What Are Perks and Incentives For Employees?
Employees require constant motivation to stay with your company, like oil to an engine. And by motivation, we don't mean a full-on monthly payout. Rather, we mean perks and incentives that encourage them to stay productive.
The terms Perks and Incentives mean different things, though they're often used interchangeably. They are both non-monetary benefits. However, perks aim at improving the overall quality of life of an employee. At the same time, incentives are fringe benefits that recognize and encourage outstanding performance.
Employees are valuable assets to every organization, top performers especially. And while most employers realize this, they have yet to come to terms with the need to employ retention skills actively.
So here's the gist. Every good employee has the best interest of the organization at heart. Or at least, they want to meet and surpass their KPIs. However, when the law of diminishing returns sets in, perks and incentives keep them going. In the absence of these benefits, employees start contemplating other offers.
Our Top Employee Perk and Incentive Ideas
In a highly competitive labor force, improving employee work experience is the least you could do. Funny enough, these benefits only strain an organization's finances at the onset. With time, it becomes company culture, and you can hold employees to a higher productivity standard.
At Flexispot, we consider perks and benefits a win-win for employers and employees. To encourage this culture, we suggested the best fringe benefits to help attract and retain employees at your firm.
Wellness Program & Fitness Equipments
A good employee perk to start with is the introduction of Wellness programs. Many workers are still reeling from the side effects of sitting at home throughout the pandemic. At the same time, some bear the visible effects of a sedentary lifestyle like excess weight gain, lower belly fat, and fatigue. Others are slowly edging towards life-threatening medical conditions like spine issues and diabetes.
You can introduce joint wellness programs. Or a better way to go about it is to put fitness equipment in the workplace. Take a look at the Flexispot Under-Desk Folding Treadmill Walking Pad WP01. This treadmill is a creative way for employees to exercise while they work.
It is compact to place it under an employee's desk conveniently. Rather than sit through work hours, they can exercise at random intervals.
You can introduce fitness equipment like a Flexispot Cordless Handheld Back Massager for deskbound workers. It'll help relieve pain, fatigue, and any other form of body stress.
Employee recognition goes in a long way in enhancing productivity. It doesn't have to be a huge award recognition event or an office gala. The most random compliment is sufficient. A 'thank you here, another 'you did an outstanding job' is enough to make a person feel appreciated.
As a plus, these recognitions can be a way of highlighting company values. So if you prioritize punctuality, commend teams or persons who show up early. If you're particular about paying attention to details, recognize individuals who consistently cross their Ts and for their Is.
It'll help others understand the values you prioritize. And they'll consequently strive to keep to these values.
Be careful, though, so that this incentive will not turn out to be counterproductive.
Employee Discounts and Rewards
Discounts and rewards are ideal for showing that you truly care about your employees. And a simple way of doing this is by eliminating third parties in the scale of exchange.
For example, you could enter into agreements with manufacturers of basic amenities. The agreement could be such that employees would get these amenities directly from the manufacturer on a payroll deduction. They could get free grocery coupons as rewards for covering minute milestones. And if your company is, in fact, a manufacturer, employees should be allowed to buy goods from the firm at a discounted price.
In most cases, employees are too engrossed with work that they seem to care less about their birthdays. Sending in a cake on their birthdays will make them feel valued. It could also be an opportunity for the whole team to celebrate together.
Being a part of a team makes a person feel relevant. And people can be super productive when they realize that their contributions matter. Thus, you should make room for a team or departmental breaks. That way, you can foster team spirit and togetherness.
Like good shoes, good books take people far. Building a reading spirit costs next to nothing. You'll probably only spend a few bucks every month on books.
Create a book club in your workplace. Encourage employees to read at least a book every month. Then you can set a time for monthly book reviews.
A Harvard Business Review report estimated the number of Americans still owing student loan debts in the U.S. to be more than 44 million persons. This shows that several employees still have student loan debts hanging over their heads.
A handful of employers are already contributing their quota to paying off student loans for their workers. Nothing is stopping you from joining these mindful employers. Though you might not be able to pay off all of the debt, your contribution would still be relevant.
There is no bonding session better than happy hour. After a week's work, provide an atmosphere for workers to relax, kick back and unwind. Give them room to socialize and have fun amidst drinks and other forms of refreshment.
