10 Budget Friendly Ideas For Employee Incentives
Do you have an employee engagement strategy that includes employee incentives for your business?
If not, then know that employee incentives can lead to:
- Mutual employer and employee reward
- Increased motivation
- Increased company morale
- Increased productivity
- Employee loyalty
This form of employee engagement shows off the emotional commitment that each employee has to the business and its goals. This kind of success is dependent on recognition and appreciation.
Your employees must feel that they matter and that their ideas count, which is ensured through employee incentives. They’ll be happier, more motivated, and more productive to help you reach business goals.
However, get this:
Recent studies have shown that only 13% of employees actually enjoy going to their work.
Why is this?
People are feeling unmotivated at work due to:
- High levels of stress
- Progress isn’t being made
- Lack of faith in the business
- Performance is not rewarded
So, it’s easy to guess that employee incentives aren’t very high up on the priority list for many businesses these days. Get ahead of your competition by placing importance on motivation and truly valuing your employees.
Incentives will help you reach your goals, increase productivity, and make your business more stable.
These rewards can come in different forms based on what’s best for your unique situation. Use this guide to employee incentives and you’ll find overall success in no time.
1. Special Assignments
The first of these employee incentives are special assignments given to those employees who truly stand out.
Award special tasks that people would actually want, such as:
- Meeting with the best clients
- Performing low-stress work tasks
- Special projects
- Granting access to a special meeting
These special incentives can help motivate certain individuals to keep up the great job. If you aren’t sure about what encourages them, then consider having your staff make a list or complete a small questionnaire.
Learn what your employees value or desire to show them that you truly care.
2. Free Mentoring
Mentoring is another budget friendly idea for employee incentives.
Consider offering special mentorship to excellent employees, like:
- Offering lunch with the boss
- Sending them to a fun workshop
- Offering specialized training
- Incentive programs
This type of mentorship not only benefits those who do well, but also the overall work environment. It helps tackle challenging roles and decrease any overwhelming feeling that someone may have.
Mentoring can also:
- Help employees adapt and learn
- Improve leadership skills
- Help you view the business with a fresh view
Plus, you can deepen relationships and encourage staff to provide feedback when it is necessary, which rewards everyone involved.
Recognition can be a motivational method for your employees to continue providing great work.
Obviously, the success of the business is dependent on the employees that work at your business. You clearly want the best employees who are honest and upstanding.
But this goes both ways. You need to the boss who employees want to work for. You have to have reasons why long work days and other work-related stress may be necessary from time to time.
Effective ways to show recognition could be:
- A round of applause
- A small offering of verbal thanks
- A mention in the newsletter
Something as small as offering public praise and thanks can truly make a difference for employees. It shows your employees that you thought of them and it’s totally free, making this method truly affordable.
Take a few minutes out of your day to acknowledge them and it can go a long way in making your great employees feel appreciated.
4. Fun Breaks
Great employee incentives could also be as simple as giving a hardworking employee a nice break. This is especially helpful for those who have a high amount of stress.
This fun goes beyond just rewarding your hard-working staff members, but also benefits the workplace through:
- Building camaraderie
- Increasing productivity
- Enhancing employee satisfaction and loyalty
- Encouraging creativity and innovation
A fun work environment lifts up the spirits of your employees and reminds them just how valuable they are to the team.
These fun breaks could include:
- Extra lunch time
- An extra coffee break
- Gift certificates
Consider increasing the fun at your business today and watch the benefits exceed your expectations.
5. Group Appreciation
Sometimes, employee incentives should encompass the whole group.
Group appreciation can strengthen the group as a whole, while individual recognition ensures that those employees continue performing well.
Create a culture of appreciate to maintain a positive team environment. Consider adding cards to your business strategy for employees to appreciate each other, and read them out loud at the end of the month.
If employees feel appreciated by everyone, not just the boss, then they’ll work better together. This kind of trust will help ensure the office runs smoothly.
6. Surprise Party
Try a budget-friendly surprise party to appreciate your staff.
Giving your employees a chance to unwind and de-stress can be a powerful expression of appreciation. These kinds of parties can also be a great way to get to know your employees in a personal manner in a different setting.
Skip the event planner and do it yourself to save money. Plan it out ahead of time and figure out what your employees like or don’t like. Demonstrating how thoughtful you are can also show how much you appreciate them.
Plus, this can open up opportunities for employees to connect more.
7. Celebrate Milestones
Don’t forget to celebrate the major milestones.
Make sure that your employees feel valued by you, the boss. Take the time to acknowledge your employees by remembering:
- Work anniversaries
- Life accomplishments
- Work accomplishments
Remembering weddings, children, graduations, and other major life events can remind your staff how much they matter to the business overall.
8. Small Treats or Prizes
Smaller gifts are also a great way to show your appreciation to your staff.
Small prizes could entail:
- Stress balls
- Coffee mugs
- Novelty items
- Small plants
Small treats could also include:
- Ice cream
It’s a simple way to remind them that they are truly special to the business.
In unique situations, employee incentives could even be adding responsibilities to the right employees.
Try experimenting and if it’s the right fit, you may end up making the new job permanent. This is dependent on the budget available at your business, but it may also create greater future success overall.
If the employee excels at their new tasks, you might be able to promote them higher up versus hiring outside of the company, maintaining the already comfortable team environment.
10. Offer Flexibility
Last but not least, a budget friendly idea for employee incentives could just be overall flexibility itself.
82% of workers say that they would be more loyal to an employer if they had more flexible options. Find this success to maintain a healthy work-life balance for everyone involved in the business.
Just relax, and help ensure that your employees feel that their life needs are being met. If your employees need it, try letting them work from home. If they have an appointment, don’t stress them out over it.
When employees are happier, the overall atmosphere will be happier. Plus, the more flexibility your business offers, the more success your business will see due to:
- Cost savings
- Increased productivity
- Better recruiting and retention