The regular paycheck is the most common way that employees are encouraged to continue performing good work and to hold themselves to high standards. However, simply providing more money in the form of bonuses is a one-size-fits-all approach that will not always attract top talent or create the proper incentives for your employees. There are other creative ways to create incentives for your employees.
Create performance criteria and award flextime for employees who meet these criteria. You could allow your employees to choose some of their hours. You could also allow your employees to choose whether they would like to work for a specific period to earn overtime. Greater flexibility is often one of the most demanded options for employees.
If you'd like to encourage your entire team, organize trips to desirable locations, such as an island resort, and only go on the trip if your employees have met specific performance metrics. You can also provide paid vacation days as a reward for highly successful employees.
Offer Special Memberships
Enroll your employees in special membership programs. After a worker meets a specific performance metric, pay for your employee's membership to an exclusive gym. If you do not use these programs yourself, you can claim them as a business expense on your taxes.
Help Your Employees Further Their Careers
Communicate with your employees so that you can understand what their career goals are. For instance, find out if any of your employees are interested in pursuing a management position. The employees who have the best performances should then be given more opportunities to pursue these roles. If you do not believe that your employee is suitable for a management role, consider what is holding your employee back and offer to provide the appropriate training as an incentive. For many employees, providing more challenging work is flattering and will also give employees the experience they need to move forward in their careers.
Listen To Requests
Pay attention to other requests. Your employee may point out that he or she needs an additional assistant to complete a task. Find a way to provide such assistance as a reward for high performance.
If you understand the demographics of your employees, you can better understand how you can appeal to them. Some tech companies have held gaming tournaments. Companies with a large number of parents have hosted family-friendly events. Keep your mind open and understand your employees. Don't assume what will appeal to them and they will be more likely to give you their best work. For more ideas, speak with a compensation consultant.