Business Tips

3 Great Employee Incentives to Boost Performance

A company’s competitiveness, and at times its very existence, is dependent on the hard work and strong performances of your employees. Motivating employees to perform at peak level is one of the most important issues facing management today. One technique that managers use to optimize employee performance is by offering incentives, and for good reason; recent studies indicate that incentives, when properly applied, can increase performances by up to 44 percent. With the failure rate of businesses, especially startups, exponentially high, you need to have every individual operating at peak level if you want to succeed. Here are three get ways to incentivize your employees, and keep your company competitive.

Cash Incentives

Money tied to exceptional performances, meeting or exceeding company goals; can be a very effective incentive to motivate employees and improve their performances. Manufacturers can offer bonuses to individuals or teams in order to incentivize them to meet production quotas, for example. Similarly, companies can offer bonuses to salesmen who meet or exceed a given quarter’s sales goals.

Another innovative way to incentivize employees, and increase an organization’s competitive spirit, is by offering cash awards for performance. The employee who sells the most items, for example, can be eligible to win a well-advertised cash prize. Offering rewards to employees who successfully pitch new ideas for products, services, or company administration is another way to incentivize the kind of behavior your organization needs to be successful. Finally, paid time off for workers to seek self-improvement – either through training or attendance at seminars, is another way to improve good employees’ performance as well.

Optimize the Office Environment

If you want effective employees, then make work awesome! In all seriousness, improving conditions of the workplace can have a significant effect on the quality of your employees’ work. Study after study has concluded that improving working conditions has an extremely positive effect on employee performance.  Improving an office’s infrastructure – getting better computer monitors, a faster network, more ergonomic desks (or better yet, standing desks), and improving the lighting – is one of the most direct ways to address work conditions.

Having an in-house gym and locker room can encourage healthier employees. Additionally, this will keep your workers in peak mental condition as well. Finally, little things, like a good break room for storing lunch and snacks, can keep our workers satisfied and high performing as well.

Go Mobile

One of the best ways to incentivize your employees and get the most from your company’s human capital is to go mobile. Automating your company’s key functions can free up your employees to literally work anywhere. This will enable you to get the performance you need from your employees, no matter where they are.

The flexibility that going mobile provides is matched yet again by the incentivizing effect it has on them; it turns out people really like not being tethered to their desks. Going mobile may allow your employees to avoid disruptive, soul crushing commutes at peak traffic times. Also, it allows workers to work from home. This is considered one of the biggest perks of all, as a recent study indicated you are 87 percent more likely to love your job if you can work from home. So the sooner you go mobile, the better chance your company has of building happy employees who outperform the competition.

William Lipovsky

William Lipovsky owns the personal finance website First Quarter Finance. He began investing when he was 10 years old. His financial works have been published on Business Insider, Entrepreneur, Forbes, U.S. News & World Report, Yahoo Finance, and many others.

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William Lipovsky

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