Ann Gabriel | ExecutiveChronicles
Human Resource professionals agree that the number one concern in the workplace is employee retention. They have argued over what benefits would prove to be the best in retaining workplace talent, as there seem to be an increasing rate of employees that are resigning within 6 months to one year.
Rewards or discounts may sound good for employee retention, however they don’t prove to be as beneficial as they seem. While there are a lot ways to show appreciation for performing employees, some programs are much too complex or, employees are not motivated to perform regardless of the incentive.
It is said that if you want your employees to avail of incentive programs, it’s highly important that they know and care about the rewards that the company will be giving.
Here are some types of workplace incentives that you should consider.
In a survey conducted by Michael Fina, more than 300 HR professionals believe employees have high regard for workplace recognition programs. More than 200 the respondents said that their companies are planning to expand their recognition programs within the next year.
You should consider these recognition initiatives.
- Performance awards
- Service awards
- Personal notes or e-cards
A representative of a bank in the US confirms that 70 percent of employers find incentives to be effective. However, only a few employers are actually offering or considering these incentive solutions that financially benefit employees, whether that means offering extra cash or helping workers save money.
The most popular financial incentives include the following:
- Cash rewards like gift cards or bonuses
- Points program for discounts or cash
- Discounts on health insurance
- Premiums /coupons / gift certificates / other products
SheerID, an employee-verification company, asked more than 500 respondents about employee-discount usage within companies. The results revealed that only 22 percent of workers use their employee discount programs. However, if these programs were easier to use, 46 percent said they would use them more often.
Some popular employee discounts that are most likely to be used and preferred by employees, are:
- Subscriptions (Netflix, Spotify, etc.)
- Office supplies