Ways to Incentivize Employees in the New Year
Inventor, engineer, and businessman Charles Kettering once said, “Every time you tear a leaf off a calendar, you present a new place for new ideas and progress.”
Just like an individual making a resolution, the new year is an ideal time to set goals for your business. Meeting those goals requires getting your employees on-board with your company’s plans for the year. Use these incentivisation methods to motivate your staff and accomplish your goals in the new year.
Offering staff members flex time is a worthwhile effort that doesn’t cost your company anything while proving to be a very tempting incentive. “When Accenture employers were asked to compare flexibility to other benefits or rewards, flexibility ranked in the top three, challenging the notion that compensation and advancement are employees’ primary motivators,” according to a CBS News article from 2011. Allow your staff some flexibility in their work schedule and watch as morale and output improve.
Implementing a system for profit sharing incentivizes employees’ professional investments into your business. “Profit sharing makes the link between work and reward,” wrote Stu Watson from the Edward Lowe Foundation. “A plan that rewards employees with a share of the fruits of their labor draws a direct connection between work and reward.” This incentive continues to motivate employees as they power through projects and assignments that help your company achieve its goals.
As employees complete smaller projects that contribute to your overall goals, recognize their efforts with awards and/or certificates. For example, award Sheryl from accounting a certificate after she’s crunched the numbers to streamline your operating budget without having to downsize anyone. “By incorporating recognition in your workplace – just a small effort – you can align the stars,” stated Sasha Bricel on HR.com. “Motivated and driven employees produce outstanding results.”
Similar to the freedom and flexibility afforded to employees given flex time, a lax dress code lets your staff focus on their work rather than dressing a particular way for the office. Whether it’s a Casual Friday or a whole revamp of your company’s dress code, rethink these rules and make them less stressful for employees.
Particularly for sales goals, commissions are an employee incentive that can really inspire your team to post those big numbers. A commission-based system directly correlates an employee’s hard work with their paycheck.
“That’s where commissions come in,” stated Inc. contributor Christopher Cabrera. “According to Ventana Research, ‘Every organization needs a well developed compensation strategy that utilizes incentives and rewards to motivate sales talent as fully as possible.’ Well-aligned compensation plans keep hungry salespeople focused on the prize at hand. There is a clear end goal and they will keep fishing day after day to get there.”