What is a business incentive, with respect to employees? It is a program or strategy to motivate employees and increase overall employee performance. Although these programs boost morale and loyalty, only 27% of companies invest in them. Here are some ideas for business incentives that you can implement for your company!
Ideas you can implement inside the office:
- Allow your employees to take advantage of flexible hours, within reason. They will be thankful to have a job where they partially set their own schedule and can enjoy their lives outside the office.
- Provide your employees with free coffee, tea, creamers, and cookies. Investing a little bit of extra money in free food and drinks will go a long way to boost day-to-day morale.
- Offer days off as a bonus, if you cannot afford to increase salaries. We recommend adding these extra days off around holidays so that employees can leave town or spend time with their families. For example, the day after Thanksgiving would be a great bonus day off.
- Organize a book club or other interest groups in the office. This will allow employees to spend time discussing something other than work and help forge friendships between those with similar interests. Plus, if employees feel like they have a reason to spend time with one another, they are less likely to spend their lunch breaks isolated and more likely to spend time bonding!
- On days when there is not much work to do, consider letting your employees leave work early. An extra hour, especially during the spring or summer months, can feel like much more. Plus, nobody wants to sit around the office when they feel like they have nothing productive to do.
Ideas you can implement outside the office:
- If your company requires its employees to travel for business, consider extending the trip by one day and planning bonding events for your employees. These can take the form of dinners, nights out, or more creative events. If you are having trouble coming up with creative ideas, consider getting in touch with an event planner or travel agent. We are sure that your employees will love getting to explore and enjoy new places!
- Offer travel subsidies for your employees, as long as they agree to have one team lunch or happy hour while away. This is a particularly great idea if you have offices in multiple locations and want to strengthen bonds across all your employees.
- Take an outing with your employees. These do not have to be expensive. You can go to the movies, mini golf, a happy hour, a concert, a wine tasting, a theater performance, or dinner. Helping your employees share their interests with one another and socialize outside the office will help build trust and genuine friendship. This will improve the workplace environment and increase employee retention.
- Offer a gym membership to your employees. In addition to being grateful for saving money on often
expensive memberships, your employees will benefit from increased physical and mental health. The effects of increasing the overall wellbeing of your employees should not be overlooked. They will become more efficient workers, happier, and require fewer sick days.
- Offer free courses, seminars, or conferences to your employees. This will improve their skills and help them focus on personal growth. By helping your employees feel like they are dynamic learners, you will encourage innovation and company-level growth. When people learn new skills or have new ideas, they will want to bring them to the table. Because your employees have a day job, consider finding courses offered online, in the evenings, on the weekends, or as one day workshops.
We hope that these business incentive ideas for employees help get your creative juices flowing. While creating good employee incentives may seem like an afterthought, we encourage you to make them a priority. Your employees will be grateful and your company will benefit as a result.