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4 workplace incentives that will retain your employees

20 December 2022

The process of discovering, hiring, and nurturing great talent has become more refined as companies invest in best practices for attracting and retaining employees.

While many companies are still grappling with the fallout from the pandemic, others are starting to think about how to attract and retain employees in the "new normal." Workplace incentives that are meaningful, cost-effective, and applicable to the new way of working are more important than ever. Remote and cost-efficient incentives are particularly attractive to businesses that are looking to invest more in their employees.

Below, we’ve outlined four top workplace incentives that will boost team morale and retain employees:

Create productive workspaces

It’s common knowledge that inspiring workspaces can increase productivity and engagement amongst employees. This has led many companies to consider what options are available for employees who work from home, or who only come into the office a few days per month. One popular option is to offer a stipend to help cover the cost of office furniture and equipment for those who work from home, or to pay for access to a coworking space. This helps to ensure that employees have the resources they need to stay productive and engaged, even when they're not in the office.

Introduce flexible working hours

The workplace is evolving, and companies need to adapt if they want to successfully attract and retain employees. One way to do this is to redefine what flexibility is in the workplace. Giving employees the option to work remotely on a regular basis, choose which days to work from home, or have more flexible working hours, can make a big difference. This type of flexibility can help employees make it to a doctor’s appointment, take care of family members or friends, recharge and boost their mental health, and feel less stressed overall.

By offering this type of flexibility, companies can show that they are understanding and responsive to the needs of their employees. This can go a long way in creating a positive work environment.

Offer unlimited vacation days

At its heart, the idea behind unlimited vacation time is that employees can take as much time off as they want, as long as their work gets done. This means that, in practice, unlimited vacation time is actually quite limited. However, it can still be useful as a way to motivate employees to work hard on a difficult project, knowing that they will be able to take a week or more off afterwards. Ultimately, it is more about rewarding employees than offering them a free pass to take extended vacations.

Implement an employee rewards programme

By offering incentives, you can let your employees know that you value their contributions and that you are willing to invest in their development. Ultimately, an employee loyalty programme can help to build a stronger, more productive team. An employee loyalty programme that offers employee incentives is another great way to ensure that your employees feel appreciated for their efforts. By offering rewards for meeting certain goals, you can show your employees that their hard work is noticed and valued. Employee incentives can help to improve morale and motivation, and can ultimately lead to better performance from your team.

At Randgo, we create employee loyalty and rewards programmes that not only recognise the good work that your employees are doing, but motivate them to do more. With over a decade of experience in building tailored employee programmes, we know how to help businesses overcome their challenges and achieve their highest goals. Our programmes are designed to increase employee morale and satisfaction, two essential ingredients to improve employee retention and reduce employee turnover. If you're looking for a way to inspire your teams to deliver their best, contact us today and let us show you what we can do.

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