Workplace incentives can simply be a case of your employees turning up and receiving a set sum of money several times per year. Whilst this may seem the easiest way to earn rewards, this may not help your business in the long-term. Many employees do not feel satisfied with the current benefits that they are receiving.
Rewards don’t necessarily have to be monetary. These types of rewards may not be so enticing to many staff members. Benefits can appear in other forms such as holidays or gym membership flexible working hours. A benefit can even be a gesture such as recommending your employee on LinkedIn.
Not everyone sees rewards in the same way, so take this into account. An incentive for one person may not be an incentive for another. They can be simple things which address maintaining your employee’s work-life balance. For example, older generations may prefer something along the lines of retirement planning while Millennials might look for workplace flexibility which allows them to adjust their work routine around their life circumstances.
Life circumstances such as studying, getting married or having kids could also affect the type of rewards that would be appropriate for your employees.
By giving each staff member an incentive, you are making the reward personal and you can build a better relationship with them. Not only are you recognising what they are doing, you are appreciating them as a person. On top of which, appropriate and flexible benefits can lead to better staff retention.
Set bonuses do not reflect an employee’s effort or progression, so you should look to give your employee’s options based on circumstances and performance.
Some benefits can be instant, or in other cases they can be used to reward longer-serving staff members to thank them for their loyalty. Remember to recognise milestones. This can also incentivise others to stay at the company for longer.
In some cases rewards may be given to a team rather than an individual. These type of rewards could include a team celebration, and this can be beneficial in terms of teambuilding.
Benefits can also include showing verbal recognition for your employee’s efforts. This provides positive reinforcement for all the good things they have brought to the company.
By giving more varied rewards to your staff, you will build up a better atmosphere in the office and this will lead to harder work and more loyalty.