For any business, staff engagement and retention are vital for success. Employees who feel valued are more likely to stay with your business and will be more invested in its success.
There are several different ways that businesses can keep their employees happy; one such way is through employee incentives. By implementing incentives into your business, you can ensure your employees are happy, potentially keeping them with your business for a long time.
What are employee incentives?
Employee incentives are tangible rewards you can offer your employees. These can be monetary or non-monetary, and can be offered upon completing a certain goal or be given over time to boost motivation.
Examples of employee incentives include:
- Gift vouchers
- Flexible working conditions, such as flexible hours or working from home
- Time off
- Points programmes
- Opportunities to learn
- Networking and days out
- Health & wellbeing programmes
Investing in incentives such as these can make a big difference in the morale of your workplace, making them more than worth the cost.
What are the benefits of employee incentives?
Employee incentives can have a big impact on the long-term success of your business. Retaining staff allows businesses to keep their most experienced employees and eliminates the need to spend on hiring new workers.
Employees who feel valued by their employers are more likely to be invested in the success of the business. Consistently offering incentives to your employees will build a loyal and united workforce, making it easier to achieve your goals.
Though there may be a cost involved with implementing employee incentives, the increased engagement and retention that will come from implementing it can greatly benefit your business in the long term.
How to implement employee incentives into your business
Employee incentives can take many forms, from one-off rewards to a robust programme.
One way of incentivising your employees is by offering policies that help them look after themselves and their loved ones. By offering employee life insurance, you can give your employees peace of mind knowing that their loved ones will be protected should anything happen to them. Offering incentives such as these will encourage employees to stay with you in the long-term and can help build a sense of loyalty.
Another method of incentivising employees is through reward programmes. These programmes are becoming an increasingly popular way to motivate employees, and typically involve using gamification techniques such as points that are earned upon completing certain goals, which can then be redeemed for various rewards, such as time off or gift vouchers. You can also implement a health and wellbeing programme, which will give employees advice and tools for improving their physical and mental wellbeing.
There are also several low-cost ways to incentivise employees. Simply taking the time to get to know them or saying ‘thank you’ after a good job, can go a long way towards making your employees feel valued.
Offering employee incentives is a great way to increase employee retention and engagement, which can go a long way towards the long-term health of your business. By implementing an incentive programme or offering attractive policies, you can keep your employees happy and productive for years to come.