Building a great team is one of the most effective ways to grow a business. However, even if you secure top talent, getting full value from each employee requires additional effort.
One way to keep your teams engaged day-to-day is to introduce various incentives they can go after. Incentive programs help employees set goals and stay motivated while also rewarding extra effort.
There are many formats you can apply to your employee incentive programs, ensuring they receive more attention and engagement from your teams.
Why Employee Incentives Matter
Offering various incentives to your employees can come with a number of business benefits. This includes:
- Increased Productivity: When employees know their extra effort is seen and appreciated, it can have a direct positive impact on their performance. This often leads to higher productivity and more engaging office environments.
- Better Team Culture: If your staff members don’t see a clear link between their daily tasks and the long-term goals of the business, they may assume their work doesn’t matter. Showing them how even small contributions make a difference builds better team culture and improves morale.
- Reduced Employee Turnover: Regularly acknowledging your team’s achievements shows they are essential to the company’s mission, not just cogs in a machine. This can create a stronger sense of job security and loyalty.
Effective Incentive Ideas For Your Teams
Using the right incentives can make all the difference in keeping your team’s morale high and helping them stay focused on their assignments. Below are some strategies you can use to improve the effectiveness of your incentive programs:
Performance-Driven Rewards
A common type of incentive to introduce is to tie a certain amount of an employee’s compensation to their output. This is typically reserved for sales team members; however, it can also be applied in other areas of the business as well.
For example, you might consider rewarding employees with gift cards that have variable values based on hitting certain departmental objectives. This can be a great way to keep “all” teams engaged in the success of the business, not just sales.
Employee Recognition Programs
Instead of making employee rewards a once-in-a-while initiative, look for ways to recognize employees in smaller, more frequent ways. You might see someone on your team deliver great service to a client or help a colleague. These are the perfect opportunities to reward going the extra mile.
When employees recognize that their employer is always looking for ways to reward their efforts, it can make a big difference in the engagement you receive from them on a daily basis.
Quarterly or Annual Awards
Creating a formal awards ceremony, either quarterly or annually, helps you to create a more consistent schedule for offering rewards to employees. This also gives the business a chance to come together to celebrate big wins and ensure that everyone feels equally thanked.
These types of events can be as formal or informal as you prefer. You might want to rent out a larger conference area with a catered meal or simply have a friendly get-together at a local restaurant to present awards.
Anniversary-Based Rewards
Celebrating an employee’s work anniversary is a good way to show appreciation for their long-term loyalty and the journey they’ve taken with the business. The typical way this is managed is by offering gift cards or other incentives to employees after the 5, 10, and 15-year marks.
Many companies increase the value of the gift with each anniversary, doubling this initiative as both a sign of appreciation and an incentive to stay longer.
Wellness Program Benefits
Employee incentives don’t have to be tied to financial gain. Offering company perks like wellness programs is another way to keep employees motivated to stay long-term.
There are many ways to incorporate fun and motivating health-related programs. This could be by offering a stress management workshop, hosting yoga retreats, or organizing regular walkathons throughout the year.
These initiatives give your teams the chance to step out of the office and show that you’re invested in helping all your teams live happier, healthier lifestyles.
Additional Holiday Pay
During the holiday season, there can be a lot of opportunities to introduce year-end bonuses and other incentives to show your appreciation for all your team’s hard work. Whether you offer cash incentives, gift cards, or other rewards, the end of the year is the perfect time to present them to employees.
You can pair these rewards with a large company get-together at the end of the year and host the event at your office or another venue. However you decide to celebrate the event, maintaining consistency year after year will make it something your employees look forward to and can positively impact their productivity levels throughout the year.
Get Better Engagement From Your Employees
When you build a thoughtful rewards program, you’re showing your teams that they’re worth investing in each year. This helps to send a clear message that their hard work and dedication isn’t going unnoticed, and you appreciate all the small and larger contributions they make each day.
Author Name: Cindy Mielke
Author bio: Cindy is passionate about the incentive industry. In addition to her role as Vice President of Strategic Partners here at Tango, she is a Certified Professional of Incentive Management who proudly serves on two industry boards. When she’s not working, Cindy enjoys spending time with her family—including three cats, two dogs, and a horse—and sharing her love of nature as a Nebraska Master Naturalist.
