Your business is only as strong as its weakest employee. But even if you have a stellar team, a paycheck isn’t always enough to motivate employees to continue giving it their all. Though there’s debate about incentivizing employees, we at Tradepay believe that doing something extra for your employees is a great way to create a positive work environment and, in return, boost your customer satisfaction levels and your bottom line.
But before you start throwing out bonuses and gifts to every employee who passes by, take a moment to read through our suggestions and tips. Here’s how to go about incentivizing employees.
A study conducted on 1,200 U.S. employees found that 83% stated that recognition was more fulfilling than rewards or gifts for their contributions. 76% said that praise was extremely motivating. So while there aren’t too many employees who would turn down a monetary bonus, it’s reassuring to know that employees do feel motivated by praise and recognition alone.
In fact, an overage of financial gifts can actually backfire. As employees come to expect seeing a little extra in their paycheck, a typical week or their hourly rate can start to disappoint them. So instead of always rewarding with cash, consider all your options.
Also make sure that incentives aren’t the norm. While you shouldn’t go years without rewarding employees, weekly competitions or bi-weekly bonus opportunities can set your staff up for disappointment when they find themselves without a reward. Though it sounds condescending, think of rewards for your employees as treats for a dog. If you give a dog a treat every time they obey, they’ll start to act out once the rewards stop.
When administered correctly, incentives can provide both you and your employees with some great benefits. Here’s a couple to keep in mind.
But half-hearted incentives can cause more damage than not having an incentive program at all. Just as an employee can tell when praise is forced, an incentive that is given without sincerity can create a negative effect. If you don’t feel that an employee or your team deserves a reward, let them know in a constructive manner why. Then work as a team to meet your goals.
Wondering what you should consider when incentivizing employees? Here’s some of our favorite employee reward ideas to boost company morale. You’ll be ready to start incentivizing employees soon!
Who wouldn’t want a little extra paid time off? You’ll have to decide how you want to structure this incentive as motivation for employees. You can either award an employee with a day or two of extra vacation or give the entire staff a day off if it was a team effort.
Here’s a fun idea for incentivizing employees. Reward an employee by hiring a company to complete a service for them. You can either have their house cleaned, have their yard mowed, or get their car detailed. They’ll appreciate being able to cross off an item off their to-do list and their extra leisure time.
If you’re a member of Tradepay (which you should be) you have the option of transferring Trade Dollars to an employee’s account. They can then use them to buy whatever they would like on the Tradepay marketplace. They’ll still need to put up some cash to complete the transaction, but they’ll be able to get products or services at nearly half off. They’ll love saving money and getting what they need at the same time.
Incentivizing employees doesn’t have to be just about them. Let your employees spend a day with their families at work. Trust us, it’s more fun than it sounds. Depending on the space you have available, you can have the event at your work or rent out a space. Throw a mini-carnival if your employees have a lot of kids or have a movie day at the park. There’s no limit to the possibilities. Just dedicate a day of family, food, and fun for your employees. If you’re up for it, make it an annual event.
Think concerts, theatre productions, or other special events. If you really want to go all out, include a gift card for dinner as well. While movie tickets can be considered as well, try and choose tickets that aren’t readily available to all your employees. The more special the event, the more appreciated the gesture will be.
A positive work environment can provide benefits for both employee and employer. Sometimes just making sure that you’ve created a space that employees enjoy coming to most days of the week is enough to bring out the best in them.
Motivating employees doesn’t have to be stressful. Tradepay can help you find ways to motivate your employees without spending a fortune. With a revolutionary payment structure, you can save money when purchasing services or products not only for your business but also for your employees. It’s easy to conduct a local search for services, such as house cleaning or lawn care should you choose to look into these types of employee rewards.
You can also search for fun products to use as prizes when holding an in-house competition as motivation for employees. When it comes to creative incentives for employees, there’s no right or wrong answer. As long as they’re given from the heart and are sincere, they’ll be well received and help promote a work environment that’s enjoyable and profitable.
