Why do staff need extra incentives to do their job?
Employee incentives are used in plenty organizations, but we still meet plenty of employers who are skeptical about offering them to their own people. And that's fine! They're not something to be rushed into to follow the crowd - using incentive and recognition in your organization should be carefully thought out.
So, do incentives really work? What can they actually do for a business? And why should you offer our employees incentives to do their job? Isn't their salary enough? Well, to answer these questions, you need to understand why an incentive program might be good for your business, in other words, what do you want to achieve by implementing an employee incentive?
Here we take a look at five of the most common outcomes organizations will be trying to achieve with incentives, and why it matters.
Everyone knows that productivity is essential to ensuring your company’s success. Productivity drives business, so what drives your employees? Incentives are a great way to ensure that your employees stay motivated to do their job to the best of their ability. By offering something they can achieve if they hit a certain target or achieve something, they have something to work towards.
Decreased Employee Turnover
Giving incentives to your employees not only motivates them to do their work, but it can also motivate them to stay longer at the business. Having these perks might be the reason they choose to stay at your company, instead of looking elsewhere.
Not only are incentives great for your company they are also great for your employee’s happiness and wellbeing. Allowing them to blow off steam or win prizes is a great way to ensure they are happy working for the company.
Help attract new talent
57% of candidates report it as one of their top considerations before accepting a job. To attract top candidates, you need to stand out from the competition and offering unique incentive schemes could do just that. It could be the reason a candidate chooses your company over another one.
It has been found that productivity improves by 20-25% in organizations with connected employees. If you are offering incentive trips or things that multiple people will be able to win or attend, then it can help with team bonding and strengthen the relationships between your employees. Allowing colleagues to nominate one another for rewards is empowering, as it demonstrates that they value each other’s opinion.