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Company Incentives
Jul 20 2016
Darren Best
Promotion & Responsibility
Self-actualisation, self-esteem and a feeling of accomplishment are essential to a worker’s job satisfaction. Those who feel that their skills could be put to better use elsewhere are unlikely to relish the prospect of working on something that doesn’t challenge and fulfil them on a daily basis. For this reason, a good career progression within the company, some healthy competition and personal goals all aid in creating the notion of responsibility and self-development.
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Bonuses & Pay Incentives
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Food & Drink
Motivation is known to be directly linked to your workforce’s energy levels. By providing high energy snacks or the occasional carb-filled treat, it is likely that their focus is actually sharpened. The occasional sugary treat can also be beneficial too. Sugary foods such as chocolate and doughnuts are filled with endorphins which trigger the brain’s ‘happy receptor’, giving your workforce that feel-good feeling. Conversely, too many biscuits, cakes and pizzas could make for a sluggish workforce and are not known for being healthy foods. A possible alternative would be a fruit bowl, where bananas, apples and other easy-to-consume fruits are free for employees. This further promotes a healthy lifestyle and could replenish your workers with essential vitamins and nutrients which boost their immune systems.
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Technology
Companies requiring their staff to complete work outside of the office, or, who allow their staff to work remotely, may offer certain devices to their staff, such as laptops, iPads and mobile phones. This may also be beneficial to the company, as certain programmes can be pre-installed, and the company is also in control when it comes to choosing a device with ample spec and any add-ons. Having all the staff working on the same sheet, so to speak will reduce the chance of colleagues working with programmes that are incompatible with one another. You should also be able to install powerful anti-virus software, which will help to protect any important data stored on the device.
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Evenings Out
Evenings out offer the chance for co-workers to bond and to get to know one another outside of the office environment. Although potentially expensive, this is a one-time financial outlay which helps boosts office morale, productivity and energy.
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Company Car
Depending on the industry and the type of job involved; offering a company car may act as a valuable asset to your employees. Equally, if the package you are offering your employees is not desirable, a company car will be seen of less of an incentive and more as a poor financial outlay. As noted on thisismoney.co.uk, ‘covering all maintenance, road tax, or insurance would far outweigh the tax implications involved in owning a company car for the employee.’ ‘Other considerations might be helpful [for the employee], for instance, a zero tax band car such as a hybrid may qualify for free access to London (the congestion charge being waived for such lowest emission hybrid cars and electric cars).’
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Childcare
Childcare is an ever-increasing financial burden for working parents. Many families are now choosing to have one of the two parents opt to stay at home to provide their own childcare owing to this being the less costly option. For many working families, a company providing nursery care, or childcare vouchers would allow the parents peace of mind; a desirable incentive. According to childcarevouchers.co.uk: ‘Childcare Vouchers are a simple, straightforward way to pay for quality childcare. That’s because you don’t pay tax or National Insurance on childcare vouchers up to the value of £55 a week – so working parents can save about £1,000 a year – double, if both parents sign up for a Childcare Voucher scheme. Paper vouchers or electronic vouchers can be used to pay for childcare of children up to the age of 15.’
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Dentistry and Medical
Dental and medical care will help to ensure that your workforce are working at their optimum, and will therefore take less work days off sick, which costs the company money and time.
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Team-building Activities
Sports and team-building activities endorse a healthy lifestyle both mentally and physically. A bonus with this reward, is that staff will revisit the memory of the experience, and feel positive about the company for longer than they would after consuming complimentary office snacks.
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Holidays, Flexible Hours & Early Finishes
Some companies are now adopting gamify strategies, in which targets are set, and if they are achieved, an upgrade of some sort is given. For example, a company booking an exotic company to Barbados for their workforce may upgrade their economy seats on the plane to first class ones should the employees meet the targets set of them. This technique has proven to be extremely effective when looking to incentivize staff. By setting short-term goals, workers are often fuelled to motivate one another, creating a dynamic and vibrant office with good morale. The sense of achievement gained on meeting the targets set keeps the positive vibe flowing throughout.
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