In the last couple of decades, employers mostly use bonuses, promotions, and salary increases for motivating employees. These days, while these tactics are still used by employers, employers are learning that motivation could stem from many different incentives, mainly those that positively impact the emotional side of employees.
That said, here are some tips to consider to help you create more effective rewards for your hardworking employees.
For Incentives to be Effective, They Must be Customized
In most instances, employees working for big companies look for stability, status, and benefits. Employee incentive programs generally work when employees are motivated by finances. If they already enjoy the benefits you offer, you could amp up your benefits package with other incentives, such as free travels with their family or friends. Additionally, if an employee seeks status, consider changing their title after they reach specific benchmarks. Put simply, customization is key.
Sometimes, Recognition is Better Than Bonuses
Most employers see incentives as a concession or payment to inspire increased productivity. However, it helps if you see incentives as something that encourages or motivates an employee to do something consistently. The most effective incentive is positive recognition because it’s something that’s both economical and sustainable for many businesses.
Pinpoint What Your Employees Want
While employee incentive programs are an excellent way to motivate employees, giving your employees what they actually want could make all the difference. Conduct focus groups and surveys to find out what kind of incentives your employees want. Giving your employees relevant incentives would help encourage consistent productivity and help them better appreciate your investment in their wellbeing.
Instead of Entitlements, Use Achievements
For incentives to work effectively, they must be transparent and associated directly to an achievement or measurable action. This way, employees won’t see them as entitlements. Training and education incentives are a brilliant way to incentivize your employees. This gives them a sort of break from their work duties, while improving their expertise. This could result in career advancement, which would make your employees more valuable to your organization.
You probably noticed by now that most of the suggested incentives highlight what most employees need — more time with their loved ones or themselves, acknowledgement of their achievements, and their future in your organization. Therefore, the most effective incentives you could give your employees aren’t always financial — which is usually a given, but is also usually forgotten — but those that provide real value for them over the long term.