6 Points for Employee Incentive Programs in 2020

Increased competition in the business environment translates to increased expectations from employees. Today, employees are expected to take initiative and deal with a lot more in the workplace than they did in the past. For this reason, employees often complain about being overworked and reach the point where even the slightest mishap can leave them stressed.

While putting too much pressure on employees is something that should never be accepted, employee incentive programs, through an effective benefits outlook, are a great way to increase employee motivation and retention. When you offer the right incentives, employees will be willing to put in more effort and will enjoy working for you.

Not sure how to create an employee incentive program? Here are some things you should consider to increase employee motivation.

Wellness Programs

One issue that employees are heard about complaining often is that they don’t have time to take care of their health. Most people work multiple jobs just to make ends meet and they don’t have the resources to spend on a gym or wellness facility.

The solution? A corporate wellness program, as part of an employment benefits package.

Since so many people today are interested in improving their health, a corporate wellness program is one of the best ways to say ‘thank you’ and ‘we care about you!’ A discounted or free membership to a training facility will not only make it possible for a lot more people to work out but it’ll even leave those who couldn’t care less to hit the gym a few times a week.

The endorphins and improved health will also leave your employees more productive and motivated. You can also help them afford programs to learn new skills like how to write better stories or even how to code.

Happy Hours

The idea is simple. Give your employees an hour every week where they can just sit, relax, and enjoy each other’s company with some great food on the house. After all, free food – no matter how much – is always a great idea.

If you don’t want your happy hours to be too over-the-top, even something as simple as free snacks every Wednesday can do the trick. Alternately, if you’re afraid a pizza party or carb-filled muffins will look a little off with your wellness program, you can offer your employees free healthy smoothies or acacia bowls. This way, your happy hour will make your employee incentive programs look well thought-out and they’ll be an instant hit!

Healthcare Benefits

Most people put their health on the back burner because of how expensive it can be – but that shouldn’t be the case at all. As an employer, there’s really no better way to increase motivation across the board than showing your employees that you’re concerned about their health.

Offering your employees health, life, and dental insurance etc. is a great way of reducing employee turnover and making them happier to work with you. This way, productivity will skyrocket and you’ll be known as a great employer.

More Paid Time Off

Most companies are revising their leave policies. This is because the workforce of today is interested in spending quality time with their loved ones.

Offering your employees more annual or casual leaves is a great way to show that you respect the time and values of your employees. Whether your employees take all their leaves in one big chunk or divide their days throughout the year, you can be certain that they’ll return to work refreshed and more motivated.

Bonuses

Giving your employees bonuses for exceptional work is something that’s bound to keep them motivated. This will not only make your employees put in extra effort but it will also promote a sense of competition in the workplace.

What’s interesting about bonuses and other monetary incentives is that people don’t feel like they’re being cheated. Additionally, you could arrange a small gathering where the employees who receive the biggest bonuses are congratulated and cheered for to encourage everyone else to get in the race too!

Flexible Timings

If you’re trying to make your employee incentive programs an instant hit, try adding flexible timings to the mix.

People today don’t understand why they have to sit in the office to get a certain task done. This is why allowing your employees to work remotely or come in a little — or much — later than 9 a.m. is a great way to keep your employees motivated.

Bonus: Better 401k Plans

Create a 401k plan that employees can trust, to have their back when they’re ready to retire. Use the Voya 401k plan as an example on how to create one of the best such plans in the industry.

Remember, employees’ future is as important as their present, and someone who knows you’ve got their back in the future, will become a great employee today.

Want to be known as a great employer? Consider these points for your employee incentive programs to decrease employee turnover and keep your employees happy.