Employee incentive schemes aim to motivate and reward employees for contributions over and above what is expected of them in their day to day work. Has an employee stepped up when deadlines are brought forward, or consistently stayed late to assist another employee who is struggling with their workload?
According to research, staff receiving rewards on a regular basis are eight times more engaged than those receiving annual compensation or bonus increases.
Whatever the reason the following incentives will demonstrate the company’s appreciation for a job well done. So how do you reward your staff to incentivise and retain them, without breaking the bank?
- Employee of the quarter
Everyone likes to be recognised for their efforts. Nominate an employee of the quarter in recognition of their hard work, or a contribution they have made to the business or their team. This can be announced in a number of ways but be sure to make it visible to the whole company. A trophy and a voucher for dinner for the employee and their ‘plus one’ gives the employee the opportunity to celebrate with the person who is most important to them and who has probably supported them during the period of hard work.
2. Give your staff their birthday off
A simple but nice touch, and easy to manage with a calendar / holiday booking system. This can be included in recruitment marketing material as it demonstrates a caring and thoughtful employer.
3.Give the team of the month a budget and let them choose what to spend it on
This doesn’t have to be a huge amount of money but could include a donation to a charity of their choice or lunch from a restaurant they have selected.
4.Day off for special occasions
Why not offer your staff one day’s holiday per year for something personally important, such as moving to a new house, when they get married or a special anniversary?
Numerous studies show that employees, particularly the millennial generation, are motivated by a company’s ethos. Those with a strong CSR focus tend to attract and retain the best talent. Consider dedicating time for staff to volunteer on projects of their choice. Not only is it a great morale boost, but is a good team building exercise.
6. Leave early Fridays
Research suggests that productivity is at its highest on a Monday and not surprisingly tails off during the week. Offering your staff an early finish on a Friday, or even a lunchtime finish once per month during the summer months, will boost motivation levels throughout the week. This is also a great incentive when recruiting as it gives your company an advantage over competitors.
7. Lunch for the highest performing team
Create some healthy competition in the office and take the highest performing team out for lunch or order it in for them as recognition of their efforts. This could be on a monthly or quarterly basis. According to Perkbox, free lunch (or beer) ranks among the top 20 perks employees want.
8. Start a mentoring scheme
Identify the skills within your workforce and consider where these can be best shared, for example – a senior manager could offer a member of staff advice and guidance on career progression, whereas a graduate could offer insights into social media. Even if mentors and mentees meet once every few months, mentoring has shown toimprove confidence, demonstrates a supportive working environment and enhances job satisfaction.
Drop us a line if you would like more ideas on how to motivate your team.