4 Effective Incentives For Your Employees

If you are in the fortunate and somewhat enviable position of having weathered the devastation and disruption caused by the worldwide coronavirus pandemic and still have a solvent and profitable business, then you are to be commended.

The business climate, regardless of the location, size, and industry in which your company operates, has changed monumentally over the past two years, and if the workforce consists of employees who have stayed loyal to your business through these times, then it is more important than ever to implement incentives and reward programs in order to secure their loyalty moving forward.

With this in mind, continue reading to discover four of the most effective incentives for members of your diligent workforce.

1.   More Flexible Schedules

Freedom is one of, if not the, most important thing in every single person’s life. As a result, rewarding your employees and simultaneously incentivizing them to work harder and stay with your company longer by offering flexible working schedules is a fantastic business decision.

Flexible working will empower your workforce and afford them a valued sense of independence and control over their professional life as well as encourage them to become more productive and efficient in the process.

2.   Visual Incentives

Visual incentive schemes are a fantastic way of motivating your employees to become more productive, and one of the most recognizable is ‘The Balanced Scorecard’, devised in 1993 by Kaplan & Norton.

Essentially, such a strategy encourages companies to assess both individual employees and the company as a wholes’ performance level using a basic performance scorecard, which assists employers in analyzing their company from a more balanced perspective that doesn’t solely involve financial achievements.

3.   Recognition For Years In Service

To you, your employee is just one mere cog in the machine of your business, but to them, if they have worked there for ten years or more, your business is very much integral to their life, both professionally and personally.

Publicly and privately recognizing employees when they reach milestones in their years of service is a fantastic way to show your appreciation and gratitude for their hard work and will also encourage continuing loyalty in the future.

The sky is the proverbial limit when it comes to choosing how to reward an individual employee for their years of service, but always remember to choose gifts that are appropriate and as personal as possible.

4.   Office Team Events & Games

A decidedly more entertaining and altogether fun way to incentivize and motivate your employees is to hold a team event, either inside or outside of the office, that brings together members of different departments.

Think like Michael Scott and arrange an afternoon of Office Olympics once a month, perhaps on a Friday afternoon when work is winding down for the weekend and participate yourself in fun challenges in the event.

Alternatively, there is a wide plethora of brilliant team-bonding days which you could organize for any member of your workforce who wants to participate, with some ideas to get you started including:

• Company picnic
• Company sports day
• Yearly awards nights
• Birthday luncheons
• Forest retreats
• Activity camps