Every company wants to have a successful workforce. However, employees are not just happy by the fact that they get paid for their work. Some workers would benefit from additional incentives as well as emotional recognition. In this article, we will go over some motivating ideas that any business owner can use to please their staff members and motivate them at the same time.
Here are 5 rewards and incentives that you could give your employees:
Staff members who are working for a company for many years will appreciate the company’s decision to go public. However, they probably won’t benefit directly from the IPO. This is where stock options come into play. A small number of shares can be given to long-term employees with the condition that they cannot sell them for at least a certain period of time. When the company goes public, everybody is happy and employee retention rate increases as well.
- Personal development and growth opportunities
These kinds of incentives can take many forms: tuition reimbursement, covering educational courses and conferences related to their field, etc. Employees who are open to learning new things will gladly accept these kinds of rewards.
- Flexible work hoursand work from home options
This is quite popular in our modern world because employees can manage their time more effectively this way. Even though flexibility comes with the risk of unproductive work, most workers are willing to sacrifice that in exchange for flexible schedules. There are many recent studies that show that this arrangement works out well for both employers and employees.
- Professional development workshops
Companies can hire coaches to work with their staff members one-on-one or hold professional development sessions for them. These types of incentives are very powerful because they work on multiple levels: the employee gets support in his/her career, company leadership get to see which of their workers are more interested in furthering their career, etc. This is great for employee retention rate because employees feel valued and appreciated.
- Work anniversary gifts
When a new employee starts working with your company, you can give him/her an anniversary gift to recognize their contribution. When the next year comes, they deserve another piece of memorabilia for this special occasion. The more years they pass under your employment, the bigger the gift should be.
Incentives can take many forms: bonuses, trophies, gifts, etc. The possibilities are endless as long as you know what your employees want. To find out what they want, all you need to do is ask them or simply watch and observe. This way, you will know what rewards and incentives will motivate them the most.
Every entrepreneur wants to build a successful company that will be recognized by its rivals as well as other potential partners. However, the challenge is keeping your employees motivated and fulfilled. No matter how great your products are or how professional your services are, if you have unmotivated staff members who don’t want to work with you, your results will be average at best. This is why it is essential for owners and managers of various companies to come up with employee incentives that their staff members would appreciate.