What is in it for me? As humans we have the tendency to ask that question. Especially when our time, skills and expertise is demanded of us. That is why offering employee incentives are so important if you want to attract and keep top talent.
An employee incentive can include bonuses and salary increases. Of course these are very appealing incentives. That being said, it is good to keep in mind that employee incentives can extend beyond money and be just as valuable in keeping your staff engaged and motivated to achieve greater performance.
Examples of Incentives to consider:
- Extra vacation time
- Flex time
- Days off for birthdays
- Gift cards (e.g. pre-paid credit cards, retail store cards, etc.)
- Gym memberships
- Day care
- Parking spots
- Laundry service
- Special needs support
- Paid educational/training courses
An employee incentive can be viewed as a reward where individual employee goal achievement and commitment is being recognizing by your company.
The Benefits of Offering Employee Incentives
There are numerous “soft benefits” that come from an employee incentive. They include the following:
- Improved employee performance
- Increased productivity
- Enhance your company’s reputation
- Attract and hire better talent
Each of these benefits can be linked to employee recognition. Employees like to be recognized for their hard work. They are attracted to companies which give them that recognition. Employee incentives can contribute a desirable company culture. This in turn will inspire loyalty and dedication from your staff members. This employee loyalty will lead to an increased retention rate.
A Worthwhile Investment
No incentive is free. There are costs associated with it, some are large while others are miniscule. Instead of focusing on the increased costs, you would do well to consider it as an investment. Every employee incentive you offer is an investment in your employees. It is good to reflect on that, because people are the most valuable asset in your organization. Without the right people your company will falter.
As with any investment it is also wise to look at the return on the investment. In the case of offering employee incentives the returns are considerable. Employee incentives improve employee morale and help with the recruiting process. It also cuts down on the considerable costs associated with a high employee turnover rate. If your employees enjoy working for your company they are going to continue being productive.