The right environment will enable workers to do their best
Happy employees tend to be the most productive and loyal. When it comes to achieving employee happiness, the basics still ring true. In the end, it all comes down to making your employees feel appreciated. Providing benefits and incentives are a great way to show that you care and you want them with you for the long run. According to a survey by the Society for Human Resource Management, 63% of employees believe that quality benefits are very important when it comes to overall job satisfaction. Here’s why having employee incentives can benefit a company.
- Boost Productivity
Incentive plans that reward employees for reaching pre-established goals provide encouragement and give staffers something to aim for. The advantage to the employer is having increased levels of productivity— and increased productivity also becomes an advantage for workers.
- Healthy Competition
Incentive programs give employees a reason to stay focused and productive. They are eager to reach goals to show their capability to achieve at their job. That competitive aspect gives employees even more of a reason to outperform the rest of their departments.
- Increase Morale
Employees who receive recognition for their work accomplishments tend to have positive workplace attitudes. Don’t underestimate the power of a simple, sincere thank-you for a job well done.
- Increased Employee Retention
Incentive plans are a way of rewarding top-performing employees and showing them you appreciate their contributions to the business. The advantage to the employer is reduced turnover, which also results in time and money savings related to recruiting new hires. Businesses may also attract more well-qualified candidates by offering incentive plans.
Feeling appreciated—which comes from recognition from others—is one of the top three drivers of employee engagement. Incentives do not have to be monetary; they can be low-cost and still be effective! Here are some ideas to recognize those around you:
- Post a thank you note on their door or cubical in their honor
- Create a simple “ABCD” card that is given when someone goes “Above the Call of Duty”
- A gift card
- Honor them at the start of the next staff meeting (recognize someone at the start of every staff meeting).
- Feature them in the company newsletter.
- Post team member highlights such as the ones done here at Nova Medical Centers
- Year-end cash bonus
- Gift baskets of company merchandise
An employee incentive program instills a feeling of value in employees and in turn, promotes motivation for employees to be more productive and committed to their work and the company. A business will reap the benefits of more inspired, loyal employees and as the employee’s productivity peaks, the company’s bottom line increases.