5 Effective Employee Incentives That Won't Break The Bank
Attracting great talent is a struggle, but keeping those employees is another issue entirely. Outside of common benefits like health insurance, incentives are a great way to keep employees happy and motivated, whether business is booming or times are tough. These incentives don't have to be difficult or costly to implement, either. Whether it's flexible hours or fun workday perks and activities, here are five effective employee incentives that won't break the bank.
Employee Recognition
It may sound simple, but acknowledging an employee's hard work, strengths and successes is a great and easy incentive, whether it's a private "good job" or a public display, like an Employee of the Month award. Even a gift certificate to a local restaurant can be a great way to commend them for a job well done and encourage them to keep up the good work.
Flexible Hours
While businesses might have needs that require staffing at certain hours, a little flexibility in the scheduling can go a long way when it comes to employees morale. Allowing employees to work from home or instituting a half-day Friday policy during summer months can help employees with their work-life balance. Flexible hours can mean a lot to working parents who want to be able to make their kids' late afternoon soccer game, or Millennials who want to be able to start their summer weekends a little bit early.
More Responsibility
It might sound counterintuitive, but sometimes, employees may not only welcome the opportunity for more responsibilities — they may actually greatly appreciate it. More responsibility can show an employee that you're happy with the work she's done so far and that you trust her to take on more. In this way, you're ensuring your employees feel valued and rewarded.
Transport Loans
Commuting can be a hassle, especially in high-traffic areas. By paying for employees' travel costs, you can relieve some of that burden, then use monthly payroll deductions to recoup the money.
Food
Show your appreciation by providing your employees with a delicious meal once a week. It doesn't have to be a giant spread — shoot for doughnuts or bagels in the morning for breakfast or a catered lunch in the afternoon.
The foregoing information is provided by City National Bank (CNB). Unless otherwise stated, opinions expressed are those of the respective authors and not necessarily those of CNB. The information is provided without warranty and no recommendation or endorsement by CNB is intended or should be inferred unless specifically stated.
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