Entrepreneurs and employers would agree that happiness on the job is key to their business’ success. It’s no secret that happy employees tend to be more productive, and that’s what the business needs. This is why business owners are getting creative in hiring and retaining top talents. They make sure that they offer their employees a competitive incentives and benefits package.
Big and successful companies like Google and Facebook continuously find ways to improve their incentives programs to show their employees that they care. You, too, can make your staff feel appreciated in various ways. Take a look at these incentives that employees want that you can implement in your own company.
1. Better Healthcare Benefits
According to a Glassdoor research, health insurance is the most important benefit employees want and need to receive. Healthcare is costly especially these days, so employees prefer companies that offer quality health coverage. The idea of health savings accounts is also promising. Employees love this since the account can be transferred from company to company. They will still have savings for their healthcare needs even if they leave your company.
2. Attractive Salary and Bonuses
Employees need to be paid what they’re worth. But aside from their salary, bonuses can also get them excited and motivated to do their best on their jobs. Perhaps you can offer your staff an “idea bounty” for a project your company is trying to develop. Whoever comes up with the best idea will get, let’s say, a $100 “bounty.” You can also give your employee of the month a performance-based bonus or a loyal employee an annual pay raise.
Benefits like these will make them feel that they are valued by management, and as a result, they perform at their best. A study conducted by the Psychological Association affirms this.
3. Education Opportunities and Professional Development
An employee who has the zest to learn and try new things is an asset to any company. This means he/she wants to grow as an individual and a professional. It’s your role to provide your employees with the opportunity to learn and develop new skills. You can offer educational assistance or sponsor the fees for a special training or seminar. It’s also important that you show your staff that they have the chance to move up in the ranks and that you believe that they can also be future leaders like you!
4. Good Work-life Balance
An overworked employee is not a happy and productive employee. Prevent the risk of burning your employees out by giving them breaks. Let them blow off steam even inside the office by offering on-site yoga or providing a recreation room where they can play games, dance, or just chill. Encourage your employees to have creative time-off to pursue their interests and hobbies. Develop a vacation policy that your employees will love, similar to AirBnB’s vacation and travel perks.
Ditch the nine-to-five work hours and offer your employees a flexible work schedule. You can try to adopt the 30-hour work week that ecommerce giant Amazon implements.
5. Commuter Benefits / Option for Telecommuting
Commuting to and from work can be one of the most stressful parts of an employee’s workday. In fact, studies reveal that it greatly affects a person’s well-being. As the employer, it is your job to ensure the safety and well-being of your staff. If commuting causes stress, help them cope by offering them commuter or transportation benefits in the form of money or company car service. You can also offer your employees an option to work from home. By telecommuting, they can save money and time and spend more time with family.
Offering incentives is one of the best ways business owners like you can show that you value your employees. From health coverage to bonuses and paid vacations, there are various perks that you can provide so your company gets to keep the best talents. Consider adopting the incentives we mentioned above to have happy and productive employees!
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