Your company’s hiring practices are thorough. You look for the best people, with the most appropriate skill set and then, hire them for fair compensation. But what are you doing to keep them in the game – engaged and fired up? If your retention rates are a matter of concern, you may need a little support to get your people motivated. That’s why we’re offering these top employee incentive ideas. Drive employee motivation now, with these creative ways to keep your teams reaching for the brass ring.
A wood-mounted brass plaque with someone’s name on it is an incentive strategy that’s well past it’s “sell by” date. While it’s nice to be recognized, there are more effective ways of letting employees know their work is appreciated and valued. Throwing monetary rewards at people may also hold considerable value, but it’s difficult to measure the impact of a bonus, or a salary bump. Also, any impact money has on your people may not be lasting. It’s impersonal, for one thing. For another, employees don’t look back through the years and celebrate the moments they were awarded a higher salary. Understanding, firstly, that your people come from all kinds of backgrounds and have different dreams and goals, is key. They’re women, men, young, middle-aged and approaching retirement, if you’re a demographically diverse workplace. That’s your starting point.
Peer recognition is a deeply valuable tool which employers should deliberately tie to any employee incentive they’re offering. A recent survey by Glassdoor revealed that employees who felt appreciated by their employers were far more likely to work harder than those who didn’t. Everyone likes to be noticed. Recognition which is tied to your incentive program puts employees in the spotlight, creating conditions which keep your people happy and engaged, while rewarding them in a way that motivates them. But to do this effectively, you need to know who your employees are and what gets them going.
Research has also revealed that there’s a strong contemporary trend toward a preference for bonuses which allow employees to give to others. This is an easy one, if you already an incentive program in place. This practice has been adopted by some banking institutions. In addition to offering credit card points for travel or other rewards, these institutions allow members to use their points to make charitable donations. It works! Again, this is about knowing your employees. Identifying the charitable impulse in them is key to making prosocial bonuses work as motivational tools.
ITG has been helping companies like yours motivate employees for more than two decades. We bring you logistics excellence and program planning, with our outsourced solution. While your employees do what they need to, we act as a capacity extender, delivering specialized, highly-effective incentives. If you’re ready to run with these top employee incentive ideas to drive employee motivation now, we’re ready to help you do it. Contact us to discover effective employee incentives.