Broker Check

INCENTIVIZE EMPLOYEES WITH CARROTS THAT WON’T COST YOU A LOT OF GOLD

| February 25, 2015
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GOING THE EXTRA MILE TO RETAIN EMPLOYEES DOESN’T ALWAYS REQUIRE A TRIP TO THE BANK

Hiring employees takes time and money. And when recruiting efforts result in exceptional employees, keeping them can pay dividends. Better still, top performers usually know other top performers. And if all is well at your company, a recruitment call from one of your superstars to one of their colleagues becomes an easier “get.”

In today’s business world, benefits are the norm for attracting and retaining good employees. Health insurance plans, retirement plans and matching retirement contributions are all costly benefit programs. So when it comes to providing anything extra, money can be an issue. But sometimes it is precisely those “extras” that mean the most to employees and show just how much you value them. Fortunately, there are extras that pay for themselves with increased productivity and employee retention.

FLEXTIME/TELECOMMUTING DAYS

Hours that work best for them help make work-at-home employees among the most content. This incentive is a great way to attract high-performing, highly motivated talent. They’ll appreciate the flexibility. Often, they’lre even more productive without daily in-office distractions.

To ensure everybody understands how flextime and telecommuting days work, keep the following in mind:

Employees should make up flex hours during the rest of the week, like coming in earlier or staying later on pre-arranged days. Keep telecommuting days on a regular schedule.

Not all employees may be able to take advantage of flextime due to the nature of your business. Eligibility also can be a result of performance and tenure.

This will give you time to make scheduling adjustments.

Employees must still be accountable for their time and you must make sure performance is not negatively affected.

EMPLOYEE DEVELOPMENT

Training for a new job skill or tuition reimbursement are great incentives. They can help further your employees’l educations and make them more adept at their jobs or better suited for an advanced role.

CELEBRATE FAMILIES AND WORK/LIFE BALANCE

The support of your employees’l families can play a big part in the success of your business. So family-oriented company functions – like picnics, appreciation dinners, movie nights, and bring your kids/pets to work days – can be fun and relatively inexpensive ways to help create work/life balance.

ACHIEVEMENT AWARDS

Goal-oriented project completion not only can help build team spirit, but also encourage employees to support your business objectives. And you don’lt have to wait until a project is complete to celebrate. You can incentivize milestones with things like floating holidays and leaving work early.

EMPOWERMENT

Employees who have control over their daily environment have a higher level of job satisfaction and stay longer. However, remind employees that the ability to make their own decisions also comes with responsibility for their outcomes.

If you’ve been thinking about ways to incentivize your employees, these five ideas may prove to be useful in helping you create a more fulfilling environment, making your company a better place to work.

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