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5 Tips to Make Incentives Meaningful and Retain Employees

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Want to learn how the best companies use corporate perks? Join BambooHR and ZenPayroll and find out how to make your employee incentives more meaningful and retain employees.

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5 Tips to Make Incentives Meaningful and Retain Employees

  1. 1. Joshua Reeves Co-Founder and CEO, ZenPayroll Ben Peterson Founder and CEO, BambooHR
  2. 2. Why do we really need to give incentives? in•cen•tive in-ˈsen-tiv noun a thing that motivates or encourages one to do something. “employees have an incentive to increase their sales” synonyms: inducement, motivation, motive, reason, stimulus, stimulant, spur, impetus, encouragement, impulse
  3. 3. 5 Tips to Make Incentives Meaningful and Retain Employees Reward and Recognition Reward = Extrinsic Recognition = Intrinsic bamboohr.com zenpayroll.com
  4. 4. 5 Tips to Make Incentives Meaningful and Retain Employees Incentives of the past, present and future Money is only the 3rd most important thing to employees and less than 1 percent of employees care about free food. Advancement and work/life balance are what your employees really care about. bamboohr.com zenpayroll.com
  5. 5. 5 Tips to Make Incentives Meaningful and Retain Employees Why do incentives matter? “Trust men and they will be true to you; treat them greatly, and they will show themselves great.” —Ralph Waldo Emerson bamboohr.com zenpayroll.com
  6. 6. 5 Tips to Make Incentives Meaningful and Retain Employees Incentives help companies recruit new talent and retain current talent. bamboohr.com zenpayroll.com
  7. 7. 5 Tips to Make Incentives Meaningful and Retain Employees If you don’t incentivize,your competition will nab your talent. 86 percent of companies have a reward and/or recognition program in place. bamboohr.com zenpayroll.com
  8. 8. 5 Tips to Make Incentives Meaningful and Retain Employees Good incentives will get your desired outcome. “Incentives can focus on a single behavior and can be turned up and down quickly depending on the effect you need.” —Paul Hebert, Fistful of Talent bamboohr.com zenpayroll.com
  9. 9. Tip 1: Make it personal For employees, the recognition is as important as the reward. When you tailor your incentives to match the employees and their contribution, you’ll get an additional boost for the recognition.
  10. 10. 5 Tips to Make Incentives Meaningful and Retain Employees Recognize Good Work “From having a little card that says, 'I caught you doing something well' to just going over and shaking someone's hand in front of everybody, there are tons of ways you can recognize your employees. The key is to do it publicly in front of other employees.” —Paul Facella, Everything I Know about Business I Learned at McDonald’s bamboohr.com zenpayroll.com
  11. 11. 5 Tips to Make Incentives Meaningful and Retain Employees How You Can Make it Personal Give company-wide “kudos” bamboohr.com zenpayroll.com
  12. 12. 5 Tips to Make Incentives Meaningful and Retain Employees How You Can Make it Personal ● Give personalized gifts ● Match charitable contributions ● Offer continuing education bamboohr.com zenpayroll.com
  13. 13. 5 Tips to Make Incentives Meaningful and Retain Employees Care is Motivational “Fortunately, in a tight economy, what motivates employees most are free things, such as being praised and receiving care and compassion.” —Larina Kase, Ph.D., The Confident Leader bamboohr.com zenpayroll.com
  14. 14. Tip 2: It’s not all about the money. “People think more frequently about noncash tangible incentives (merchandise and travel) than cash incentives and that as the frequency of thought increases, performance increases,” —Professors Scott A. Jeffrey and Gordon K. Adomdza, Human Performance.
  15. 15. 5 Tips to Make Incentives Meaningful and Retain Employees Offer flexible hours and work/life balance. “As long as the employee is deserving and doesn’t abuse the privilege, this can go a long way to building trusting and mature relationships with key workers.” —Richard Martin, Alcera Consulting Inc. bamboohr.com zenpayroll.com
