How to Effectively Incentivize Your Employees

How to Effectively Incentivize Your Employees

Often times you’ll see your employees really excited upon initially joining your organization and looking forward to working for your team. That means you’re doing a great job selling your company, but what’s the point of putting in all the effort of being an amazing salesperson when your product holds no value over time?

Employees not only want to a great job, they want a sustainable job at a company they can see themselves thrive at; constantly being challenged and finetuning their skills along the way.

When thinking about effective compensation, it’s natural to resort to the mindset that money is enough to keep your team happy, but it’s a little more complicated than just handing over a paycheck or writing out a bonus. We’re seeing a huge transition in the reasons why people wake up every day and come to work to bring success to an organization. Money is the reason they apply to a job and for some, is still the reason they remain a part of the organization.

In this day in age we’re seeing a significant shift in mindset where people struggle to find the balance between loving what they do or focusing on the paycheck, a phenomenon many are referring to as the “millennial debate.”

And although “finding your passion” is overrated, what the millennial debate tells us is that there is more to a job that motivates people than simply money. The following are ways you can effectively compensate your employees to keep productivity and motivation at an all-time high.

Focus on Health

Not only are desk jobs taxing mentally, they have a tremendous effect physically. But it’s not only the demands of a job that has been shifting our society’s perspective on health- more and more people are focusing on living a healthier lifestyle. A good way to motivate employees is by offering health-based incentives paid for by you or even implementing something in the office. Give your employees the option to register for fitness courses or nutrition courses. If you want to implement something in the office that also promotes teamwork, consider yoga Fridays or daily power walks. You can even host a salad bar in the office on Fridays as a good way to re-energize your employees half way through their most demotivating day of the week.

Promote Time-Off

In an age where work consumes most of a person’s life, it’s important to relieve those whose dedicated efforts have been exerted on your company over the years or even months. Oftentimes those who genuinely care about the work they do will even work on their days off and although this can be a plus for the company it can be significant added pressure for the employee. Taking the time to push either a creative day off or a mental health day off at least once a month will be a step toward avoiding burnout, while also letting your employee know just how much you trust and appreciate the effort they put into work every day.

Enforcing Some Friendly Competition

Say you run a business primarily focused on sales-based results, not only would competition be fun, but a great team building activity. Break your sales people off into groups and see who can generate the most leads by the end of the week. Let that team share their approach and process and let them choose their reward from a few options you provide, such as money for each lead or a team night out. This way you’ll be able to see that indeed, a little competition surely doesn’t hurt.

Stick to the Conventional Route

For those that are motivated by money, ensure that you are keeping up to date with what competitors are paying and compensate your employees accordingly. You should be adjusting your salary annually or every couple of years to ensure that it not only matches the market value, but that it aligns with the effort and dedication of the individuals within your team.

Although the list of ideas to incentive your team can go on, true motivation derives from dedicated leaders. Ensure that you are playing an active role in your organization and are working to demonstrate leadership by truly focusing on the well-being and success of your team.

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