Studies have shown that employee incentives schemes vary in their effectiveness. In some cases, they may even de-incentivise as staff find the rewards underwhelming, disappointing, or plain insulting. But these schemes, if done correctly, can make a significant difference to morale and productivity. Below are five methods of producing positive results.
Introduce Flextime
Not all employees will be eligible for flexitime, but that’s the main incentive. Flextime is very appealing to people; it gives them some autonomy over their working schedule and allows them to manage their work-life balance more effectively. In their job roles, it shows that management trusts them to be responsible with the flexitime, which increases their loyalty to the company. The company also doesn’t lose out because the arranged hours still get worked; it just means you don’t track their schedules in quite the same way.
Offer Corporate Memberships
Corporate memberships come in various forms, executive suites at sports arenas, for instance, or luxury gym memberships, or travel incentive programs: https://www.mtievents.com/employee-incentives/travel-incentive-program/. These corporate memberships have a twin purpose – they promote employee wellbeing and help build corporate relationships with clients. It’s a good idea to do some research before buying the memberships as you want to make sure the events you’re investing in are what people want – there’s no use having tickets to large scale events that won’t get used. Consult your managers and employees to learn their preferences.
Create a Broader Community
It makes a big difference if your company is not just the office that keeps a loved one away from their family most of the day. People often talk about their work and colleagues to family members, but more often than not, they remain a mystery to them. By creating a broader community, you include family members and build a sense of friendship and trust. Consider, ‘bring your child to work days,’ or family movie nights. In this way, you can show your appreciation and support for your employees and their families.
Implement a Bonus Structure
You don’t want to create a culture in your business where employees only work for the paycheck. When this happens, the quality of the work deteriorates as does employee morale. Instead, create a bonus scheme that Incentivises employees to go the extra mile. Make the bonuses appealing and attainable. They could be in the form of extra cash, tickets, or time off. The bonus structures can be divided up so that different tasks receive different levels of reward but also attainable.
Be a Compassionate Employer
An employer who understands the needs of its staff will build trust and loyalty. It will also perform better with fewer sick days and more committed professionals. If your employees feel that their company doesn’t understand their issues, they will be more likely to lie and betray company values and policies. On the other hand, if you have an open and accepting attitude with a desire to help, your employees will be more honest with you and more productive. Set up a wellness team to look after the mental, emotional, and physical health of staff.
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