A current trend that is sweeping the workforce is the use of incentives by employers to encourage loyalty and productivity among their employees. In the past, most people were motivated by a competitive salary and health benefits. However, today’s dynamic work environment needs individuals who can quickly adapt to changing situations while creatively implementing strategies that will encourage the future growth of a company. For this reason, smart employers know that including lucrative incentives in their hiring and retention strategies will result in increased morale that can have long-term benefits for any business.
Companies Leading by Example
When a person thinks about corporate incentives, one cannot help but to think of Google. From the beginning, Google has paved the way for exploring the positive effects that occur when a company empowers their employees to develop their skills and creativity. Their corporate office encourages the rest and relaxation that is necessary for a person to achieve their optimum performance by offering on-site meals, massages, rest areas and even games. Their 20% rule also encourages staff to spend a significant amount of their time working on their own projects that can benefit the company.
Benefits of Incentive Plans
Google is not the only company that has discovered the benefits of employee incentive plans. REI offers their employees a profit-based plan that creates a shared goal of increasing the company’s value. When employees feel appreciated by a company, then they will invest their time in effort in developing ideas that will move the company forward. According to O.C. Tanner, these benefits can be increased by implementing a plan that has been tailored to a company’s goals. This way, every employee can begin to feel rewarded by their efforts.
Simple Incentives to Increase Morale
While the benefits of showing appreciation to employees are well-documented, not every company can afford to establish perks such as on-site salons and game rooms. For this reason, a smaller business might choose to offer employee awards to those who go beyond the traditional company standards. Showing appreciation does not have to require spending a lot of money. In fact, smaller rewards that focus on an individual’s strengths can go a long way to developing a workplace that is full of inspiration.
In today’s busy workplace, it can be too easy to let a person’s hard work go unnoticed. However, the example of large companies has shown that appreciation and incentives can go a long way towards developing a corporate environment that fosters motivation. For this reason, employers can encourage their employees to do their best work by ensuring that they know that their efforts will pay off in recognition and achievements.