9 Powerful Employee Incentives to Boost Team Motivation
In the age of silent resignations, employers need to do more to get the best out of their employees. Investing in employee information systems is a great way to boost engagement and efficiency in the workplace. By providing accurate and accessible employee information, you can better support your team's needs and encourage them to perform at their best. This kind of proactive management fosters a positive work environment where team members feel valued and motivated to excel.
In this article, you'll learn what employee incentives are, what benefits you can expect from them, and nine innovative ways to incentivize employees in the workplace.
What are employee incentive programs?
Employee share programs motivate employees to achieve certain goals in the hopes of receiving a reward for doing so. They come in many forms, but the best programs help keep employees coming back to work and result in more efficient, productive team members.
The Benefits of Employee Incentive Programs
Introducing an employee incentive program in your workplace has many benefits that will have a lasting impact. Incentives are an effective way to motivate your employees and create a positive work environment.
Here are some benefits you and your employees will receive when you invest in an employee ownership plan:
Increased productivity
By offering incentives, you motivate your employees to achieve specific, measurable goals. Employees will be more likely to strive to achieve their goals because the incentives drive them forward. A study by the Incentive Research Foundation found that companies that use incentive and reward programs increase their productivity by 22%. Incentives get employees to efficiently produce high-quality work.
Increase revenue
There is a direct correlation between employees working harder and smarter and an increase in sales. A study by the Harvard Business Review found that employee incentive programs increase company sales by an average of 44%. When your employees are more engaged and productive, you can reduce production and labor costs and improve customer service - all great ways to increase sales.
Improve employee engagement and satisfaction
The Incentive Research Foundation survey found that companies with incentive programs that recognize employees for their achievements and contributions to the company have 89% higher employee engagement than companies without incentive programs.
An incentive program that shows you care about your employees as much as you care about your company is invaluable. When you make your employees feel valued, you'll find they're more comfortable at work. You'll see employee satisfaction, engagement, morale, and happiness improve.
Reduce employee turnover and improve recruitment
When looking for a new job—or deciding whether or not to look for a new job—employees have many different factors to consider.
Employee incentives are a great way to get employees to stay and attract top talent to your company. The Incentive Research Foundation found that employee retention and loyalty increased in companies with incentive programs compared to those without incentives (87% and 85%, respectively).
9 Employee Incentive Ideas to Motivate Your Team
The benefits of employee incentive programs are worth the investment for your company. But where do you start when it comes to incentive programs? There are many different employee incentive programs out there—knowing which ones to use can be overwhelming.
How to incentivize employees?
When you motivate your team, you can really increase their drive, performance, and engagement. And how? Simply by showing them a little recognition for their hard work. Rewards and a pat on the back make the office a better place. Everyone wants to feel appreciated and try harder.
Here's how: Tailor your reward system to your team's mood and what they like. Keep the lines of communication open. Ask employees what motivates them, and adapt your approach to the results.
But don't worry, we've got you covered. Here are nine employee incentive ideas to help motivate your team:
1.A system of recognition and reward
It may seem obvious, but rewarding employees for their hard work is important. Thirty-five percent of workers want more recognition in the workplace, and 69% say recognition is the reason they stay at their current job. Think about how you can recognize your employees on a regular basis.
This can be as simple as a thank you when you see them doing a great job or a mention in your company newsletter or on social media. Not only is this a cost-effective way to show your appreciation, but it's also meaningful to employees.
2.Rewards
Who doesn't love a little extra money in their pocket? It should come as no surprise that a cash reward can be an extremely powerful motivator. Sixty-five percent of employees prefer rewards based on personal performance rather than overall company performance, which helps keep each employee doing their best.
With a bonus-based incentive program, you need to make all the requirements clear to your team to avoid confusion and disappointment. As with all reward programs, goals should be challenging but achievable.
3.Wellness Initiatives
A wellness incentive program is a great way to reward your employees for taking care of their health and well-being. It can take many forms, but the most common is using a centralized rewards marketplace that encourages employees to adopt healthy habits at work and at home.
4.Extra PTO
Giving your employees the opportunity to earn extra paid time off is a great way to motivate them to reach their goals. This is probably one of the most effective ways to motivate a team - 90% of employees would choose extra time off as an incentive over other options. Again, there should be clear guidelines on how extra PTO is earned and used, but giving time back to employees can boost their productivity, morale, and overall well-being.
5.Fun Gifts
If you want to reward your employees, meaningful gifts are always a great option. Consider a points system that allows employees to "earn" certain reward levels that correspond to a specific gift. Gifts should be personalized to the employee and not be the same gift over and over again. For example, a gift certificate or gift basket from a local coffee shop is a great choice if your employee comes to work with a coffee every day. But that gift won't suit an employee who doesn't drink coffee.
6.Travel incentives
Employee travel incentives are a highly desirable reward for many people. Typically, they are paid trips earned by individuals or teams who have achieved a set of goals in a certain period of time. Even if you can't do this on a large scale, try to create a travel incentive at your workplace - an overnight stay at a local hotel is still a great getaway.
7.Meaningful Experiences
Working toward an experience that's fun is another great way to motivate employees to achieve their goals. Experience rewards include:
- A weekend getaway
- Concert tickets
- A spa day
- Sports tickets
- A dinner and movie package
Employees can look forward to these unique experiences outside of work while still doing their best at work.
8.Corporate Gifts
Corporate gifts or items sometimes get a bad rap. But done right, they can be a great motivator. Before you decide what to put your logo on, consider what might resonate with your team. Employee incentive programs are always more effective when the reward is something employees want or need.
9.Employee of the Month Program
The Employee of the Month is a monthly award given to an employee for their outstanding work. You can combine your Employee of the Month program with other employee incentive ideas like social recognition, bonuses, or fun gifts.
Easily integrate employee incentives into your business
With IceHrm, recognizing your employees for their achievements becomes second nature. The built-in communications app lets you praise your employees for a job well done. Track performance metrics to see which employees are working toward a reward.
Implementing employee incentive programs can significantly boost productivity, engagement, and satisfaction. With tools like IceHrm, recognizing achievements and motivating your team becomes seamless and efficient.