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Everybody wants a workforce that’s motivated and highly productive. But, how can you keep productivity at an all-time high, while also ensuring fulfilled and content employees? Well, let’s have a think about incentives.
Workplace incentives can either be monetary or reward based; encouraging staff to work hard and meet their targets/goals.
Nothing motivates people quite like money. If you’re in the financial position to do so, offering cash incentives or quarterly bonuses based on performance could help staff maintain peak motivation. Monetary incentives can include, paid time off, profit sharing plans, bonuses, and cash awards.
To take it one step further and reward the person who consistently performs the best, annual bonuses could work for your businesses. They also aid in ensuring your workforce remain motivated for a longer duration of time, rather than in short bursts. This is because there is a known financial end reward that everybody will want and work towards.
If financial bonuses don’t quite fit with the ethos or company culture within your business, try some reward-based incentives. These could include leisure vouchers, entitling the employee who earns them to dinner, or the cinema, or even a day out at the spa. Anything which would bring your staff joy, and encourage them to keep working towards those vouchers is ideal.
If days out don’t work for you, why not work towards certain benefits within your actual workplace. Suggestions could include, flexible working hours, free training opportunities to help advance to the next level of their career, or even free lunches in the cafeteria – saving money where it matters.
For businesses that have a large percentage of graduates working for them, providing training opportunities can help staff feel valued. You are providing an opportunity for those graduates to learn more skills, meaning they are more likely to be promoted and earn more money in the long-term. In the same vein, if you’re training staff, their loyalty to you as a business will also increase.
Not only can rewarding your employees help them work harder in the long run, but it can also help improve morale. Receiving recognition for hard work and positive accomplishments can massively help improve attitudes towards work in the workplace. Do your staff appear more productive or motivated after verbal feedback or encouragement? If so, incentives could help your workforce double their productivity, by providing real, tangible goals for them to work towards. Oh, and for them to reap the rewards too!