If you own a small business, you've probably noticed that your employee turnover rate is higher than it used to be. In fact, the average annual turnover rate among companies with fewer than 100 employees is 20%-- and that's three times higher than what it was just five years ago. The good news is that it doesn't have to be this way! Here are some ideas for employee incentive programs that won't break the bank.
The best way to motivate your team is by showing them that they are appreciated, and nothing beats a day (or weekend) of fun. Even if it's just an hour, employees who feel valued are more likely to put in extra effort. For example, hold a lunch party at the office or take them out to breakfast. You could host an afternoon or evening BBQ where everyone can mingle and relax. Encourage your team to bring games to bring out the competitive spirit in even the shyest workers!
While awarding the entire team is preferred, it might not be feasible if you don't have enough money to do so. In this case, consider giving a single employee the spotlight and rewarding them individually. You can use a point system where employees earn points for different achievements throughout the month (such as helping customers) and then award prizes based on the total number of points earned by each person. This can be anything from a parking space closer to the door, discounts on products or services offered by your business, or receiving company swag such as shirts, mugs, or pens!
As you near the end of a big project, reach a major milestone, or just starting the new year, it’s time to celebrate! Instead of booking an expensive dinner, do something fun and casual to kick back and have some fun. Host a PowerPoint night where everyone can share their personal and professional goals and accomplishments. Send out an email inviting everyone with details about where the event will be held, what time it starts and ends, who should bring what food or drinks (if any), and anything else that might be needed. Here are some tips to go the extra mile.
It's easy to get caught up in the day-to-day operations and not take time to recognize employee accomplishments. As the host, make sure you discuss the accomplishments of each employee even if it's just for a minute or two. Don't forget to recognize employees who are new to the company as well!
When you have a small business, it's important to make sure that your employees are happy and motivated. This can be a challenge if you're the only person running the company. Maybe you have an employee or two who aspire to be a CEO one day and want to learn what it takes.
One way to keep everyone on their toes is by giving them something they can be competitive about at work. If your employees know they'll get rewarded when they do well, they'll work harder because they want a prize. One way of doing this is by allowing them to experience the role of CEO for a day. Letting one employee take on this role will give him or her an idea of what it's like to run the company and make decisions that affect everything from profits to company culture. When people know what's at stake in terms of responsibility and reward, there's no reason not to go above and beyond expectations!
With gift cards, you can reward them for anything: from getting a certain number of sales in a month, celebrating give years at a company, or sending a "just because" gift. Choose from a variety of retail stores, restaurants and other services or give them the choice with prepaid. You can also give out different types of bonuses based on specific circumstances. Make sure that you customize your company logo onto each point card, so it feels like something special when they receive them! At RPG Card Services, you can easily customize or co brand gift cards to reward and recognize your team all year long at bit.ly/CustomRPG.
The most important asset to any business is its employees. These five ideas will help you keep your employees happy while you're growing your business. We hope this article has given you some great ideas for employee rewards and incentives as well as other ways to motivate your team members!
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