Incentives are something that most businesses offer employees. This is because basics incentives such as salaries are often not enough, especially for star employees. For this reason, businesses sometimes put together attractive packages that will lure in the types of employees they need and encourage them to stick around. Good incentives coupled with a thriving working environment and determined employees can be a recipe for success. However, it’s important that you offer incentives that will appeal to your employee’s needs if you want them to be effective. Here are a few specific types of incentives your employees may appreciate.
A common type of incentive that employers tend to offer is a bonus that comes in monetary form. Bonuses often do well because people like the idea of being able to earn extra money at the end of the month. There is a range of bonus types that you could offer such as performance bonus payments, sales commissions, as well as random bonus payments. Think about which bonus type would be more effective and also how often you can offer such bonuses whether it be monthly, quarterly or annually.
Paid time off of work is a great incentive that employees would likely appreciate. Although some find it difficult to pause and take time off, this could encourage them to take a much-needed break. You should also think about rolling over unused holidays to show them that their wellbeing is just as important as the value they bring to the table.
Alternatively, give them the option of working remotely so that they feel they have a greater level of flexibility. Giving your employees a range of choices can help keep them motivated as well as boost productivity.
For those who are driven by career growth, you should consider trying a different sort of incentive; this could be opportunities to take on more responsibility whether it be by taking on a new project or advancing to a new role. Not only could that inspire them to work harder, but it could also be helping them feel valued. The more your employees grow, the more your business is likely to benefit as a result. On that note, consider creating a culture of responsibility so that employees always feel a sense of ownership.
Tickets to a Game
If you know that your employees are fans of a particular sport, why not consider getting them tickets to watch a game live? This could prove to be an exciting experience as some may have never gone to a live game before. If you know the majority of the people in your office would greatly appreciate a pair of basketball tickets, then look on Ticket Sales to find a game you think would be worth watching.
Another way to excite employees is to consider giving them discounts at some of their favourite restaurants or bars. You can do this by partnering with such companies and seeing if you can negotiate some sort of a deal. Another employee incentive that some businesses offer is a discounted gym membership as it saves them money as well as promotes wellbeing simultaneously.
It’s important to remember that incentives don’t typically work on their own. They have to be combined with strong leadership as well as a genuine desire to see your employees excel. Nevertheless, hopefully, the incentives about can give them the extra push that they need.