Driving productivity is probably something on the agenda of every manager right now. And with a modern workforce, come modern methods to do so. Incentivizing employees is something happening within more and more companies, and it’s paying off. While some may fear that their money will go to waste, the exact opposite is happening. Companies who incentivize their workforce are seeing higher profits AND higher productivity from their staff.
There is a multitude of ways to do this, from employee recognition programs to compensation-based incentives. Check out these ideas and implement incentives for your team. Productivity will be sure to skyrocket in no time.
Who doesn’t like being recognized? A large majority of the workforce agrees that they would work harder, or put more energy into their work if they were recognized more for it! Employee recognition doesn’t just have to be an ”employee of the month” type of thing either. Gestures such as a handwritten note to an employee whose work has been stellar lately, or a lunch on the company are both effective ways to recognize employees that have gone above and beyond in the workplace.
Money isn’t every person’s top priority when picking a job. However, it’s a given that employees will ALWAYS work harder if there is a monetary incentive for it. Think of real estate agents or salesmen, they earn a commission. So if they want more money, they work harder and better to produce more commission. Some ideas for compensation-based incentives are attendance bonuses and performance bonuses, such as rewarding the employee who completed the most tasks or had the highest number of clients. These types of incentives can be tailored to any team of employees!
People have always loved flexible jobs and being able to get vacation time, but the demand for this is even more prominent since the COVID-19 pandemic. Workers now realize that they don’t need an office or a 9-5 schedule to do their job successfully. Not only do employees desire jobs that offer remote working and flexible schedules, but they are also very likely to perform better when they’re in the office if they get some time off afterward.
Another great way to keep your employees working hard (and loving their job!) is to incentivize them. Millennials especially value travel and having the chance to go on a little getaway when they perform well, even if it’s nothing crazy, will drive their motivation through the roof. Another way to do this is for your team of employees as a whole! Incentivize your staff by offering a group trip if they reach a certain goal. Not only will you earn more profit by having your employees work so hard, but they’ll be happy with the opportunities and probably save you from needing new hires later on
This is a big one, especially for employees who are interested in investments, stocks, and finance. Being able to offer your employees a “piece of the company” if they accomplish certain goals or work hard enough is not only something that works as an incentive, but employees will feel more positive about their work in general because it’s technically their company too. This is great for productivity, goal-reaching, company pride, and camaraderie.
Despite the costs associated with employee incentives, the results are outstanding. Nothing gets people motivated like a reward or some recognition. Plus, once you implement an incentive program, your company’s profits will take off and the cost will be more than covered. Utilize these ideas and get your staff working harder, and better than ever!