5 Smarter Ways To Give Employees Incentive

kelowna accountantI believe that as entrepreneurs, it is our responsibility to help our employees succeed. I don’t necessarily mean giving away the bank but that tends to be the first thing that comes to everybody’s mind. Yes, everybody would like to make a little more money but realistically, everyone has their own goals that may or not be related to making more money.

Finding out what your employee’s value and them providing them with the right incentives will make your success their success. When that happens, the sky is the limit.

1. Get To Know Your Employees

Depending on the size of your company it may not be possible to get to know each employee individually but you can still know them as a group. Work to ensure those employees are able to achieve their own goals through their employment. That can come through providing a pension system, helping them understand finances or understanding how to save money for retirement or a down payment on a home.

We have assisted companies in performing confidential employee surveys that are invaluable to ensuring the needs of employees are properly and confidentially identified.

2. Take Care of Core Needs

I have many clients who run small businesses that really want to give their employees a benefit package because they need a medical or dental package. I personally believe that is really important.

You really have to give employees the core, especially in our economy here in North America. Having a basic healthcare system and dental care for your family is so important to achieving stability. Instead of saying you can’t afford it, try to figure out how you can make it happen.

There are some great benefits programs out there and generally recommend small businesses go through the Chamber of Commerce. The Chamber of Commerce has substantial buying power by pooling all their members together, giving them some great leverage with insurance companies.

The Chamber offers great benefit packages for health, dental and life insurance at rates you wouldn’t be able to get as an individual company approaching the insurance company on your own.

3. Be Flexible

As the business owner you need to take some time to think about what you can sacrifice for your employees. Is it flexibility in their time so they can make sure they see their kids’ baseball games or are able to stay home with them when they’re sick?

Offer a more flexible environment within your company that allows for employees to flourish. Obviously there needs to be some rules and guidelines so you can still run your business but you have to understand that if you want good solid long-term employees, these are the type of things you have to build into your organization.

4. Challenge Them

Employees that are stuck in positions where they are not challenged become complacent in their position, which can lead to other problems within the employee-employer relationship.

Challenge your employees. If you talk to most of your good employees, they’ll tell you that they want more challenging work that allows them to grow and hopefully, if all goes well, to eventually move up within the company.

Give your employees a clear path to achieving the success they want to achieve within your company – it pays off dividends for both of you in the end.

5. Support Better Health

Having benefits is one thing but I think that employers can do more to ensure their employees are keeping themselves healthy. Life going into 2014 is extremely fast paced and it is too common to see health fall low on the priority list for employees.

Simple programs like running an office baseball team or bowling team can be great for morale while getting the heart pumping. Offering to pay for part of a gym membership is a great way to give your staff another incentive to be healthy.

As Forbes recently reported, 77% of employees surveyed said health and wellness programs positively impact the culture at work. The impact also stretches to the bottom line by reducing employee sick days and increasing productivity.

How Do You Keep Employees Happy?

Are you a business owner or a manager? I’m interested in hearing your ideas for giving employees more incentives within your company. Leave a message in the comment section below.

 

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