Have you taken the time recently to show your employees how much you appreciate their hard work and dedication? You should – motivating employees goes beyond just perks and extras. It's a key strategy for boosting efficiency and overall performance. By offering incentives, associations can create a culture where everyone is driven to excel, leading to better results and success in reaching their goals. Let’s break down just why you should incorporate incentives and offer a few tips on how to do so.
1. Enhanced efficiency
Associations that prioritize employee incentives reap the rewards of heightened efficiency. When employees have a clear goal and a tangible reward to work towards, they're more inclined to streamline their efforts. For instance, consider an association launching a campaign to attract new members. By offering a performance-based bonus to the team member who brings in the most sign-ups, the association creates healthy competition and an extra push for employees to maximize their outreach. This results in a more focused and efficient campaign.
2. Elevated Engagement
Incentivizing employees ignites a sense of engagement and commitment that goes beyond the job description. Associations that offer recognition and rewards for exceptional work cultivate a team that's invested in the organization's success. For example, an association could introduce an "Employee of the Month" program. When outstanding contributions are acknowledged publicly and accompanied by a small reward, employees feel valued and motivated to consistently deliver their best. This heightened engagement not only boosts morale but also translates into increased productivity and proactive involvement.
3. Accelerated innovation
Associations thrive on innovation, and incentivized employees often become the driving force behind fresh ideas. When individuals know that their creative contributions are valued and can lead to added benefits, they're more likely to brainstorm, experiment, and suggest novel solutions. For instance, imagine an association seeking ways to improve their annual conference experience. By offering a tangible prize for the best idea that enhances attendee engagement, employees from different departments collaborate to generate innovative concepts, ultimately elevating the event's impact and setting the association apart.
What kind of rewards should you provide?
To take advantage of the benefits outlined above and begin your incentive plan, you must first decide what type of incentives you want to offer and create a system for doling them out. There are many different options for incentivizing, but which one you choose will depend on your organization’s overall goals and budget. According to a study by the Incentive Federation Inc., the non-cash incentives market grew a remarkable 49% since the last estimate study in 2016. If you’re considering adding incentives into your budget for next year, here are a few we recommend starting with:
- Perks — Casual dress day, front-row parking, catered lunch.
- Travel — Weekend getaway, dining at a restaurant, spa day, shopping excursion.
- Merchandise — Company apparel is the way to go. Not only do your employees receive some new merchandise, but they’ll be branding you at the same time.
- Trophies — Provide certificates, plaques, medals or pins. These are the lasting reminders that your employees performed well.
- Financial — The most popular financial incentive, a gift card, gives your employees the opportunity to pick what they want or treat themselves to a popular establishment regardless.
Conclusion
Recognizing employee dedication is crucial for success. Beyond perks, motivating employees is key to boosting overall efficiency and performance. Incentives fuel engagement and investing in appreciation pays off. Embracing incentives is a necessary step for associations to thrive in a competitive industry.
