What is the best incentive program you have for employees?
To help you determine the best incentive programs for employees, we asked HR managers and business leaders this question for their best recommendations. From profit sharing to career development opportunities, there are several incentive programs that you may use to reward and motivate your employees as needed.
Here are five incentive programs for employees:
- Profit Sharing
- Thanks Matters Visa Card
- Wellness Programs
- Recognition and Rewards
- Career Development Opportunities
For our employees, the best incentive program is profit sharing. As a start-up, we don’t want to have a high cash-flow burden yet don’t want to give up on the incentive program. Hence, we picked profit sharing. We distribute a considerable section of the profit amongst the employees. It’s a win-win situation for both. Employees get a reason to perform better than before and the organization has a high chance of success as its team is working in full swing. It leads to higher employee involvement. To avoid the goof ups, we have decided the profit percentage as per the job roles and the contribution an employee is making towards the progress of the company.
Caroline Lee, CocoSign
Thanks Matters Visa Card
Everyone at Motivosity has the “Thanks Matters Card”, which means their rewards and recognition dollars are available on their own personal Visa card. The funds come from peer-to-peer recognitions, milestone celebrations like birthdays & work anniversaries, and spot bonuses for their excellent work. We love the flexibility the Thanks Matters Card offers in choosing our own rewards, but it makes everyone in the office feel “seen” and noticed, because gratitude matters!
Logan Mallory, Motivosity
Fitness and wellness challenges are great to keep employees motivated and boost their overall well-being. Not only does this show you are encouraging employees to reach their wellness goals but it can be a fun experience and give employees a mood booster and some excitement when coming into the office. This could look like a challenge to see who can track the most steps in a month or even host in-office fitness and wellness events to give employees a break in the day. There are so many ways to get creative so encourage brainstorming from your employees and see what kind of fitness and wellness challenges they would like to participate in. Offering fun and easy ways to get involved will always keep employees excited about coming into the office and collaborating with coworkers!
Jeffrey Pitrak, Transient Specialists
Recognition and Rewards
Our organization collects data frequently to identify different employees performing well in their tasks. Once identified, they are recognized, celebrated, and rewarded for their good work. Apart from their portrait being hung on the wall, they also get extra time off, fun gifts, and bonuses. The best person to perform may get promoted to a better job if there is a vacancy.
Ivy Bosibori, USBadCreditLoans
Career Development Opportunities
The best incentive program a company can give employees is career development opportunities. Studies show that 40% of employees with limited development opportunities will leave in five years. Or even quicker, as most Millennials (87%) who now rule the job market say that development is essential in their job.
So if you want to retain and engage your employees and attract new talents, constantly provide new training opportunities and support career development. Offer initiatives where employees can learn new skills and increase their value. Constant improvement feeds the long-term success of both employees and the company. So create your learning and development program or use the help of other learning and coaching platforms or companies. Go for online training, as well as offline ones. Don’t forget to collect feedback from your employees. It tells you more about their needs and the efficiency of the development opportunities.
Nina Paczka, MyPerfectResume