April 12, 2024
March 18, 2024

The Role of Incentives in Employee Motivation (5 Key Strategies)

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More than ever, it’s important for companies to be intentional with how they celebrate their employees. 

The role of incentives in employee motivation becomes clear when the majority of workers are willing to quit if they don’t feel appreciated by their company. If you value what your employees bring to the table, you can’t afford to keep your appreciation to yourself. 

Here are 5 ways you can use the benefits of employee incentives to retain top talent and encourage a culture of excellence in the workplace.

1. Make Wages Competitive

Making sure that your department’s wages are on par with and possibly above the standard of companies in your industry keeps your employees happy. Competitive wages foster a sense of company pride. Bonuses and other cash-based rewards offer universally welcomed employee feedback and play a key role in the impact of incentives on employee performance.

2. Use Different Types of Gifts

No two employees are the same. What motivates one employee to maintain high levels of productivity could demotivate another. You can personalise the impact of incentives on employee productivity by being creative with your gift-giving. Whether you decide to recognise an individual with meaningful gifts like flowers, gift certificates or edible treats, consider unique ways to celebrate different employees on various occasions.

3. Expand Your Rewards Program

Who doesn’t love cashing in rewards points to purchase an item they’ve wanted for months or even years? Awardco’s Amazon Business rewards portal allows your employees to choose how they spend their rewards points and enjoy the fruits of their labour. Expand your rewards program and offer employees the option to choose what items they want most. 

4. Make Milestones Mean Something Amazing

Celebrate milestones often to ensure your employees feel recognised beyond their yearly review. Milestones communicate the impact of incentives on employee motivation throughout the year. They offer a clear roadmap to success for those who want to achieve their best every single day. A few examples of important milestones worth celebrating include the completion of quarterly goals, outstanding work on an important project or even personal milestones like birthdays, weddings, having a baby or buying a new home!

5. Recognise the Important Moments at Work

Everyone loves to be recognised for the valuable contributions they make at work. Whether it’s a company-wide employee of the month shoutout for your top performers or a peer-to-peer recognition programme that encourages a culture of praise, creating an environment of kudos at work can make a massive difference in how each person feels valued by your team.

Why Choose Awardco for Your Employee Recognition Programme?

Employee recognition trends are always evolving, which is one reason it’s great to have a partner like Awardco on your side to help you stay up to date. Let us help your company create the perfect employee recognition solutions to keep your rising stars striving to do their best every day! 

Get your Awardco demo today.

Jefferson Hansen
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An avid lover of fantasy books, a proud Hufflepuff, and a strong proponent of escapism, Jeff has a love of good storytelling. He relies on that for both his professional work and his writing hobby (don’t ask about the 10+ novel ideas collecting virtual dust on his computer).