For monetary incentives, you can consider providing employees with bonuses, salary increases, or even profit-sharing opportunities, if applicable to your company. Monetary incentives can provide a significant morale boost, especially when linked to exemplary performance, as they can serve as direct recognition for an employee’s hard work. Think of the appropriate timing for when employees would be eligible for monetary rewards, what criteria you are basing them on, and subsequently when the disbursement of these monetary incentives would happen throughout the year. For example, if you have Account Executives with quarterly goals, establishing quarterly monetary rewards based on meeting or exceeding those goals can help keep employees motivated to hit those benchmarks. Or in cases where you have project-based salaried employees, providing bonuses upon completion of a particularly large project can also be a great way to show them their hard work is appreciated.
It’s important to remember, though, that simply throwing money at your employees may not be the most effective strategy and would likely cause financial problems for your company down the line. In addition to monetary incentives, non-monetary incentives should be incorporated to allow greater comfort with your organization over time. So, what kind of non-monetary incentives should be considered? Think about all the potential perks that your employees can enjoy that will improve their work environment and general professional quality of life. Things like flexible working schedules, physical and mental health programs, mentorship programs and ongoing career education resources, and even smaller things, like hosting team lunches or breakfasts, can have a significant impact. When employees see that the company they work for cares about them at more of a human level they are more likely to show greater loyalty to that company and want to stay because their roles provide fulfillment beyond a paycheck.
Finally, simply providing employees with the recognition they deserve can go a long way to retaining your best workers. When employees feel unappreciated or like a cog in a giant machine, it can cause them to seek other opportunities where their effort will be noticed. Think about creating employee recognition programs that scratch the human need to be appreciated for hard work. It could be as simple as recognizing top performers through a quick award ceremony on a monthly or quarterly basis, or holding more formal events to celebrate employee milestones and promotions. An employee recognition program can go a long way toward helping your employees feel validated for the contributions and hard work they are putting into your company.
A Little Recognition Goes a Long Way
The value that good employees bring to an organization is often understated, but if a top performer leaves, you’re sure to feel the void they leave behind. Taking steps to recognize and reward your best workers is such a vital piece of ensuring the long-term success of your company. Take the time to focus on a strategy that provides monetary and non-monetary incentives for your employees and know that a little appreciation not only goes a long way but will pay dividends overall.