  16. 16. 5 Tips to Make Incentives Meaningful and Retain Employees Thank your employees personally. “The two most underused words in corporate America that get the highest ROI and ROT are the simple words 'thank you,'” —Michael Guld, Guld Resource Group bamboohr.com zenpayroll.com
  17. 17. 5 Tips to Make Incentives Meaningful and Retain Employees Make work a great place to be. 90 percent of employees find a fun work environment very or extremely motivating. bamboohr.com zenpayroll.com
  18. 18. 5 Tips to Make Incentives Meaningful and Retain Employees Give your employees growth opportunities and chances to advance. 30 percent of employees desire growth opportunity in the company as a type of recognition. bamboohr.com zenpayroll.com
  19. 19. Tip 3: Institutionalize your Incentives While it’s great to reward your employees uniquely and personally, it’s also important not to create too many one-off perks. Haphazard rewards are inefficient and can create confusion for your employees.
  20. 20. 5 Tips to Make Incentives Meaningful and Retain Employees How to Create a Perks Program To institutionalize your incentives, follow these three steps: 1. Make it transparent 2. Make it flexible 3. Make it fair bamboohr.com zenpayroll.com
  21. 21. 5 Tips to Make Incentives Meaningful and Retain Employees Perks You Can Institutionalize ● Flexible Vacation Days ● Flexible Bonus Spending ● Bring the Perk In-House bamboohr.com zenpayroll.com
  22. 22. Tip 4: Measure the success (or need for improvement) of your incentive program “Insanity: doing the same thing over and over again and expecting different results.” —Albert Einstein
  23. 23. 5 Tips to Make Incentives Meaningful and Retain Employees Did you think about the details? “It’s the little details that are vital. Little things make big things happen.” —John Wooden bamboohr.com zenpayroll.com
  24. 24. 5 Tips to Make Incentives Meaningful and Retain Employees Some things can’t be measured. “Incentives help engage employees, and engaged employees enhance your bottom line. So yes, incentives are an indirect route to bottom-line results. And no, you shouldn't let the indirect-ness of their link to the bottom line discourage you.” —Intelispend bamboohr.com zenpayroll.com
  25. 25. Tip 5: Don’t Forget Your Culture Your incentive structure is a reflection of your company culture. How you manage and deliver perks is one way to make your company stand out.
  26. 26. 5 Tips to Make Incentives Meaningful and Retain Employees Inject Culture into Your Incentives ZenPayroll: At ZenPayroll, we have a special monthly award given to an exemplary employee, voted on by her peers. The winner gets a $1K bonus, $500 of which is to be spent on the office at her discretion. bamboohr.com zenpayroll.com
  27. 27. 5 Tips to Make Incentives Meaningful and Retain Employees bamboohr.com zenpayroll.com
  28. 28. 5 Tips to Make Incentives Meaningful and Retain Employees Why it Matters Culture is the differentiator between you and your competitor, which can be impactful to hiring and retention in this improving job climate. bamboohr.com zenpayroll.com
  29. 29. What can you do today to make incentives work for your company?
  30. 30. 5 Tips to Make Incentives Meaningful and Retain Employees Thank you! bamboohr.com zenpayroll.com
  31. 31. 5 Tips to Make Incentives Meaningful and Retain Employees bamboohr.com zenpayroll.com
  32. 32. 5 Tips to Make Incentives Meaningful and Retain Employees Receive a free job posting on BambooHR’s ATS and full HRIS for one week. BambooHR 1-866-387-9595 | bamboohr.com sales@bamboohr.com bamboohr.com zenpayroll.com
  33. 33. 5 Tips to Make Incentives Meaningful and Retain Employees Free 2-month trial See for yourself why thousands of small businesses love ZenPayroll – the world’s most delightful payroll solution. bamboohr.com zenpayroll.com
  • GageHarris1

    Mar. 22, 2018

Want to learn how the best companies use corporate perks? Join BambooHR and ZenPayroll and find out how to make your employee incentives more meaningful and retain employees.

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