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The Power of Recognition & Why Employee Incentives Rule

Your company’s success depends on your employees’ performance.

To retain a quality workforce, you need to maintain company morale and offer opportunities for recognition and growth.

How do you create a mutually beneficial environment that encourages professional development and teamwork, while challenging workers to excel?

One effective way of meeting your goals and boosting company performance is with employee incentives.

Here is how incentives can work to help your business achieve its maximum potential.

The Power of Employee Incentives

Why are employee incentives often used in employment retention plans?

Because they work.

Why do incentive programs work?

Because they satisfy people’s need of recognition for extending extra effort.

Financial rewards, such as increasing one’s pay or adding bonuses to their check, is often believed by well-meaning employers to be enough. And while adequately compensating employees is crucial to increasing loyalty, it’s not everything.

Money doesn’t give your employees their time to shine. It doesn’t provide them attention for a job well done. Financial rewards often are silent ways of showing appreciation, but incentives give employees a chance to be publicly recognized and celebrated for their role in company success.

People are driven by experiences and feelings. When they feel appreciated, it makes the experience more meaningful.

Recognition is a powerful motivator. If you want your employees to go the extra mile, you need to give them a good reason to reach higher.

How to Create Incentives

1. Set Goals for Employees

Use your incentive program to help your company excel by setting clear goals that contribute to overall success.

This not only gives your employees an idea of what to work towards, it also minimizes room for favoritism or biases, which can contribute to an overly competitive and hostile atmosphere. When there is a clearly defined goal to achieve, it eliminates leader prejudices because the incentive is reserved for whoever meets the goal. Fairness is paramount in any effective incentive program.

2. Encourage Teamwork Towards Achieving Goals

Incentive programs can be used to boost morale and help foster relationships among coworkers when the goal requires teamwork.

This will also keep workplace jealousy at bay because the winning team is not exclusive of just one worker. When staff relationships are strong and people enjoy working together, they are more likely to feel connected to their jobs.

By setting team oriented goals, you can accomplish wins for the company while encouraging positive work relationships at the same time.

3. Choose Valuable and Appropriate Employee Incentives

You can’t reward employees whenever they get to work on time, but you can reward perfect attendance for the month. Make sure that the goals you set to reward are appropriate and worth recognizing as exemplary performance standards.

Also, be sure to choose incentives that your employees will value. Most employees won’t be compelled by another company pen. But everyone appreciates being awarded time off or a free meal. If you want your employees to work for something it should be something that they will want to work for.

Wrap Up

When you have employee incentives in place, your employees will feel acknowledged and driven. You will notice the benefits of recognizing hard work, and you will gain loyalty that is vital for your company’s growth.

Need help hiring motivated employees? Get in touch!

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Tips for Recruiting & Retaining Top Millennial Talent

In the U.S. alone, there are almost 80 million millennials.

It is no surprise that the newest generation has taken the workforce by storm. In fact, millennials are the largest generation in the workforce today.

Compared to past workforces, millennials have more college degrees and are more diverse. The younger generation is known for their can-do attitude. They are confident in their ideas and their work ethic.

Having top millennial talent on your team is a must!

Looking to hire millennials but unsure of how to recruit younger employees? Want to know how to keep the millennials as part of your company?

If so, keep reading for tips to recruit and retain the best millennial talent.

3 Tips for Recruiting and Retaining Millennial Talent

Millennials have changed the face of recruiting and retaining. If you want to hire top millennial talent, you’ll have to know how to target the younger generation.

Ready to find, hire and retain younger recruits for your team?

Here are 3 tips for successful millennial recruitment and retainment.

1. Use Social Media

If you want to recruit young workers, social media is the prime location. Millions of people use social media each day.

Social media is used for more than just sharing pictures and chatting with friends. In fact, 86% of working people in their first 10 years of employment use social media to find a job.

This means that your company must be heavily involved in social media. When using social media, be sure to:

  • Have an active presence on popular platforms, such as Facebook, Twitter and LinkedIn
  • Represent your company in a positive light
  • Be responsive to questions and concerns
  • Build relationships and network often

2. Provide a Quality Office Environment

Creating an office environment that is innovative is a must. But you’ll also want to find ways to make that environment fun.

Big companies such as Google and Amazon are known for their fun environments. Google offers a state-of-the-art fitness center for its employees.

Unable to cover the high cost of a huge fitness center? You’re not alone. Thankfully there are other ways to make the work-environment less drab.

Ideas for sprucing up the work environment include:

  • Offering sit/stand desks
  • Having offices with natural light
  • Adding plants in the office
  • Hosting morale-building activities

3. Use Existing Employees to Help with Recruitment

Who can better recruit millennials than a millennial? If you already have younger employees on your team, use them to your advantage!

No one matters networking as well as the younger generation. Ask your younger employees to help with company recruiting.

Encourage them to share news about your company. Ask them to spread the word of open positions within the organization. To make recruitment more interesting, offer recruitment incentives.

Business Consulting You Can Trust

Do you have a recruitment plan? Do you know the ins and outs of retaining employees? If not, ESG Consulting can help.

We have the expert knowledge you need to make your business a success. You can count on us for anything and everything business related.

Contact us today to get started on growing your company.