Providing employees, a set of incentives is standard. Having a set of employee incentive programs that guarantee employee engagement and retention, is a bit more difficult. This is because each employee is different, and it’s difficult to get all the members of a team to fit into one mold.
Depending on the size of your team, you need to create employee incentive programs that cater to the needs (both work and personal-related) of your employees. These programs can include a number of varying incentives, and you can mix and match elements to create your own custom program.
To that end, here is a list of employee incentive programs that you can implement in your company, to provide the best employee benefits.
Financial employee incentives involve providing employees with some sort of financial help, or bonus. This can take the form of both a higher salary than standard, or a bonus on the holidays. You could also provide a payment-assisted credit card. For example, after a year of being with the company, you could provide employees a TJMaxx credit card, which you either pay for out of company funds or take out on a co-pay basis.
Financial incentives go a long way towards encouraging your employees to perform better. This is because financial freedom makes people engage more with each other. The same is true for employees. Even a co-pay system, such as an assisted credit card, will go a long way in making employees feel less worried about their financial obligations, so that they collaborate better with their coworkers.
Traveling for leisure is one of the most preferred methods of cooling down and enjoying some post-work rest and relaxation. This is especially true for people living in bigger cities, as they are least likely to travel any more than once a year if even that.
Offering your employees an all-expenses-paid travel package as an incentive will take one major aim in life off their list. However, such an incentive can be expensive.
To control the expense, you can offer a co-pay on the travel package, or offer to cover a percentage of the total cost. Travel incentives though, don’t have to stop there. You can also offer an incentive that covers the commute to and from work. This will give your employees some much-needed relief, and also give them a chance to discuss their travel-related adventures, which will lead to them bonding more.
Depending on your industry, it’s highly likely that your employees work with some form of technology on a daily basis. Either that or they use a system that needs some technical prowess to operate. Regardless, any improvement in the system or the technology can come as a welcome addition, to the employees’ life.
Most companies in the technological sphere especially, are implementing the latest technology in the workplace, to assist employees with their daily tasks and to help them relax. For example, companies now have a VRR headset at every table or dedicated high-tech massage chairs. These reduce the effort needed to perform the task they are associated with, and help employees refresh themselves.
In addition, they also provide some stress relief, which encourages employees to engage with each other more, as the aforementioned stress is the number-one factor behind the lack of employee engagement.
These incentives have existed for decades, and come standard with most, if not all jobs, today. Medical and insurance coverage is even made compulsory by law in some places, and for good reason. However, not all medical incentives are the same, especially those that don’t cover rare conditions, or fail to take into account mental health.
Now, technically, medical incentives are not a standalone package, as they are necessary, and will most probably be offered alongside other benefits. However, you can still create a medical package that appeals to both prospects and current employees.
Make sure mental health conditions are a major part of your medical incentives package. Have either a modern mental health clinic on the panel, or hire an on-site psychiatrist. This will ensure that your employees are in the best shape, mentally, which will go on to ensure that employee engagement goes up steadily.
Wrapping Up the Employee Incentive Programs
Employee incentive programs, in essence, serve as an extra something, other than the salary of course. Their prime purpose is to encourage employees to stay at your company, and in order for that to be effective, they need to take employee engagement into account.
In this day and age, especially with 2019 coming to a close, any company that has hopes or retaining top talent, needs to incentivize employees with engagement-centric offerings, as well as, the right gifts. To make sure your company does the same, consider all the important employee engagement factors, and create an incentive program around them.