Having a happy and healthy workforce is key to business success. Employees that are motivated and consistently show up for work will be more productive, in turn improving company profitability. Staff who feel fulfilled in their role are also less likely to leave which reduces recruitment costs and leads to a more stable, knowledgeable workforce.
Employee incentives play an important role in creating this career contentment. Providing voluntary benefits shows an active interest in employee wellbeing which ensures that your staff feel supported and valued. Take a look at these employee incentive ideas for your business and discover how you can enhance your welfare offering.
Salary increase
Wanting more money is one of the most common reasons why employees leave their job, so salary increases are an excellent way to incentivise staff to stay.
At the very least, ensure that your salaries change in-line with inflation so that your employees can remain financially stable. If you have the funds, reward top-performing employees with a bigger jump that recognises their hard work and shows that they are a valuable asset to the company.
Bonus schemes
Alongside salary increases, you can run bonus schemes as an additional financial incentive.
These can again be connected to performance which helps to keep motivation high. Paying out the bonuses monthly or quarterly rather than annually avoids productivity slumps throughout the year. Even a relatively small amount of bonus money is often well-received by staff.
Company car
Do your employees need to travel as part of their role? Investing in a set of company cars is advisable as this makes life much easier for your workers while also enhancing your business image.
Make sure to arrange a full car service with a local provider for the vehicles on an annual basis to keep the cars running smoothly. After all, the safety of your employees is a top business priority.
Career development
Your incentives do not necessarily need to involve money or physical gifts. Aiding employees in their career development is a fantastic way to incentivise your workforce.
Helping staff to achieve their goals shows care and concern and increases the likelihood of employees staying with your business long-term. This means that your investment comes straight back to you as they use their newfound knowledge to improve their day-to-day work.
Flexible working
Flexible working is in high demand from all generations across all industries following the pandemic. Although there were initial concerns about how it would affect productivity, new data shows that flexible work is proving successful.
There are many ways that you can embrace flexible work. Hiring remote workers for jobs that do not require social interaction gives you access to the best candidates across the country. Hybrid working which includes office time and days working from home is proving popular for most companies.
You could also offer the option of flexible hours which greatly benefits everyone, but particularly parents with younger children.