Providing incentives in the workplace is one of the most effective ways to keep your workforce motivated. Incentives play a vital role in organizing and building a workplace. The employees in the company tend to perform better when there are consistent incentives.
So, to help you out, our HR experts have shortlisted how you can make incentives programs a regular practice in your workplace.
Must-Have Incentives in the Workplace
Incentives in the workplace will help your employees value their job. Not just that, it’ll also help your employees prioritize the tasks being assigned to them. So, if you want your employees to be on top of their game and help you strive in the industry, then incentives are a must!
1. Praise and rewards
A survey was conducted reporting that 35% of the employees felt that more recognition helps them be more active in the workplace, and 69% of the employees stated that recognition and rewards programs are a reason to stay committed in your workplace.
Companies with a high recognition culture are three times more likely to increase employee engagement and retention. Despite these findings, corporations are only now realizing the importance of recognition in the motivation of employees, with one in five employers launching a program in the last year.
A recognition and rewards program is a must for any employee incentive program since it integrates incentives into everyday life. To do this, regular and real-time recognition is required.
Last but not least, make frequent recognition easy for everyone on your team with a platform that allows recognition from anywhere.
2. Personal Growth
After a survey was conducted, it was found that 40% of the employees with minimal professional growth left their workplace in 5 years. Around 87% of the employees value professional development.
Investing in the employees’ careers will make them stay loyal, especially when they see that their management or HOD (Head of Department) is putting effort into their teams’ personal growth.
Moreover, employees’ new experiences and knowledge will help your firm, providing greater internal promotion prospects.
There are various approaches to encourage staff growth; Salesforce and Adobe have great learning and development initiatives that reward employees for their efforts.
3. Well-Being of the Employees
Wellness programs are essential for firms looking to combat burnout and improve mental and physical wellbeing. With the current stress on employees, 59% take less time off than usual, and around 42% of the employees who work remotely don’t expect to take any time off to relax.
Healthy lunches, bike-to-work, on-site health tests, standing workstations, and annual wellness programs are simple examples. Employees who quit smoking or complete any challenge might also be rewarded.
A unified rewards workplace that encourages healthy habits is one of the finest ways to promote employee wellness.
Some workplace wellness platforms will encourage employees to stay healthy, and fit which would eventually help your employees do well in their professional lives.
4. Bonus and Raise
Raises and bonuses can be extremely powerful. Around 65% of US employees prefer performance-based bonuses. Nonetheless, you must clearly define measurements and targets, so employees know how to earn their bonuses.
Make sure your policies aren’t too hard or too simple to follow. Also, avoid pitting employees with each other. This would simply distort their team performance, which might not be good news for your business.
5. Extra Time Off
Fun fact, 58% of workers would accept a pay cut for more vacation time. Time off allows employees to maintain a work-life balance and boost their motivation. Offer extra vacation time and flexibility if employees reach certain milestones and encourage them to use their paid leave. Additional vacation time can help reduce employee burnout and disconnection.
Employees don’t require paid time off. Most people would take a lesser-paying job for more flexibility.
6. Interesting Gifts
Incentives like gifts are fantastic for customer service weeks, work anniversaries, global wellness days, and boss days, which shows you care. Try gamifying these holidays with quizzes and contests and recognizing and rewarding the most active staff.
Employee gifts include everything from onsite massages to even a half-day off. In-coffee or snacks, along with quality swag, are also great suggestions. Gift cards can also be a terrific solution for employees who prefer to pick their own gifts.
Customize the incentive programs based on the feedback from your employees to show that you care about them and consider what they think. Then, keep an eye on your employee engagement surveys to see if your changes are working out well.
When leaders meet with their teams to go over survey results and develop action plans together, it can be a good idea and increasingly productive.