Incentivizing employees will not only keep morale high and staff happy but can also produce many benefits for employers. A motivated and content team is more likely to work harder and smarter, which could make a big difference to bottom line profits. Here are 5 workplace incentives that could help to boost productivity.
Annual bonuses are fairly common in most private sector industries. Many companies pay full or partial bonuses depending on whether they reach their budgeted annual profits. Others prefer to set individual targets or KPI’s for each employee and will pay them based on overall performance. Receiving an additional bonus each year focusses staff on the end goal and keeps them motivated throughout the year.
If any of your staff work in a sales role, it’s a good idea to set monthly or quarterly targets and incorporate some form of incentive should these be reached or surpassed. Offering a lower basic wage with performance-related targets on top is far more likely to keep your sales staff motivated and focussed.
Employee Wellness Programs
Many companies offer employee wellness programs as a bit of an added perk. These programs are designed to keep staff focussed on their health and well-being. A healthy workforce is far less likely to take sick days or suffer from illness regularly, and a focussed mind is more likely to be a productive one. Packages can be tailored to suit the needs of each company, so whether you want to organize a company-wide step challenge or offer your staff free gym membership or advice on how to eat a healthier diet, it is worth looking into.
Flexible Working Conditions
If your staff have long commute times or are perhaps single parents who encounter childcare issues from time to time, it’s worth considering how you could adapt their working conditions. Many employers offer the ability to work from home or flexi-time hours, which can both make a huge difference to staff. The more flexible and accomodating you are, the more loyal and hard-working your staff are likely to be. If you want to see an increase in productivity, think about implementing some flexible working strategies. You might be surprised at the all-round benefits they can bring.
Getting to know your staff and helping them get to know each other on a more social level is a great idea. It boosts professional relationships between departments and may make your employees more inclined to help each other out more than normal. Why not arrange to go to the local bar for a few drinks or go for a meal every few months? Once in a while, organize more structured team building events such as a quiz night or day out playing ten pin bowling, which can be great fun. Involve your staff and ask for input as to what they might like to do next. Teambuilding can go a long way toward boosting productivity.