In today’s job market the competition for top talent is fierce. Finding employee incentive ideas that boost talent recruitment, retention, and development is like finding a golden ticket for business success.
Yet most traditional employee incentive plans don’t work for longer-term employee retention or talent development. What does? Creating an employee experience that builds an employee’s own motivation to do their job. Our research report, the Employee Experience Defined, shows that a successful employee experience is one rich in connection, meaning, impact, and appreciation.
How do employee rewards and recognition programs, perks, and benefits build these four pillars? Here are 5 examples.
Motivation-Boosting Employee Incentive Ideas
Tie Incentives to Spontaneous, Real-time, Specific Recognition
The London School of Economics has found that cash performance bonuses can actually demotivate employees. Instead, other studies have shown that a simple thank you for good work is often a more motivating reward. (See more of the science in Reward and Recognition System that Work.)
You can put this science into action by creating a public platform for spontaneous, real-time recognition of small behaviors that support company goals and values. Making that recognition public sends a motivating message to an entire team instead of a single employee. Reinforce the value of the recognition by supporting it with a tiny bonus that can go towards a bigger reward.
Empower Employees with Peer-to-Peer Recognition
Studies show that giving recognition can be even more powerful than receiving it. Enabling employees to give peer-to-peer recognition builds motivation for both the giver and the receiver.
Plus, it takes the recognition work off a manager’s shoulders. Not many managers have time to walk around the office noticing every small action of their employees. (And if they did, many employees may not want to work for them!) Creating a public platform for peer-to-peer recognition can help managers see great work that their employees do, without having to eagle eye every action.
How many employee incentive ideas offer that?
Adopt a “Choose Your Own Adventure” Strategy
Not all employee incentive ideas motivate every employee.
While a gym membership may be important to one employee, it may be useless for another. One employee may be very motivated by spontaneous recognition while their coworker may want to know exact steps for getting recognized or earning a bonus.
Using a rich employee experience platform to deliver your employee incentive ideas gives employees a variety of ways to give and receive rewards and recognition. It also offers employees the choice of a wide variety of rewards, so they can select the ones that most matter to them.
Think About Experiences More than Just Stuff
People get more happiness from experiences than from accumulating stuff. While some employees will choose a gift card for a reward, they also will be motivated by having a choice of unique experiences in a reward and incentives mix.
Some examples of these experiences? Take time off to volunteer. Have a happy hour with your team. Get a yoga lesson. Come in late one day.
All of these experiences build on the connection, meaning, impact, and appreciation that help build more employee engagement.
Reward the Whole Team
Instead of having all recognition and rewards focus on an individual, look for teams that work well and perform as a group. In the end, these are the teams that will stick together and continue to perform longer.
One approach for building that kind of team? Use some employee incentive ideas designed for a team, rather than just an individual. This may start with recognizing a whole group for their work, but it also includes team experiences in the mix.
By using these five employee incentive ideas, you can create a highly motivating employee experience that makes your top talent want to keep coming into work every single day.
Kazoo amplifies company culture through its award-winning employee experience platform that delivers engagement, retention, performance management, and improved business metrics. As a dominant force in the HCM market with an industry-leading retention rate, Kazoo partners with more than 400 global organizations to build high-performance cultures and engaged workforces. Founded in 2013, Kazoo continues to revolutionize the employee experience with its platform based on the science of motivation, rewards, and recognition. To request a demo, visit info.kazoohr.com/demo-request.