Most people work to live, not live to work. Traditionally, being a part of the corporate workforce and climbing the ladder was seen as the ultimate tale of success. Corporations invest their time and money in people who will work for years or even decades. However, this sentiment has changed over the past few years, because people are finding value and success in other aspects of lives, such as family or other activities. This is not necessarily a bad thing, but it’s definitely something companies need to adjust to.
For many people work is not the end all, be all goal. Instead, it’s really just a way to reach short term success and make enough money to have a sustainable lifestyle. Because the mindset has changed for many, employees are not always putting up with toxic work environments or heavy workloads in order to get a paycheck. In order for businesses to increase employee retention, they have to offer more incentives to get their hardworking employees to stay. Trust and loyalty goes both ways, and work executives can make positive changes to ensure employee satisfaction.
“One of the things I have noticed over the past few years is that having a decent salary is not always enough to attract an employee or get them to stay. Employees do not want to work in a toxic workspace, they want to feel valued, work with a manager that inspires them, and that they have an opportunity to grow. Managers need to foster a place of collaboration and encourage people to advance their careers, instead of punishing them for wanting more,” says A.J. Mizes, CEO & Founder of The Human Reach.
Did you know that more than 50% of employees are unhappy with their current jobs? Whether it’s because employees are not getting paid enough, enduring a toxic work environment or feel unable to reach their full potential, companies can make changes to create a more positive environment. Offering incentives can help employees feel valued and will help change the overall sentiment associated with the workplace.
Incentive #1: Career Development
As an organization, it’s important to provide your employees with opportunities for growth and purpose. It’s the leadership team’s responsibility to pour into their employees the same way they’d expect their employees to pour into the company. Loyalty and trust goes both ways.
Implementing a mentorship program that connects experienced employees with fresh recruits, is a proactive way of helping people on multiple levels. Offering online classes, seminars, and certifications which are related to the career paths of workers, also shows that the company is invested in their growth. Success can be measured and dedication to employee improvement can be shown by keeping tabs on internal promotions and progress in development. Initiatives like these may increase fulfillment and lower job-hopping.
Incentive #2: Recognition of good performance
Employees deserve to be recognized when they excel in their work. Showcasing your appreciation to your employees does not just mean a simple “thank you” passing by each other in the office. Instead, give them passes to a professional development of their choice, or even pay for their flight on a mini vacation to a nearby destination for their PTO. This shows that you are invested in their work-life balance, and can boost productivity.
Creating a “Spotlight Awards” program where co-workers can nominate each other for exceptional effort, is also a great way to build up your team. Reward the winners with an extra day off, a special vacation curated through what you know they’ll like, or celebrate them at monthly town hall meetings. This is a great way to boost employee engagement and morale; frequent feedback and public recognition demonstrates to your employees that you appreciate their hard work, and that they are a vital member of the team.
Incentive #3: Company Culture
Negativity and toxicity has no place in the workplace so creating a positive and reinforcing company culture is vital to retention. Encouraging workplace friendships does not mean your employees will spend their shifts talking and not getting work done. In fact, when employees feel like they have someone to go to at work they will feel more persuaded to stay.
Consider arranging frequent team-building events that help foster open communication. Set up a “Culture Committee” to represent different divisions, plan activities, promote inclusivity, and action plan around cultural issues. This type of approach will promote a positive organizational culture, that a lot of companies do not always prioritize. Companies and its leaders get to determine what the corporate culture will be like, so it’s never a bad idea to invest in a sentiment that makes people feel comfortable and encouraged to work.
These days a high salary is not the only thing on employees’ checklists. Providing incentives and creating a safe space for people to work is the best way to retain people and promote growth on multiple levels. The current job market is not the same as it was 10-15 years ago. Employees want to feel valued, otherwise they will seek out a place where they are. Companies have the power to make positive changes, and it’s important to start as soon as possible.
However, it’s also important to truly invest in your employees and their well-being, not just because you want them to stay, but because you care about them. How can you create a more positive work environment, and which incentives will you offer to show your employees they matter?
