6 Employee incentives that don't cost the earth
Quality employees are the heart and soul of any successful business and keeping your staff motivated and their morale high makes good business sense. It pays to remind them that their contribution is appreciated and to appropriately reward their hard work and diligence. But how do you do that without it costing the earth?
Here are six employee incentives that won't cost your business the earth:
1. Team building days
Team building days are a great way to add some fun to any workplace, reducing stress and allowing your team members to bond.
Perhaps they could get out of the workplace for a day and do some volunteer work for a good cause they all support. Or you might want to arrange a day out kayaking or cycling. Karaoke nights are yet another way to get people out of their shell and lighten the mood. Who knows the office may even discover the next "Australian Idol"!
2. Cross department projects
Training your employees to take on functions that are normally outside their area reduces your business's susceptibility to suddenly losing an employee, but it can also boost teamwork across departments.
Everyone can benefit from effective cross department projects because employees learn new skills, which leads to job enrichment. Employees know their contribution is valued because the boss is investing the time and resources to develop their skills. Businesses benefit from motivated, multi-talented staff who can fill other roles when needed. That adds strength and stability to any business, and it won't cost you a cent.
3. Novated leases
A novated lease is a great way to incentivise your employees. You're offering your employees a hassle-free way of obtaining the vehicle of their choice as part of their salary packaging.
They benefit from the unrestricted use of a new or used vehicle and you make it oh-so-easy for them. They pay for the total cost of ownership in one simple payment from their pre-tax salary every payday, saving them money at the same time. A novated lease can give them fleet discounts on the purchase price of a new vehicle along with GST savings, discounted fuel and other running costs.
That’s a very attractive package for any employee, but it’s also one that’s easy for you to offer. You just hand the task over to Fleetcare and let your staff get on with running your business.
4 Payday loans for staff
From time-to-time some of your employees will be hit by unexpected debts that give them some real financial headaches. With no other option available they may be tempted to resort to pay-day loan sharks with interest rates that border on extortion. They're a nasty way of trapping the unwary in a cycle of debt.
A better alternative is to provide your employees with payday loans they can pay off over time if they're in a sticky situation, saving them from all that cost and stress. They'll appreciate your help and that you care about them enough to save them from the loan sharks.
5. Dispute resolution and counselling services
When things aren't going as smoothly as you'd like, an effective dispute resolution and counselling service can be invaluable in resolving problems and restoring staff morale.
A little professional outside help from qualified consultants can be a cost-effective way to iron-out problems and enhance the emotional, mental and psychological wellbeing of staff, maximising their productivity and boosting their loyalty.
6. Morning teas
One employer I worked for maintained the time-honoured ritual of "Moet-o-clock". At 4.00pm on each and every Friday out came the boss with a bottle of Moet filling our glasses and spreading bonhomie as she went. So do you reckon that was good for staff morale!?
Well the good news is that you don't have to go to the expense of magnums of Moet to provide incentives for your staff. A simple, inexpensive morning tea is a great way to break up the daily routine while rewarding your staff with the opportunity to relax and socialise. It's a simple little exercise that will bond your staff members into a more effective team.
What staff incentives have you come across that don’t cost the earth? Let us know in the comments below.
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