Nowadays, even large companies have trouble retaining their top talent. Flexible job markets, numerous international opportunities, and dynamic industries are just a few reasons many employees don’t stick around. Because of that, finding the right way to reward your staff has become crucial for long-term sustainability.
The easiest way to go about things is to simply increase their salary. However, keep in mind that money isn’t the main preoccupation for every employee. Many people also like to feel appreciated, gain unexpected bonuses, and have flexible work hours.
1. Monetary incentives
The best way to show you can is by taking money out of your pocket. Monetary bonuses such as salary boosts, performance-based incentives, 13th paycheck, and profit sharing can help you retain top performers.
When implementing some of these incentives, it’s vital that you lay out the rules in advance. That way, everyone will know exactly how to gain the much-needed bonus. As for salary boosts, ensure they go well above the inflation level so your employees don’t feel tricked.
2. Employee awards
Some of the best monthly employee appreciation ideas come in the form of awards. A tried and tested method to motivate your team is featuring the previous month’s top performer. If you wish to add extra motivation, you can follow this up with a small monthly bonus.
Awards, trophies, and periodic bonuses are fantastic for boosting competitive spirit. However, it’s vital that you monitor these measures. The last thing you need is to create bad blood between team members.
3. Promotions
Some people simply like to be on the top. They want the feeling of power a position brings, even if it doesn’t come with a hefty monthly check. That said, promotions would be an excellent method for motivating some of your team members without overspending.
You can even create bogus positions that will come with some extra responsibilities and a slight salary increase. Be careful not to overburden the newly-promoted staff member because the promotion might feel like a punishment.
4. Professional development
Professional development is a great way to squeeze more value from your employees without overspending. By improving their skills, you can get improved versions of them, but you won’t necessarily have to increase their paychecks. So, someone who was paid as a trainee might start doing the work of a seasoned professional.
The worst thing about ambitious employees is that they might leave you sooner rather than later. Those continuously seeking new training and education will eventually seek better, more lucrative positions. Still, this is a risk you need to live with.
5. Benefits package
While great benefits packages might not mean much to younger staff members, they are critical for everyone above forty (and even thirty). Not having to worry about pension, dental, and healthcare can put your employees’ minds at ease while allowing them to focus on things that matter.
Another cool trick is offering medical support and treatments to employees with special needs. While this might not be the most lucrative practice in every situation, it can sway veterans to your company. In fact, excellent health and benefits packages might allow you to lower the salary for your staff.
6. Flexible work
More and more employees are prioritizing companies that allow flexible work arrangements. Staying at home for a day or two every week can be a major game-changer for employees with kids. Similarly, it can cut unnecessary commuting costs and other expenses associated with going to work.
You can also benefit by allowing your staff to come to the office whenever they want. Leaving the house one hour earlier or one hour later can make all the difference in avoiding morning traffic jams.
7. Extra vacation days
While many employees have no issue with long work hours and all the stress that comes with them, they want to be left alone when vacation days come around. The best way to stimulate these team members is by offering them a few extra days off, allowing them to recharge their batteries and prepare for new challenges.
8. Office cafeteria
People are becoming increasingly aware of the importance of a good diet. For many, it is a way to stay healthy and promote wellness. So, to accommodate their needs, you might consider opening an office cafeteria and providing complimentary refreshments.
It’s also a good policy to make the meals as cheap as possible. That way, you can incentivize people to come to the office (even if you offer flexible work hours) while increasing their productivity. It’s also a good idea to add vegan and vegetarian options to the menu.
9. Team building
Team building can be enjoyable if you have a great crew. It is a relatively cheap reward that can significantly increase employee satisfaction rates and, what’s more important, allow team members to become a cohesive business unit.
10. Personalized goodies
Of course, you shouldn’t stick to our suggestions. There’s a plethora of other options you might want to consider for motivating your employees. Ideally, you should figure out what each one of your staff members likes and create personalized goodies and bonuses that would be according to their preferences.
