Bonuses are often excellent motivational tools for workers, irrespective of the size of the business. However, they can also become a waste of resources if they are administered incorrectly. The manner in which bonuses are given and structured is extremely important, as they can provide employee incentives for superior performance. However, businesses should not restrict themselves to bonuses, and should always be on the lookout for incentives that can be used as an alternative.
Accord Recognition and Greater Autonomy to Employees
The hard work and success of employees should always be recognized. This will make them feel that their contributions matter and will give them an incentive to continue working hard. The best employees often thrive when given greater autonomy and responsibilities. Allow them to take on challenging but rewarding projects, and consider promoting them to positions where they will receive greater pay with the caveat that they will have more responsibilities. This incentive is much greater than that which is earned through year-end bonuses.
Employees should also be encouraged to compete with one another, so long as they keep things ethical. The best way to foster competition among workers is to make it clear to them that those who thrive will climb the company ladder and receive better projects with greater pay.
Give Them Flexible Hours
A growing number of businesses are recognizing the importance of encouraging work/life balance among their workers. One simple way of doing this is to provide work hours which are more flexible. Allowing employees to have greater control over their own schedule will make them perform at a higher level, and having more time off will give employees the time to relax and unwind, ensuring that when they return they will have the energy needed to get their work done with zest.
Provide Them with Leisure Incentives
Business owners are only limited by their imagination when it comes to the types of perks they can offer to their employees. It is best to be very generous in this regard, since the more perks a company offers to its workers, the more likely they are to remain with the company and spread word of mouth which will attract top talent. Examples of perks which can be given include subsidized getaways or trips to amusement parks, meals at five star restaurants, or trips to major sporting events.
A company which manufactures products, such as computers for instance, could offer these products to its employees at an employee discount which is much lower than the retail price. A company which manufactures cell phones could arrange for employees to get calling plans which are also heavily discounted in comparison to what most customers would pay.
Combining subsidized or discounted products and services as an employee benefit with many growth opportunities will allow a business to stand out. It will attract the best talent the industry has to offer and this in turn will allow the company to capture greater market share, establishing or maintaining its position as an industry leader.