfied in their work. A large part of this is to ensure that they have work that challenges and interests them. Another element to this is ensuring that you reward and incentivise your employees sufficiently.
Incentives are crucial to make employees feel valued and properly rewarded for their hard work and dedication. They can also push employees to give their very best day in and day out. There are many incentives you could choose to provide your employees, and it is essential to offer a range that boosts productivity at all levels.
1. Reward Good Ideas
Offering a reward for good ideas can help to boost innovation in the workplace. You could consider offering a small bonus or gift card to employees who come up with an idea to improve efficiency that gets implemented. This can remind staff that you value their input and are always eager to listen to their thoughts on how your business operates.
2. Offer Stocks in Your Company
One unique way to incentivise your employees is by offering them stocks and shares in the company. This can help them feel a vested interest not only in their own role but in the company as a whole. You could consider setting aside a certain number of shares in the company to be used for this purpose.
3. Use Performance-Based Bonuses
This is one of the more traditional incentives and popular for a reason. Offering performance-based bonuses can be a great way to motivate employees to achieve their best. It is important not to set these bonuses too low or high as each can demotivate employees.
It is also vital to set performance-based bonuses at different levels for each employee. Every worker has different strengths and weaknesses, and it is important not to use a one size fits all approach.
4. Say Thank You
The simple act of thanking your employees for work done well can help ensure employees feel valued and seen. You could consider adopting a ‘thank you’ culture, where you take time out of each week to thank various people for their work, in addition to thanking people for handing in work early or going above and beyond.
5. Encourage Employees to Reward Each Other
You could consider setting up an employee rewards scheme when your employees can praise and reward their co-workers. Some offices use points-based reward schemes, where each employee has a certain number of reward points to allocate to their peers. You can give your employees total autonomy on how to award their points.
This can be an excellent way to promote a happy work environment, encourage collaboration and teamwork, and strengthen the bonds between employees. You can then offer prizes to employees who achieve a certain number of points, such as additional holidays, cash bonuses or gift cards.
6. Use Recognition
It is essential for employee satisfaction that staff members see their achievements recognised by the company. You could consider having a short weekly recognition meeting where you celebrate the different accomplishments of your team. If this might take up too much time, you could consider sending out an email acknowledging the excellent work done by various team members.
7. Offer Excellent Benefits
Benefits are an important part of retaining employees and attracting the best talent to your business. You should consider the different options for benefits to find the ones that will be most useful to your team and promote the best quality of life inside and outside work.
In addition to a generous company pension, holiday allowance and flexible working, you could consider offering benefits that go above and beyond, such as private health insurance. Private health insurance is an excellent way to show your team you care about their health and wellbeing as well as the work they do for you. You can find the best health insurance quotes on this website for more information.
8. Offer Additional Holidays
Additional annual leave is a reward that will motivate any employee. You could consider keeping this reward for an end of year treat for the entire business, providing specific business achievements are met. You could also consider using it on a monthly basis by offering an additional half-day to anyone exceeding their targets that they could accumulate over the year.
9. Host Social Events
Social events are a great way to help employees relax and unwind, reward them for work well done and strengthen bonds between co-workers. You could consider a quarterly get together funded by the business, such as a company meal, drinks after work or a party that employees can invite guests of their own to attend as well.
10. Offer Gift Cards and Discounts
As a business leader, you could find ways to connect with other local businesses to offer an employee discount or gift cards to your staff. You could consider getting in touch with businesses such as cinemas, restaurants and bars to see if they are willing to offer a discounted rate for your employees. This will enable you to provide your employees with these benefits and boost marketing for the local business.
You could also take out memberships on their behalf and use these as a reward for excellent work or a company-wide offer for a particularly successful quarter.
11. Celebrate Holidays and Birthdays
A great way to boost morale in the workplace is by celebrating the various holidays and birthdays throughout the year. You could celebrate events like Easter, Halloween and Christmas by decorating the office and encouraging employees to dress up or come in in festive wear.
You could also celebrate each employee’s birthday with cake and treats in the office, decorating their desk and getting a gift and card for the employee from everyone in the office. Some companies have gone one step further and offer a paid holiday for employees on their birthday, which can be an excellent way to show that you value their work-life balance.
12. Ask Them What They Want
A simple and effective way to show your employees that you care is to ask them what they might want to help drive productivity. They will know their needs best and could give excellent ideas on how you can improve the office as a whole and incentivise employees in the best possible way.
You could simply ask employees what they might want as a reward when having done good work. It is essential to let them know that you are open to suggestions and are keen to offer incentives that will genuinely benefit them.
13. Provide the Best Equipment
Employees often cite inadequate quality equipment as a significant drain on their motivation levels and output. If you want to keep employee morale high, providing your team with the right tools is crucial. You should encourage your employees to come to you if they find that their electronics, chairs, or other vital tools in their daily work life are no longer fit for purpose.
It can also help to buy higher quality equipment for your office in the first place. This can prevent you from needing to replace things as often, saving you money over time.