The Different Types Of Incentives You Can Offer Employees

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Incentives and rewards in the workplace have benefits for both employers and staff. When recognized for fantastic performance and productivity, workers have increased morale, job satisfaction, and involvement in organizational functions. As a result, employers experience greater efficiency and an increase in productivity and sales. Through workplace incentives and rewards, employers and employees enjoy a positive and productive work environment.

Monetary

Financial incentives reward workers for productivity and performance through money. These incentives include employee stock options, paid time off, profit sharing plans, bonuses, and cash awards. Additional monetary incentives include annual or semi-annual bonuses, such as mid-year and end-of-year rewards. These incentives encourage friendly competition between associates when linked to job performance. Financial rewards motivate employees to produce optimally.

Non-Monetary

Non-monetary incentives reward employee performance through job perks and opportunities. These rewards include flexible work hours, training opportunities, and the ability to work independently. The rewards and incentives are valuable to an employee because they allow workers to learn new skills and pursue advancement opportunities. For example, a recent graduate may view an excellent training program within an organization as more valuable than a higher base salary because they feel that the learning opportunity will benefit their career in the long term.

Employee Recognition

Employees who receive recognition for their work accomplishments tend to have increased morale and positive workplace attitudes. Employee recognition is an incentive employers often use to offer feedback and encouragement to employees. Employee recognition rewards may include verbal praise, public announcements for a job well done, and award ceremonies. Workplace recognition awards frequently occur such as at the end of the day, week or at the conclusion of the sales month.

Employee Assistance
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Many employers offer rewards and incentives through employee assistance programs. These programs help workers maintain a work-life balance by supporting workers’ physical and mental well-being. For example, many programs provide counseling services to help cope with stress, family issues, and substance abuse. Employee assistance programs also offer discounts to join fitness centers to encourage an active and healthy lifestyle. Some programs help working parents find daycare and other activities for their children. The purpose of these programs is to support workers with their home responsibilities so they can remain focused on their jobs while they are at work. Small businesses can contract with an employee assistance firm to provide the services that workers need.
Written by Sherrie Scott
http://smallbusiness.chron.com/rewards-incentives-workplace-11236.html