5 tips to make incentives meaningful and retain employees
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Want to learn how the best companies use corporate perks? Join BambooHR and ZenPayroll and find out how to make your employee incentives more meaningful and retain employees.TRANSCRIPT
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Joshua ReevesCo-Founder and CEO, ZenPayroll
Ben PetersonFounder and CEO, BambooHR
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Why do we really need to give incentives?
in•cen•tive\in-ˈsen-tiv\noun
a thing that motivates or encourages one to do something.“employees have an incentive to increase their sales”synonyms: inducement, motivation, motive, reason, stimulus, stimulant, spur, impetus, encouragement, impulse
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5 Tips to Make Incentives Meaningful and Retain Employees
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Reward and Recognition
Reward = Extrinsic Recognition = Intrinsic
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5 Tips to Make Incentives Meaningful and Retain Employees
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Incentives of the past,present and future
Money is only the 3rd most important thing to employees and less than 1 percent of employees care about free food. Advancement and
work/life balance are what your employees really care about.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Why do incentives matter?
“Trust men and they will be true to you; treat them greatly, and they will show themselves great.”
—Ralph Waldo Emerson
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5 Tips to Make Incentives Meaningful and Retain Employees
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Incentives help companies recruit new talent and retain current talent.
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5 Tips to Make Incentives Meaningful and Retain Employees
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If you don’t incentivize,your competition will nab your talent.
86 percent of companies have a reward and/or recognition program in place.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Good incentives will get yourdesired outcome.
“Incentives can focus on a single behavior and can be turned up and down quickly depending on the effect you need.”
—Paul Hebert, Fistful of Talent
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Tip 1: Make it personal
For employees, the recognition is as important as the reward. When you tailor your incentives to match the employees and their contribution, you’ll
get an additional boost for the recognition.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Recognize Good Work
“From having a little card that says, 'I caught you doing something well' to just going over and shaking someone's hand in front of everybody, there are tons of ways you can recognize your employees. The key is to do it publicly in
front of other employees.”
—Paul Facella,Everything I Know about Business I Learned at McDonald’s
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5 Tips to Make Incentives Meaningful and Retain Employees
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How You Can Make it PersonalGive company-wide “kudos”
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5 Tips to Make Incentives Meaningful and Retain Employees
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How You Can Make it Personal
● Give personalized gifts
● Match charitable contributions
● Offer continuing education
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Care is Motivational
“Fortunately, in a tight economy, what motivates employees most are free things, such as being praised and receiving care and compassion.”
—Larina Kase, Ph.D., The Confident Leader
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Tip 2: It’s not all about the money.
“People think more frequently about noncash tangible incentives (merchandise and travel) than cash incentives and that as the frequency of thought increases, performance increases,”
—Professors Scott A. Jeffreyand Gordon K. Adomdza, Human Performance.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Offer flexible hours and work/life balance.
“As long as the employee is deserving and doesn’t abuse the privilege, this can go a long way to building trusting and mature relationships with key workers.”
—Richard Martin, Alcera Consulting Inc.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Thank your employees personally.
“The two most underused words in corporate America that get the highest ROI and ROT are the simple words 'thank you,'”
—Michael Guld, Guld Resource Group
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5 Tips to Make Incentives Meaningful and Retain Employees
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Make work a great place to be.90 percent of employees find a fun work environment very or
extremely motivating.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Give your employees growth opportunities and chances to advance.
30 percent of employees desire growth opportunity in the company as a type of recognition.
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Tip 3: Institutionalize your
IncentivesWhile it’s great to reward your employees uniquely and personally, it’s also
important not to create too many one-off perks. Haphazard rewards are inefficient and can create confusion for your employees.
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5 Tips to Make Incentives Meaningful and Retain Employees
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How to Create a Perks ProgramTo institutionalize your incentives, follow these three steps:
1. Make it transparent2. Make it flexible3. Make it fair
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5 Tips to Make Incentives Meaningful and Retain Employees
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Perks You Can Institutionalize● Flexible Vacation Days● Flexible Bonus Spending● Bring the Perk In-House
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Tip 4: Measure thesuccess (or need for improvement) of your
incentive program
“Insanity: doing the same thing over and over again and expecting different results.”—Albert Einstein
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5 Tips to Make Incentives Meaningful and Retain Employees
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Did you think about the details?
“It’s the little details that are vital. Little things make big things happen.”—John Wooden
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5 Tips to Make Incentives Meaningful and Retain Employees
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Some things can’t be measured.
“Incentives help engage employees, and engaged employees enhance your bottom line. So yes, incentives are an indirect route to bottom-line results. And no, you shouldn't let the indirect-ness of their link to the bottom line discourage you.”
—Intelispend
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Tip 5: Don’t Forget Your Culture
Your incentive structure is a reflection of your company culture. How you manage and deliver perks is one way to make your company stand out.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Inject Culture into Your Incentives
ZenPayroll: At ZenPayroll, we have a special monthly award given to an exemplary employee, voted on by her peers. The winner gets a $1K bonus, $500 of which is to be spent on the office at her discretion.
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5 Tips to Make Incentives Meaningful and Retain Employees
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Why it Matters
Culture is the differentiator between you and your competitor, which can be impactful to hiring and retention in this improving job climate.
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What can you do today to make incentives work for
your company?
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5 Tips to Make Incentives Meaningful and Retain Employees
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Thank you!
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Receive a free job posting onBambooHR’s ATS and full HRIS for one week.
BambooHR1-866-387-9595 | [email protected]
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