Employee incentive programs are a win-win for companies and employees. Not only can they significantly improve productivity, but great employee incentive programs are an effective way to attract and retain top talent.
With more open job positions than candidates to fill them, it’s a competitive market for employers trying to compete for highly qualified employees.
If your company wants to implement a cost-effective way to reward your employees, boost morale, and improve productivity, try one of the following employee incentive programs benefits:
Reward Perfect Attendance
One way to ensure employee engagement and productivity is to make sure they’re in the office. By rewarding perfect attendance, leaders can ensure employees are in the office on time each day.
Implement a monetary reward system that awards employees a small bonus for going a month without missing a day (say $50) and then increase it every month after that. Most companies who utilize this incentive also permit scheduled vacations during attendance streaks.
No Work During the Last Week of December
Most managers would agree that employee productivity decreases during the holidays. Giving employees the last week in December off could motivate them to work a bit harder, increasing productivity at the end of the year.
Making employees work less may seem counterproductive, but if they know that they still have to complete the same amount of work, it may make them work harder.
Personal Growth Budget
Both employees and businesses benefit when employees invest in personal growth and career development. Companies can help employees grow by giving them an annual personal development budget, a set amount of money that they can spend every year on their own growth.
The budget could be spent on things like language lessons, attending conferences, or relevant professional courses. The more that employees learn and feel like their employer is investing in them, the more they will be willing to give back to the company as well as improve employee retention rates.
Flexible Scheduling and Remote Working
Letting your employees work flexible hours or even work from home can actually improve productivity. Many people find they get more done at home in the morning than they could at work all day.
In fact, a recent study showed that working from home resulted in an astounding boost in productivity equivalent to a full day's work. Employees also took shorter breaks, had fewer sick days, and took less time off.
By implementing employee incentive programs that workforces truly value, companies can increase productivity, boost morale, and even improve employee retention.
Many companies have reservations that employees may abuse some perks, which is why hiring qualified employees that fit a company’s culture is important for the success of incentive programs.
If you are looking to add enthusiastic, talented, and hard-working employees to your team, Sparks Group can help. Sparks Group is a national staffing and recruiting agency that excels in placing top talent in a variety of positions. We work as your strategic partner to spearhead talent acquisition initiatives for Accounting & Finance, Government, Human Resources, IT, Marketing, and Administrative industries.
For more information on how we can help your company find highly qualified employees, book a free consultation with one of our experienced recruitment experts today.