If you want to encourage your team to work harder for your business, then work bonuses are a fantastic way for you to do this. Take a look below to see some of the best incentives to offer.
Team or Individual Incentive Bonuses
Bonuses can be given to teams or individuals who outperform. They encourage people to work harder and they also reward those who do. If you want to implement this for your team then you need to try and set goals that are both clear and consistent. Your team should also understand how their own actions relate to the goals overall too. Of course, you need to be careful when handing out team bonuses because some employees might not be working as hard as others, and this can lead to a level of frustration in the workplace when rewards are given. If you want to take things to that next level, then why not offer your team insurance to cover them outside of work? Medicare Nationwide is a great place for you to start if you are interested in doing that.
Spot bonuses are given on the spot to business employees who display desirable behaviour. For example, if you know that someone has provided an exceptional level of customer service, then this would be grounds for a spot bonus. Rewards like this don’t need to be huge, in fact, you can easily hand out gift cards or even magazine subscriptions. If you do want to implement spot bonuses for your company, then you need to make sure that you keep them affordable and that you set a limit. If you don’t then you may find that you end up spending way more than you can afford, and this is the last thing that you need.
Referral bonuses are given to employees who refer a candidate to the company, who are then hired. If you want to develop this kind of policy for your team then you need to have a structure in place. For example, do you want to offer bonuses for every job, or just for high-end positions? How are you going to handle payouts? A lot of companies ask the new employee to complete a probationary period as this helps them to settle in and it also ensures that they aren’t going to leave after a week or two. A standard probationary period is between 3-6 months.
Signing or hiring bonuses can attract and motivate new hires. If you are a small business on a budget, then a signing bonus could help you to land desirable employees and it could also help you to get them for a low starting salary too. You need to be careful here because signing bonuses can easily backfire if a candidate happens to go to another job. One way for you to get around this would be for you to try and stagger your signing bonus. This means that you pay half of the bonus at the signing and then another at the end of the year.
Rewarding your team doesn’t need to be difficult, and if you do then you will soon find that your retention rate is way higher and that you have a happier workforce too.