When the human race was compelled to acknowledge the fragility of life, everyone also started questioning the purpose of their life. This introspective shift has changed the structure of society and has offered to be more inclusive and assorted. Prior to this, the only incentive structure included monetary growth for an individual but this shift has gravitated towards a more personal and individualistic approach to pacifying an employee.
From quitting their job for low pay scales to complaining about toxic work culture, this humane shift was much needed for society. And this is the reason every company started to introduce more diverse incentive processes including monetary and non-monetary incentive programs.
1. Remote Working
When the pandemic hit hard, every company was forced to use remote working as their way to keep up during the time the world was compelled to stay at home. But once everything once again became normal companies realized this option can be a great way to maintain a good work-life balance. And soon enough they started to offer the WFH option in their system. On this note, The International Labor Organization has said, “Companies that implement work–life balance policies benefit from increased retention of current employees, improved recruitment, lower rates of absenteeism, and higher productivity.”
2. Social Responsibility Program
According to a survey, more than half of employees have stated that they are satisfied with a job that helps them to their life goals, from touring every once in a while, to starting a family. Not just that, they are also respectful towards companies that allow their employees to be active in various social causes. To be able to be vocal about sustainability and outreach to communities and diversity and inclusion efforts.
3. Personal Development Programs
We are in the middle of the 4th industrial revolution, and this is why upskilling and reskilling are extremely important for employees. According to a recent study if companies are not able to fill their digital skill gap could result in 85 million jobs going to be unfulfilled by the end of 2030. Career development opportunities not only educate employees but also save employers a hefty amount of money they spend on their new hires and their training programs.
4. Employment Recognition Program
Recognition hasn’t missed a bit in all the years of employment. A simple ‘Thank You’ can make any employee feel valued in the organization. A simple card with a note of gratitude will boost their morale and it also increases employee engagement in their respective fields. If “employees who get the right amount of recognition are 30% less likely to experience burnout” at their jobs. So, make sure ‘Employee of the Month’ has their recognition with a token of gratitude by the employers.
5. Health and wellness Incentives
This is of utmost importance that your company covers your medical expenses. This program has become a priority for employers to offer medical insurance for their employees. Almost 70% of employees have confessed they look for job opportunities that cover their medical and also include mental health awareness in the process.
6. Tuition Compensation Programs
Learning continuously is a vital part of an individual, it doesn’t just offer personal growth but also delivers the company better growth prospects. Unfortunately, bearing tuition costs is prohibited. However, leveraging your employees to learn something new will gain better advantages for the organization. And nowadays organizations have been reconsidering this need and working on their Tuition Compensation Programs.
7. Sovereignty and Empowerment
Offering employees their freedom of work is a state of empowerment itself. Some companies are introducing this autonomy role for their employees as an incentive to acquire the best out of them. This is an add-on to the first revolutionary incentive program introducing remote working. If the employee is self-motivated and has the authority over their work then they would take it personally and perform better.
With the changing times employee incentive game is also becoming diverse and more authentic. Whether it is monetary benefits or non-monetary benefits, incentives will always be a key to motivating personnel and will drive them to perform better in their respective domains.
