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Incentivise to optimise

Posted by
16 May 2017
IncentiveIt is no secret that morale in the workplace plays a significant role in the productivity of employees. Employees with low morale tend to be disengaged, less efficient, take more sick days and can cost their employers a great deal of money through a decrease in productivity. However, if an employer can keep morale high they will enjoy a positive and productive working environment with loyal employees and ultimately, a better workforce. So how do you improve morale when the chips are down? 

There are number of things to consider when implementing a strategy to improve moral, such as effective leadership and improved communication, but I am a strong believer that rewards and incentives can really have a huge impact. Employees will not only feel an increase in moral, but also improved job satisfaction and a sense of being an important part of the organisation. As a result, employers can reap the benefits of greater efficiency and productivity. With incentives and rewards in place it is a ‘win-win’ situation with the working environment being enhanced with a positive and productive ethos. 

Financial incentives 

Financial incentives continue to be popular with employers who choose to reward improved performance with stock options, bonuses, and cash rewards. This can be a straightforward way for an employer to influence improvements, but can also enhance the working atmosphere with employees feeling more inspired, motivated and encouraged to reach set goals.  

Non-financial benefits 

Whilst financial incentives are the traditional method to motivate employees, more and more employers are moving towards non-monetary benefits as incentives. Perks include flexible hours, training opportunities, or even staff social events. These can give employees the opportunity to improve, learn new things and also get to know each other more in a relaxed environment, resulting in a stronger team bond. For some people, these can be more valuable than monetary rewards. 

Recognise the hard work of your employees 

Another way in which employees can be rewarded is through recognition. Employees that receive recognition for going the extra mile will have increased morale and this has a direct impact on productivity and efficiency. An example of this could simply be by thanking your staff verbally for their hard work, or on a grander scale with an awards ceremony. For instance, here at Sellick Partnership we have a ‘star’ system in which colleagues can thank each other for going the extra mile. In addition to this, we also hold an annual End of Financial Year Awards which recognises the achievements of both teams and individual employees. Both these options are excellent examples of making your employees feel valued.  

From my experience, I believe that for an employer to gain that optimum level of performance, they must incorporate a combination of all three of the above incentives. Cash incentives will always be a great short-term plan but for employees to remain at a good level of morale and productivity longer-term there should be the inclusion of non-monetary rewards and recognition of success. I feel it is important to keep morale on the radar for employers because it can really drive organisations in a positive direction. Investing in employees can certainly pay dividends.  

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