25% of companies lose their new workers within the first year of their employment. This can be a huge hit to a business, as not only do they lose people they’ve trained, but they have to go through the entire hiring process again.
While it requires a bit of investment, offering work incentives can reduce your turnover rate and end up saving you money in the long run. Plus, it keeps current workers happier and rewarded for their efforts. Here are 5 work incentive ideas that will motivate your employees to work harder.
1. Bring in Extracurricular Activities
Work can be stressful, and when you put in long hours, you may not have time for self-care. Why not bring the self-care to your workers to show them you appreciate their hard work?
This can be anything from biweekly massages on Fridays or yoga classes every Wednesday. Choose an activity that’ll let your employees relieve stress for maximum effectiveness.
2. Offer Bonuses for Great New Ideas
This idea can inspire your employees to put their thinking caps on and even have some friendly competition with one another. Let them present their ideas on business improvements and vote on the best one. The winner would get a cash prize.
Have this incentive be an ongoing thing to see what your employees can continually come up with. It’s a win-win situation for everybody.
3. Flexible Work Hours
This may not work for all companies and all employees, but can be highly effective in some situations. Instead of requiring them to show up every day for a specified time frame, let them leave when their daily tasks are done.
This motivates employees to work more efficiently, especially since they get paid the same amount. If they get to go home earlier and have more free time, this can highly boost workplace morale.
4. Implement Incentive Travel
Give your workers something to aim for at the end of the year. With an incentive travel plan, your employees work towards a common goal, such as a team or company trip to Hawaii.
Not only does this give them a chance to unwind, but it also lets your employees create better bonds with one another with team building activities. They’ll also share unforgettable memories doing other things on the trip, like sightseeing and going to dinner.
5. Be Flexible with Paid Time Off (PTO)
You’re running a business, not a disciplinary school, so there should be some inherent trust in your workers. If your employees see that you genuinely care about their well-being, they won’t abuse their PTO. Having the choice to take time off when they need to will bolster your employees enthusiasm about working.
Use These Work Incentive Ideas for Better Productivity
When you put these work incentive ideas into practice, you’ll see a noticeable difference in the performance of your employees. With better workplace morale, your business will thrive and see less turnover.
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