How Employee Incentives Help Your Bottom Line
2020 is here, and the opportunities for providing incentives to your employees are virtually limitless! Employers at corporations both big and small understand the value of happy team members, and often give tokens of appreciation to members of their staff, either as a performance-boosting incentive or as a small “thank you” for a job well done. As a business owner, it is essential to understand that the small expenses incurred by your company for gifts for hard-working employees come with high emotional returns in the form of a happy, productive staff who are motivated to give 110 percent at work each day.
Research has shown countless times that the most successful companies are staffed with motivated, diligent employees who enjoy their jobs and believe in their organization. In order to cultivate the kind of atmosphere that brings a high level of loyalty and motivation, business owners and managers need to know how to keep their team members in high spirits, even during slow business months, or in times of a sales slump. Employee gifting boosts morale and gives workers the incentive they need to keep doing their best, or even to take their on-the-job performance to a whole new level.
However, it can be difficult for even the most dedicated employee to constantly give it their all, day in and day out, when nothing is at stake. After all, we are hard-wired to respond positively to rewards and tend to seek out ways to improve upon our work behaviors when there is something valuable, like a raise or a promotion, on the line. Unfortunately, smaller companies tend to carry fewer opportunities for pay raises or promotions, which causes business managers to have to get creative in order to keep up employee morale. Offering small incentives to employees who outperform others in their departments or beat their sales numbers for the past month allows managers and business owners to continue to ensure that their staff is working hard, contributing to an increase in the company bottom line, as well as their own, every month. Look at a Gift card platform if you aren’t sure where to start: They have many options, so you can reward an employee with the gift card they want!
Additionally, employee gifting allows business owners an opportunity to show their staff members how much they mean to the organization. Office cultures that foster a sense of community among employees and management staff alike tend to experience high levels of employee retention, which can also add to a company’s bottom line. By not having to constantly pay for ads on job search websites, background checks, initial training, and other often-overlooked costs of onboarding new staff, a company can save money each year, which can reflect positively on its P&L statements. There’s also the fact that more experienced and seasoned employees tend to perform better at their jobs than those who have just started and still may not understand all the processes involved in daily operations. Treat your existing employees right with small incentives, and you will help build employee retention. Employee gifting helps create a happy staff that has no intention of seeking employment elsewhere.
As you can see, employee gifting can benefit you and your company in a number of ways. The incentives you provide do not need to be large or lavish, as long as they convey the message that your organization is proud of a staff member’s performance, as well as grateful for their service. See how far employee gifting and incentives can take your company in 2020!