Workplace Incentives That Actually Work
When it comes to retaining and motivating employees, there are many incentives that you can offer. The traditional option is to offer a cash bonus to those that meet targets. While some employees are spurred on by this incentive, research shows that many employees aren’t motivated by money alone. So what are some other incentives you can offer?
Free lunch
Offering free lunch to employees could be a way of saving your employees money and ensuring that they eat (employees that work through their lunch break may in fact be less productive). If you can’t afford to offer lunch every day, consider offering it one day a week (you could all go out for lunch on a Friday and make it a team-building event).
A company car
In jobs where employees are required to drive, a company car could be a worthy incentive to prevent them having to take their own vehicle. You could allow your employees to use the car for personal use, saving them the cost of having to own a personal car. The prospect of losing this car will encourage employees to stay.
A work phone
If employees have to make a lot of calls while out of the office, a work phone could be an incentive to consider. This allows them to have a separate device for business use. Like a company car, this is an incentive that employees will love.
Health insurance
A lot of companies offer paid health insurance or health insurance discounts to their employees. By giving your employees more affordable access to treatment, you’ll encourage them to look after their health. This won’t just benefit your employees but you too - employees that are in good health are productive employees. Business News Daily offers more information on offering employees health insurance.
Gym membership
Similar to health insurance, a paid gym membership encourages your employees to stay healthy. Numerous studies have shown that exercise is important for work productivity. It could be particularly useful if your employees spend most of their day sat at a desk.
More vacation
Giving employees more paid time off can actually improve their output. When employees are able to take regular breaks, they are able to recharge their batteries and come back fresh. Some companies go one step further than simply offering extra paid vacation - with the help of companies like MTI Events you can even help pay for employees’ travel abroad. For employees that love to travel, this could be a great perk.
Shares in profits
Shares in profits are similar to a cash bonus but can depend more on the overall success of the company. By giving employees shares in profits, you may make them feel like they have a more equal part in the running of the business, which is likely to encourage them to care more about your company’s success.
Flexible hours
An incentive that doesn’t cost anything is flexible hours. A growing number of companies are doing away with the strict nine to five working week - allowing employees to turn up when they want and work until they want. So long as the work gets done, it doesn’t matter how many hours they’re doing. This doesn’t work in all industries, but in project-based industries it can often be a good model.