Corporate incentives convey to the employees that their work is being recognized and rewarded. Sometimes, companies find a glitch in their productivity. Managers often look to solve productivity issues through incentive programs. They benefit the employees by boosting their morale and workplace engagement. At the same time, they help employers retain their most valued asset, employees. However, managers often find it difficult to come up with incentives that their employees will truly care about. Here are five corporate incentives that will help address your productivity shortfall.
Employee Stock Ownership Plan
Providing employees with stock in the business is an excellent incentive to enhance workplace productivity. Employees that show exceptional work, enhanced productivity, or embrace your mission should be rewarded with shares of company stock. This guarantees that when employees work hard they receive a piece of the pie. Boosting employee equity demonstrates a reason to continue highly productive efforts. The harder employees work, the larger of a stake they hold within their company. While boosting productivity, these ownership plans additionally have a tendency to boost employee retention in your company. Through a stock ownership incentive program, you can greatly enhance workplace productivity throughout your company.
Unique Paid Time Off
You can applaud an employee’s hard work by giving them a paid day off. However, more companies are suggesting ways employees can creatively benefit from their time off. Managers can suggest volunteer activities. The employee is rewarded for their work and will also have the opportunity to do some social service. This works great to become a community minded business. Alternatively, managers can keep a track of employee hobbies and interests. If an employee likes to watch plays, maybe they can be given tickets to a Broadway show. Some others can be treated to an art exhibit. Such corporate incentives are becoming popular. However, some managers may simply want to give the time off instead of deciding how their employees should utilize it.
Employees who surpass expectations can be rewarded through peer recognition. Employee recognition programs greatly boost productivity within your workplace. In fact, a lot of employees prefer recognition over monetary compensation. It is a validation of their hard work in front of their peers. Managers can do so in multiple ways. If the company publishes its magazine or newsletter, the employee can have an honorary mention in there. During company meetings, managers can devote a little time towards the end to mention the employee and describe their success. This would also serve as an incentive for other employees to work hard.
Investing In Their Health
You spend a lot of time and resources to find good employees. Show your employees you care about their physical health as much as mental. Give them a discounted gym membership to keep them healthy. Pay a month’s fee of their yoga classes. Provide eye, dental, and routine check ups for little cost on their end. Some managers would also like to extend these benefits to include employee’s immediate family members. You could also provide better healthcare plans at discounted rates. Everyone in the company is concerned about their health. By incentivizing on that, you can motivate everyone to work better.
Giving extra cash or bonuses is one of the oldest methods of employee recognition. Yet, it is one that will never go out of practice. There are several other options managers can opt for when deciding to give monetary awards to best employees. If the employee is working and studying simultaneously, you can help out with their tuition. Other employees can be given stocks in the company. Some managers keep it simple by giving gift cards to employees from their favorite brands or grocery shops. Something as minor as giving special parking privileges will increase employee productivity. Develop a compensation plan in order to improve productivity through incentivized perk programs.
Let Employees Come Up With A Reward
Although this option may not be feasible for all companies, it is a great option for those who can afford it. Instead of coming up with a bonus that you think will benefit the employees, just ask them what they want. This way you are not only providing them an incentive, you are also saying that you care about them and trust them. Some employees may have been feeling overwhelmed due to a project. If they ask to withdraw from that project, it would ultimately benefit the company when a better suited employee will work on it. Hence, this incentive gives the platform to employees to share their desires.
Corporate jobs can get very demanding. Through incentive programs, managers can recognize employees who can go beyond the demands of the task. Incentives can be hardwired in the company’s routine environment. It is a win-win situation for both, employer and employee. Managers can get creative with their incentives. Give employees paid time off. Mention their hard work in public. Give health incentives to cover costly medical treatments. Sometimes, something as simple as giving a bonus on the check can encourage employees to work hard. Lastly, you can ask employees themselves how they would like to be rewarded the best.