Smart Incentives for Healthy Companies

Smart Incentives for Healthy Companies

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The key to employee morale lies in part with compensation. Pay your people what they are worth and you will have a satisfied workplace. Compensation, however, does not come only through financial remuneration. Your employees may value other forms of compensation or incentives that will keep them happily working for you while providing their best work always.

Monetary Compensation

The most well-known compensation is money, what is typically pegged to what the job is worth and the employee’s performance. Small businesses may find it difficult to compete with large corporations in the salary arena, but pay can be adjusted to reward your best employees.

If salary increases are hard to come by you might consider offering a bonus to your top talent in a bid to maintain their loyalty and to keep them from looking for employment elsewhere.

Fringe Benefits

While salary is important, never neglect the effect that fringe benefits can have on your team. Essentially, you need to offer a package that your competitors provide or risk losing your people. You can go beyond the basics by considering what your employees need individually as well as corporately.

For instance, if a flexible work schedule is important for a mother of school-aged children, then offer that benefit. If your team would like a four-day weekend for Thanksgiving, provide that. Special benefits can include allowing your team to leave early on summer Fridays or by serving healthful snacks along with the free coffee.

An Association of Peers

If your employees cannot stand each other, they won’t last long. Chances are you have hired people that work well together and pull for each other. Traditional “employee of the month” programs remain popular and are a way for you to recognize and reward a top-performing employee. That individual should be recognized with his peers present, and rewarded and congratulated by the company’s owner or a senior manager.

Informal recognition can be offered at any time, giving accolades when due and backing that up with a written note of appreciation.

Looking Beyond

Managers should elicit feedback from their employees, understanding what they want as well as what they need. Sometimes, the incentive is far-reaching such as adding a vision care benefit that is new to the company.

At certain times a manager may decide to give an employee extra time off following a personal loss, understanding that extraordinary circumstances may warrant special consideration. Your flexibility as a manager may be the best benefit of all.

See Also — Small Business Recruitment Tips & Tricks

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