The secret to every business’ success lies in the hard work of its workforce. All startups that end up being multinational companies reach the epitome due to brilliant leaders that lead a team of loyal and hardworking employees. Indeed, the biggest part of being the leader is making the employees reach their full potential.
People spend their time, energy, and resources on managing the finance and marketing of their enterprise. But in the process, they don’t utilize their employees’ potential to the max. Consequently, they fail to make their mark in the market.
Hence, you need to cater to the workers’ needs and make them love working for you. However, it does not mean that you need to offer them expensive gifts and throw them frequent parties that will eventually make you bankrupt. So what is it that you can do to kill two birds with one stone? Read on to find out.
Making Employee Incentive Programs Truly Effective
Employee incentive programs can be a game-changer for both you and your employees. The workers get bonus privileges, and you get increased productivity. The incentives can either be monetary, or they can be non-monetary.
Furthermore, the idea behind any incentive is to make the worker feel special, and it doesn’t necessarily require money. With that said, here are the ten most practical incentive ideas that are equally beneficial for both you and your personnel.
Flexible Working Hours
Data suggests that 73 percent of employees showed an increase in their productivity when their working hours were flexible. Therefore, when you offer them the liberty to work as per their liking, they enjoy the freedom and in return provide you with incredible, on-time work you wouldn’t have expected in the first place.
The best way to provide health insurance to your employees is by working with a health insurance FMO. It will make the workers loyal to your brand. Moreover, it is also a cost-effective alternative rather than offering them the freedom of individual insurance.
Extra Days Off
At first, one might be reluctant to give more holidays to their employees. However, this incentive helps workers enjoy a day off with their friends and family and return more energetic for work. Consequently, you get high-quality work on the working days.
Wall of Fame
Adding a wall of fame to your enterprise is a brilliant way to motivate workers to exceed their potentials. Awards like ‘the employee of the year’ and ‘the most punctual employee’ make people work even hard to land their names on the wall of fame.
People love when they get something extra from work. A Netflix subscription or an Ubereats gift-card is the perfect way to give your workers a bonus. It wouldn’t cost you much, yet it does wonders in establishing an incredible employer-employee bond.
Having the kitchen full of edibles is remarkable. Even if you don’t have one, there are plenty of options. You can give your workers tea and other refreshments. If you want to take this one step further, offer them free lunch.
Parties and functions meant especially for employees are great for making your employees feel that the organization values them. Not only will the day be memorable, but also the workers will develop a connection with the enterprise, which will compel them to do their best.
Offering sales-bonuses and non-sales bonuses motivate the employees to work harder. Even if you give them a tiny compensation, it is still an upgrade from the monthly salary. Therefore, it is an efficient method of providing the employees a monetary reward for their work.
If you are looking for a non-monetary incentive, you will find nothing better than simple appreciation letters. Give your best workers a letter praising them for their services. It will not only boost their morale but will also help develop mutual respect for you and your organization.
It might seem a long hop at first, but buying one or two premium furniture pieces is a practical incentive. When you gift the best employees comfortable chairs and pretty tables, it will make them feel special. Besides, it will motivate all the other workers to work even harder to get the reward.
Incentive programs are excellent for taking businesses off the charts. Even a minor investment can pay you back big time, not only monetary revenue but also a personal connection with the workers.
Therefore, take charge and give your employees meaningful incentives. It will do good both ways. Firstly, it will increase productivity that will make your enterprise grow. Secondly, it will provide a sense of accomplishment and happiness to the employees, making them connect with you.