Wait, Don't Go! Why You Really Should Offer Employee Incentives and Bonuses

Employee Incentives and Bonuses

Worried about losing your top talent? Now is a good time to think about what you can do to retain your best people.

Keep your team happy by offering employee incentives and bonuses as part of your retention efforts.

Need ideas? Here are examples of each. 

Common incentives

1. Offering flexible scheduling and telecommuting options shows your employees you respect their need for a healthy work-life balance. Employees with control over their work schedules should be better able to manage their personal lives and, therefore, be more focused and productive at work.

2. Providing free or subsidized training or education is a great way to develop your employees. Employees who feel that you invest in them will be much more likely to invest themselves in the organization.

3. Providing free or subsidized gym memberships shows employees you care about their well-being. And a healthy staff is a happy and productive staff.

4. Recognizing accomplishments reinforces positive behavior and lowers stress levels in addition to motivating your employees and making them feel like part of a team. Offer time off or extra vacation days, reward them with a gift sent to their home, or simply write a thank-you note.

5. Supplying on-site perks such as child care, dry cleaning or even access to the mailroom to ship personal postage-paid packages are simple incentives that also contribute to a healthier work-life balance.

Common bonuses

1. Replacing productive workers costs much more than a bonus you might pay to keep them. A retention bonus shows them that you want them to stay.

2. Giving performance-based bonuses proves to your employees that you truly value a job well done.

3. Extending profit sharing to your employees shows them you recognize they’re a big part of the organization’s success.

4. Paying year-end bonuses to employees lets them know you care about them and their work. It’s a great reminder during the holiday season, when many people may start to look for a new job.

What part do employee incentives and bonuses play in your compensation structure? Which ones are most appreciated by workers? Let us know in the comments section.

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Tags: Management