6 common incentives companies offer

Every so often, companies go out of their way to offer incentives to their employees over and above their normal compensation. Aside from their salary, employees get a wide range of fringe benefits like insurance, education assistance, and tuition reimbursements. But these benefits do not necessarily motivate them because they do not necessarily enhance job satisfaction. 

To retain employees, companies are always trying to find ways to incentivize them and keep them on their jobs longer. Below are some of the common incentives that companies are offering employees to boost their job satisfaction levels: 

incentives that companies are offering employees1. Flexible working hours

Most companies are now giving employees the option to start daily work at a time when they feel like it. Employees find this incentive incredibly helpful. Whether they are taking care of aging parents or children, flexible working hours allows employees to take charge of their work schedules and work when they are most comfortable or productive. 

But even with flexible work hours, employees are expected to attend meetings. They can schedule them around the time they’re available to work. Some companies allow employees to work remotely. By offering flexible work hours, companies experience lower attrition rate because employees are happy to work in a job that allows them to set their own schedule. 

2. Offering extra off days

Aside giving salary raises, companies are incentivizing employees by allowing them to have extra off days. This strategy seems to work well because there are people who would rather get more time off than have a pay raise. For such employees, you can reward them with additional off days. For instance, companies can allow employees to redeem a fixed number of days during the year or announce a day off for every one immediately after a national-wide holiday like Thanksgiving. Whatever approach a company uses, employees appreciate having extra time to themselves. Employees will have a healthier mindset and lower chances of getting burnt out because of this.

3. Loosen the dress policy

Companies that have staff who need to meet clients on a regular basis tend to have strict dressing policies. Even so, there’s often a huge number of employees that work behind the scenes without necessarily interacting with clients. For such employees, relaxing the dressing mode and work in a t-shirt and jeans can go a long way in motivating them. Alternatively, companies can set aside dress-down weeks or days where employees get a chance to relax their dressing. Loosening your dress policy allows employees to save some cash by cutting down on office wear spending. This means they’ll have more money in their pocket. 

4. Giving travel incentives

Employees in customer-facing departments such as sales spend a lot of time out in the field meeting with prospects, negotiating sales and closing deals. The selling process can be extremely challenging for any sales team, yours included. This means that companies should take deliberate steps to motivate their teams and keep them going. For instance, you can incentivize your team with travel packages to make their work easier.

5. Encourage frequent breaks

Productivity at the workplace can be enhanced significantly by encouraging employees to take short, but frequent breaks throughout the day. Instead of concentrating on a single task for a long time and experiencing burn out, companies are increasingly asking their employees to take five to ten, two to three times a day per day. They provide lounge spaces for employees to use during breaks or allow them time to catch up with friends and family on social media or smartphones. Some companies go an extra mile and ask employees for ideas on how to make the more effective for them.

6. Reinforcing positive behavior

Increasingly, companies are using appreciation to reinforce positive behavior among staff. Everyone wants to be appreciated whenever they do something good. By recognizing and appreciating the efforts that employees put in growing the business, companies boost staff morale significantly. Thanking employees publicly also does the trick. Companies incentivize their employees by acknowledge them for their contribution in meetings by placing their names on plaques or issuing certificates of appreciation to them.  

Final thoughts

Employees are the most important asset, but extremely unique that companies have. This is because each employee in your company brings a unique set of skills, talent and experience. At the same time, the people who work in your company are also dynamic with their own thoughts and emotions. To keep them motivated and productive in their jobs, companies must find creative incentives to keep employees happy. If you are wondering what to do to boost the morale of your team, the six strategies discussed above are a great place to start.