Rewarding and incentivising employees has never been more important, especially as we enter a new hybrid working world. Research has shown that weekly profits can increase dramatically for some companies that have effective incentive programmes in place, and these programmes can ensure that employees are content and productive.
Research from The Harvard Business Review has also shown that 40% of employees would put more energy into their work if they were recognised more. So, without further ado, here are five tried and tested ways to incentivise your staff, without breaking the bank.
1. Time off and flexible working
Whilst the shift to remote work in 2020 was abrupt for many companies, the need for a more flexible work environment has been on the cards for a long time. As remote-first companies rise, employers that don’t offer flexible working and generous time off policies will be left behind as today’s workforce seek opportunities that will complement their lifestyle.
2. Little gifts that go a long way
Little pick-me-ups and gifts are a quick and immediate way to lift someone’s spirits. Whether it’s a little gift to say thank you to someone who has gone the extra mile for a customer, or your marketing team have smashed their quarterly target, sending easy to redeem gifts are perfect whether someone’s at home or in the office. Rewarding your staff using gift cards is a great way to show appreciation and takes the guess work out of gifting. Whatever they are into, from high street brands to cosy nights in, sports, fitness, fashion and everything in between, there's something for everyone.
Elovo also makes gifting super simple, all you need to do is pick their gift from a selection of brilliant brands and pop their email address in. They can then redeem their gift via the email, and bingo, they know you’re thinking of them.
3.Taking time to give back
Allowing time for your employees to give back to their local communities can be a really positive way to improve the morale of your team and know that you’re also helping the community you serve. Whether it’s organised through the company like a sponsored walk, or you let your team have a few days each year to do something that is close to their hearts, it’s a way of showing that you care.
4.Office-based perks
Whether you’ve got an in-house barista, complimentary lunches, or an onsite gym, all these perks can help support the wellbeing of your team. For many companies moving into a hybrid working model, it’s important that these perks are adapted to benefit all your staff. This could be done through paid-for gym memberships or weekly food allowances but either way, you’ll be safe in the knowledge that your team are looking after themselves.
5.Compensations
Compensation-based incentives are those that come in the form of an added payment, reward or benefit already provided by the company. Bonus schemes that reward agreed targets are tried and tested ways of keeping employees motivated, especially those that work in sales-based roles. For sectors where this isn’t as appropriate, tuition reimbursement or training budgets will let employees know you want to invest in their career and themselves, whilst benefitting their current role.
Valuing your employees has never been more important, and as companies continue to look at ways to retain and recruit staff, it’s time to review your current offer and see if it stands up against your competitors. At Tillo, we’re always happy to discuss ways to help keep your team happy and we have several products that make it easy for you to reward your staff.
Say hello and have a chat with us to see how we can help.
