6 Great Ways to Offer Incentives to Your Employees

Your employees put their effort and time every day to deliver and ensure the growth of the business. As such, they need some recognition. Companies cannot afford to lose their valuable employees, yet the workforce is competitive, and the upcoming generation weighs incentives and benefits more than salary. A bonus program and a well-managed incentive plan cannot compare to anything when you want to have an engaged workforce. Workers who have something to look forward to are likely to achieve for your business irrespective of whether your business is small or you have several divisions across the world. Promotions and praises are not the only ways to motivate your employees; you can consider these incentive approaches.

Offer an idea bounty

Workers love bonuses, which you can offer in various forms. For instance, you can encourage discussions and provide an equal chance for all your team members to contribute to the debate. The employees can propose an idea or ideas that will help in enhancing the business. After that, let the other employees vote in the best, and the founder will approve it. After the idea has been proposed in and supported by the founder, the employee who receives an idea bounty. You can build the program into the culture of the organization by creating a healthy competition the number of bounty ideas awarded to each employee over a specified period.

Switch up the work day

The other great way you can offer incentives to your employees is by replacing the structured workday with a list of tasks to complete with a set period for hourly employees. You can then let the workers decide the best way to accomplish the tasks. Not all employees thrive in an eight-to-five work environment. You can give your employees benchmarks to work towards, rather than pushing the team to work from morning to evening irrespective of the tasks they have accomplished. The parameters ensure that employees get their jobs completed faster than before and go home as early as possible and still get paid as if they worked till evening. The truth is that employees work better when they have made achievements as opposed to usual eight-to-five routine.

Educational support

Usually, employees strive hard to grow their careers by attending training and courses in high learning institutions. As such, you can use that opportunity to motivate your employees by encouraging and supporting them to get an education. You can offer your employees an on-site class to earn industry certifications. Additionally, you can offer the employees who want to earn college degrees a generous tuition compensation package. You should make sure that your employees understand that it is part of the overall benefits program that will encourage the team to grow their careers.

Offer a favorable working environment

One of the best ways to motivate your employees is by making sure that the working environment is convenient and comfortable. Therefore, you need to ensure that your employees have comfortable and quality desks or chairs and their monitors or computers are fast enough so that they can complete their tasks without straining. Additionally, you can avail an employee scheduling application so that they do not strain taking photos of their schedules using their phones. You should provide all the equipment that they require to work efficiently and allow them to inform you when they need an upgrade.

Employer-sponsored benefits

One of the things that are on the minds of most employees today is the rising cost of health care. That is an opportunity to motivate your employees by offsetting some of the costs by giving them supplemental benefits like dental benefits, cancer care, and vision care. Offering your employees and their family members an indemnity plan is an excellent way to motivate them.

Give away outside services

Everyone would like to relax after a busy day at work. Therefore, you can treat your employees to services at the workplace a few times a year. You can bring in a chiropractor, yoga instructor, professional masseuse, investment counselor, personal trainer, or nutritional expert to make it enjoyable and helpful to your employees. The services should be offered for free immediately after work so that your employees can take advantage of them.