Entry-level staff should be assigned, mentors. They should have more experienced persons who can guide them through their first few months or years at the firm. With mentorship and supervision, they'll be of more advantage to your business.
Lend a Library
Providing a book club may not be a self-sufficient method of encouraging employees to read. So, you create an office library.
It would help if you filled the library with books of all genres. You can blend historical books, business expertise, self-development, motivational books, and a few fictional books. It will help build avid readers.
As an employer, it's expected that you have a higher level of professional expertise than your staff members. This is not to say that persons on your team cannot possess better skills. In most cases, though, you should know better.
Organize a roundtable session where the whole team can sit as a family, learn from experience, and be motivated to push for better in their careers.
Paid Professional Organization Memberships
Enroll your employees in professional bodies. Please encourage them to take professional exams and give them room to prepare adequately for it. Having more professionals on your team means that you'll offer more professional services and gain a better public outlook.
Consequently, you can confidently charge higher fees for the services you offer.
You can create an employee rotational scheme if your organization has different departments. This will allow employees, especially new hires, to try out different roles. And it'll result in versatile employees who know a little about the day-to-day operations of each aspect of the organization.
Allow employees to take advantage of professional webinars. There are thousands of fascinating virtual lectures hosted regularly by industry professionals. If the webinars are premium, your organization can foot the bill. And if you won't pay the bill, be sure to point them in the direction of these webinars.
Who doesn't love a good bonus? Particularly when it comes as an incentive for doing something right. Appreciate extraordinary members of your team with cash bonuses.
Gift your workers tickets to the theater, concerts, games, food-tasting events, and all forms of exhibitions.
At the end of a quarter or, a business year is best to host a corporate retreat. Organize off-site meetings in strategic locations where employees can actively focus on developing goals for the new business year. You can add team building and other fun exercises to keep members interested and help them bond.
Team Travel Adventures
If you can afford it, reward members with team travel adventurers. It doesn't have to be a trip to the Maldives or the rather luxurious Dubai. It could be a budget-friendly resort within the state. It is a place where they can enjoy the beauty of nature and an air of freedom from corporate responsibility.
Improving employee work experience entails paying attention to office furniture, particularly office chairs.
Flexispot ergonomic chairs are virtual offices. They help with spine support and enhance good posture. They also eliminate the risk of backaches and any other posture-related issues.
The Flexispot Ergonomic Mesh Chair, for example, is a 3° curved seat with a backrest that automatically aligns to the spine's natural curve. It's a strong and durable chair with a 250 lbs weight capacity. The chair is flexible and designed with intuitive controls that help alternate between full-on sitting, relaxing, and rocking modes.
The Ribbed Low Back Armless Swivel Desk Chair is another amazing ergonomic chair. This Flexispot chair has a soft padded seat and backrest made of a blend of quality materials.
It's a versatile chair. Meaning that it's rust-resistant, can be paired with any desk, and is suitable for any room.
The Flexispot website is replete with ergonomic chair options. Feel free to go through our rich ergonomic chair catalog. Don't leave without picking a suitable chair for your employees.
Thank You Cards
When it comes to gifts, it's the thoughtfulness that counts. It would help if you reminded your employees that their contributions are significant. And that they matter to your firm.
A random Thank You Card will do the trick. You don't have to wait for worker's day to appreciate your members.
Create an environment where employees can give shoutouts to each other as a sign of appreciation. You could build an artificial appreciation wall, where members can openly express gratitude to other members in writing. It's a good way to boost morale around the office.
Honor Employee Achievements
As a family, you should celebrate the wind of each member. When your employees take giant strides or cover career milestones, you can reward them with an achievement award.
The human resource department and supervisors can collaborate in setting goals for members. When they meet these goals, acknowledge their efforts by honoring them. Publishing their career achievements in and outside the company in the media is also a way to honor your employees.
Every employee wants to relax, take a trip and unwind from work stress. Most people only shy away from ideal rest because they can't afford it. If your business can finance it, you owe your employees yearly travel expenditures.
Many people talk of the ideal 21st-century office. But only a few employers are ready to put their money where their mouths are.
Creating perks, incentives and other benefits for your employees is a worthwhile investment. It may weigh on your organization's finances at first. But in time, you'll begin to recoup your investment.
So do your right by your members today. Enhance their work experience with these fringe benefits and watch them take your business to the skies. All the best.