Managers are always looking for new and different ideas to keep their teams incentivized and motivated. To help give you some food for thought, we've pulled recent articles for this week's Talent and HR News Weekly Update that feature some new and effective employee incentives and motivators to keep your employees working hard.
1) 7 Easy Steps for Encouraging Employees to Take Initiative from entrepreneur.com
"Taking initiative is essentially assuming the risk of a possible failure. When doing so, you put yourself out there and things don’t always go as planned. But the alternative is choosing to be inactive. If you're a leader, it's vital that members of your team make the right choice between doing nothing and doing something. For a healthy, forward-looking operation, they should want to choose action -- and this begins with the encouragement of a proactive leader."
2) 5 Employees You Should Give a Raise to Immediately from Inc.
"Paying out more funds can be tough for anyone--especially if you're an entrepreneur or owner of a small-business or startup making your way post-Recession. However, you have to remember that you're only as strong as your best employees and rewarding their efforts, loyalty, and talents is crucial. Otherwise, you might get a surprise two-week notice. You don't need to give everyone a raise unless it's written into everyone's contract. Discretion is key, especially when you only want to give one or a handful of employees a pay hike. There are a few signs to watch out for--is one of your best workers about to give notice? Do you honestly think one of your workers deserves better pay, even though that person would likely stick around at the same rate?"
3) Giving Your Employees Skin In The Game from Forbes
"I was working with a business owner on ideas for retaining a key employee. The employee was threatening to leave for a higher paying job, declaring “I love working here, but if I’m going to stay, I want to have some skin in the game.” I started explaining to the owner why he should avoid offering the key employee stock as an incentive. He stopped me, and asked that I first give him an idea of some of his options. “I don’t even know where to start; what kinds of plans are there that can help an employee feel he or she has a financial stake in the company, and will be rewarded for contributing to our success?” Fair question. The challenge is too many options; not too few."
4) No More Working Late: At The End Of Each Day, This Office Disappears from Fast Coexist
"Work-life balance by design: At 6 p.m., the desks retract up to the ceiling, making room for creative community uses and keeping staff from working too late. During the day, this Amsterdam design studio looks like a typical workspace. But at 6 p.m., someone turns a key, and all of the desks suddenly lift up into the air, with computers and paperwork attached. The floor clears, and the space turns into something new."
5) How Rewards and Incentives Affect Employees Performance from Ezine Articles
"Every Company's wealth lays in its people- yet the idea of channelizing the endeavour and performance is the big question. It's a cliche that rewards & incentives contribute archly in improving and harnessing nothing but the best from employees. To motivate them and to feign constant refining- the art of rewarding employees is a Milk and Honey. Reward Management - Reward management deals with processes, policies and strategies which are entailed to guarantee that the contribution of employees to the business is recognized by all means. Objective of this is to reward employees fairly, equitably and consistently in correlation to the value of their sheer performance."
6) Sincere Appreciation Is the Magic Ingredient for Good Morale from entrepreneur.com
"Staff turnover is one of the most non-productive business expenses. The loss of productivity, relational damage with customers and vendors, negative impact on staff morale and additional training time all create significant costs for companies. Additionally, virtually every business is having to “do more with less.” Resources are tight all over. This is creating a tremendous amount of stress within organizations for managers, supervisors and frontline employees whose workloads and responsibilities have increased. Team members are dealing with the loss of staff within their departments and they have fewer funds available for training or technical upgrades."
Lexi Gordon is a Lead Consultant for exaqueo, a workforce consultancy that helps organizations build their cultures, employer brands and talent strategies. Contact exaqueo to learn more about how we can help you build a workforce that’s aligned with your company culture and develop an employer brand that will allow your business to scale the right way.