How to successfully reward employees and run internal incentive plans

Motivating employees is a challenge. Let's face it, figuring out the magic universal formula for motivating people (kids too) would afford you the luxury of living on your own private island. But people are unique and each are driven by different motivations. Your company will be successful by determining which incentives work best for helping each employee reach their maximum potential. Here are some ideas for how to successfuly reward employees that will pay off in the long run. It's one thing to hire a self-starter, but let's look at ways to keep them motivated. 

Employee Recognition

Hard working people like to feel appreciated. One way or another, set up a plan for employee recognition. Perhaps it's a note in your calendar to send an email once a month, or taking time to walk down and verbally thank or congratulate an employee on a job well done. Another idea is to run an online company store to recognize those who keep the wheels turning or hold an appreciation luncheon after a job well done (with a short speech recognizing people individually). Or consider asking your employees for THEIR ideas on what would help them feel appreciated. Let's face it, we need our team to be motivated. Recognizing each employee with more than a paycheck allows them to feel valued, desiring to do more.

Everything that is done in the world is done by hope. No merchant or tradesman would set himself to work if he did not hope to reap benefit thereby.
— Martin Luther

Workplace Fun

Looking forward to work is essential to employee morale. High morale leads to high productivity and who doesn't benefit from that. Leaving the workspace for a little conversation and laughter with other employees can do wonders. Happy employees are productive employees. Take time for gatherings.

In my experience, the best creative work is never done when one is unhappy.
— Albert Einstein

Don't Offer Bonuses

What? No bonuses? Are we crazy? Let us explain... study after study has shown that financial incentives don't actually motivate most people on a daily basis. Instead, people are motivated by fairness, freedom, enjoying their craft, recognition and purpose. 

Instead of bonus plans, we recommend paying a competitive salary so that money no longer becomes an issue for employees. Then invest in resources to make their jobs more efficient and be available to settle matters, listen and provide coaching as necessary.

Time Off

Earned time off is a beautiful thing. A day off for hitting sales goals or putting in 110% consistently deserves a reward. Time off gives people a chance to recharge their batteries and come back ready to roll. 

Forbes.com has a list of "50 Companies That Crush Giving". They include things like giving back to the community as well as to employees, which in turn create quite an impact.

Ultimately, people need to work and when they feel valued and appreciated the company benefits. Alison Coleman of Forbes magazine reports "Norwegian entrepreneur Torill Bye Wilhelmsen founder Fjellflyt AS, which has inspired the Walking Movement". Research has proven that movement is great for productivity. Keeping the team together and on the same page is a terrific way to keep productivity at its optimum.

To talk more about employee incentive strategies please Contact Us