Resources >   Leadership  >  People Management  >  

Best ways to incentivise your staff

People Management

Best ways to incentivise your staff

Updated: 19 October 2021

Having a highly motivated team can bring a range of benefits to your business. Increased productivity and efficiency, as well as increased revenue, make it a top priority for employers. But how do you go about nurturing your team to their fullest potential? We took a look at the best ways you can incentivise your team to drive your business forward.

Offer performance-related rewards

Performance-related rewards are a time-honoured way of incentivising staff. Bonuses for salesman are commonplace, but there are plenty of ways you can reward all staff, such as an employee of the month raffle. Fill a noticeboard with a host of envelopes, each containing prizes of varying degrees (a half-day off, coming in later or leaving earlier, lunch out on the company etc). When a member of staff is voted employee of the month, they can then choose one envelope and claim the prize inside. This is a fair way to distribute prizes, as each employee has an equal chance of getting the best prizes.

Share your profits

Everyone appreciates a bit of extra cash, and when your business is doing well, you reap the rewards in your profits. But, since the profits you make are the result of your employees’ hard work, why not incentivise them with a cut of your earnings? This allows them to feel the tangible benefit of their hard work. Plus, knowing that there could be more coming their way if they work even harder, is sure to motivate them to keep smashing targets.

Offer time off

Nothing beats a little bit of extra time off — especially in this culture where we feel like we spend most of our lives working. If a member of your team has really overperformed this month, show your appreciation by rewarding them with some well-deserved time off in the form of a day pass that they can use when they choose.

Providing flexibility

If you want to retain your staff and keep them motivated, flexible working hours can be beneficial. With cloud-based services making it easy for staff to be able to work from home, and work/life balance becoming a key motivator in encouraging staff retention, a workplace that takes a flexible attitude towards working is more likely to keep staff engaged.

Try offering working from home, allowing employees to change their hours to fit their home life, and being flexible when unexpected issues arise. By helping them find a better work/life balance, they’ll be more likely to go the extra mile for you.

Show your gratitude

The smallest gestures are often most impactful, so it’s no surprise that even saying “thank you” has been shown to raise productivity levels by up to 50%.

If you want to go the extra mile however, small thoughtful gifts can be another way to show your appreciation. Whether it’s a bunch of flowers or a gift voucher for a job well done, these gestures can make your team members feel noticed and valued. You can even personalise your gift to suit your employee, such as a notebook for a writer, or some nice coffee beans for the workplace coffee aficionado.

Provide opportunities for career development

Growth is vital to a business’ success — but it’s also crucial to your employees’ success too. Further training and opportunities for promotion show that you care about your staff’s personal and professional development. It’s also a great way of reducing employee turnover, as research suggests that staff retention is 34% higher in companies that promote professional development.

Hold workplace celebrations

Office celebrations are a great way of giving your employees a break and showing your appreciation. Whether it’s a work anniversary, a birthday or a workplace win, these events give your staff something to look forward to.

In addition, they can also be a good way to strengthen the group dynamic and encourage team-spirit. By celebrating your wins together, your team has something to motivate them towards further success.

Looking for affordable finance to kickstart your next business venture? Check your eligibility for a business loan with us in just 30 seconds.

Great Review: