TOP 5 WAYS TO GIVE YOUR EMPLOYEES INCENTIVES WITHOUT GOING ABOVE YOUR BUDGET
It’s true that bonuses, fully paid vacation trips, and other official incentives are right for business; however, they’re not a guarantee for a performance boost. In some cases, these formal employee benefits might work for you, and in some cases, it’ll not. The truth is that an organization’s employee or team performance being high is dependent on much more than formal incentives. We’re humans, and, typically, it requires more than official benefits to increase our efficiency and productivity. Besides, the economy is crumbling every day, and you sure don’t want to cease or cut down on these incentives without having a more robust way to inspire and boost your employees’ productivity.
It’s alright to adopt employee-friendly practices, but the question remains, “how can an organization adopt employee-friendly practices without being frivolous or causing workplace distraction?”
A formal incentive program needn’t exceed your budget.
In this piece, we’ll be discussing the top five ways you can give employee incentives without going bankrupt. When structured and managed effectively, these methods are guaranteed to keep your employees happy, inspired, efficient, and more productive.
Go Beyond Workplace Relationship – Care for your employees’ loved ones.
Few things (if not nothing) are more important to a person than his loved ones (family). By taking care of your employees’ loved ones, you show them that you care not only for them but also for their families. This goes a long way in keeping their mind settled and more focused on work. It’s logical, ‘since my boss takes care of my family, which is dear to me, I have to do my best to take care of his business, which is dear to him.’ When employees love your organization from the depth of heart, they’re willing to go the extra mile to help you achieve success.
Some of the areas you can care for employees’ loved ones include taking care of their basic health, involving them in work-related social events, etc. You can include activities like employees’ family movie night, bring-your-spouse-to-work day, etc.
Offer Employees Corporate Memberships
Offering your employees corporate memberships shows you care about their social welfare. Whether it’s access to exclusive places like executive suites of hotels, gyms, sports centers, golf centers, etc., this act can boost your employees’ morale. Furthermore, you can proceed to incorporate this in your business model, using these places as places for client entertainment. It adds to your branding and says a lot about your name.
We recommend you consult your HR and employees themselves to know their preference and buy membership access to places that’ll appreciate. Additionally, you may want to offer this membership access based on merit, the number of years spent in the organization, or any other criteria.
Introduce Work Themes
Work themes are used to increase the social relationship and atmosphere in the workplace. It doesn’t have to be work-work all the time. Having some fun at work can help in maintaining the mental health of your employees.
A happy employee is good for business.
You can decide to wear particular dress codes to work according to events, national holidays, or themes you pick yourself. The organization can take a one hour break to engage in social activities to help foster employee bonding. You can introduce cash rewards for the best dressed and winners of little competitions you may organize.
Exclusive rewards for Special Achievements
Most times, sales team members have compensations and bonuses when the close significant deals; you can introduce the same model into your entire organization. You can reward your employees for completing critical projects or attaining laid down goals in the organization. These incentives will go a long way in motivating individuals and team leaders to aim for success because they believe their success will be recognized and appreciated by the organization.
This is in contrast to congratulating high achieving employees inside your office or in private.
Congratulating them in public will motivate others to work harder.
Show Genuine Care and Encouragement for your Employees
Employees are humans, and probably, you, as a business owner, were once an employee too. You know what you expected from your boss besides your salary – care and encouragement.
There are many mental issues everywhere, and showing genuine care and encouragement might be what that employee needs to bounce back to life. You can implement a workplace wellness program where you educate your employees about aspects of health.
This shows you care for their health and welfare and will inspire them to work happier and more productively.
Conclusively, there is no best way to give your employees incentives without going above your budget. Look for what suits your organization and adopt it. What matters is the happiness and productivity of your employees. Cheers to a more happy and productive workplace