The Case For Workplace Incentives
You want to develop a corporate culture that increases employee contentment, enthusiasm and productivity. One that fosters incredibly happy employees but that also turns your business goals into feasible outcomes. You’re not alone in wanting to instill a culture like this. HR Managers and business owners everywhere are attempting to accomplish the same thing, and some are finding that the right kind of workplace incentives really make a difference.
Incentives are often measurable employee rewards for achieving goals in the workplace. They can look like cash bonuses, additional vacation days, gifts, training, stock options, or even extras like plane tickets and concert passes.
Below are a few ways incentives can encourage employees and meet corporate benchmarks at the same time.
Depending on the program, incentives will not only boost employee efficiency, but will also dramatically increase sales, especially if rewards compound year after year. If your team is incentivized to drum up new clients through a referral rewards system, everyone wins and earns some cash to boot.
More Collaborative Environments
Working together toward a common goal always strengthens relationships. Even those embarrassing team building exercises do the trick every now and then (though you may be slow to admit it). When colleagues are aware of business goals and are actively engaged in achieving them together, both team effectiveness and positive workplace atmosphere skyrocket. Incentives can help employees keep their eyes on the proverbial (and sometimes literal) prize.
This may sound contradictory to the portion above, but individual incentives can give everyone a little push to work a bit harder and reach personal levels of success. An in-office competition has the power to stimulate motivation through gratification of business objectives in a way that bolsters a healthy one-up-manship.
Better Employee Retention
When employees know they’re appreciated, they’re less likely to look for other opportunities. That means your company will save time and money by not constantly searching for newbies to hire. Plus, when you do need to add to your roster, you’ll draw in more qualified candidates with your ideal incentive program.
In order to offer the most motivating rewards, you have to know what your staff truly values. Is it profit sharing or happy hour on Fridays? Investing in training programs or allowing them to work from home one day per week? The low-cost perks may actually work better in some cases. If it’s unclear, you can always create a survey to find out. Knowing primary motivators for your people is a must for getting the most out of an incentive program. Which brings us to our last point...
Acknowledgement is often so rare these days that even the simplest of recognition for a job well done can make an overwhelming impact. Appreciation is powerful for the employee receiving it and the rest of the team witnessing it. Any public announcements and open displays of gratefulness for superior work will go a long way. Some creative folks in the office may take the praise to heart more than monetary rewards (though I’m sure he or she wouldn’t turn away the extra cash).
Whether you go with an end-of-the-year awards ceremony or an all-expenses-paid vacation or something much, much simpler, incentive programs are proving instrumental in company growth and enviable ROI.
In addition to providing the right inspiration for your team, employing the best people for the job is crucial for making your company an unstoppable force. Staffing is challenging, but fortunately, Great Hire is your go-to full service Temporary Staffing Services Provider and Direct Hire Recruiting Firm. Our customized staffing and recruitment solutions can be tailored to your company’s objectives with industry-specific hurdles in mind. Take advantage of our nationwide recruitment or our Los Angeles and Orange County Staffing Agency services today.
Give us a call and see how we can find the most fitting team for your company.