Getting a little extra every month as a salary bonus for a job well done is much appreciated by personnel. However, it may not drive the same level of engagement or performance boosting that other kinds of rewards might generate. Targeting alternative incentive compensation benefits could help companies improve morale and retain valuable workers all at the same time.
In today's difficult financial environment, it's not always an option for businesses to offer their personnel bigger paychecks, even on an occasional basis. This may not be the worst thing in the world, however, as an article from HR Reporter stated.
Targeting new reward options
The source stated that, while employees do feel a certain kind of engagement boost from bonuses and better salaries, these incentives on their own may not be enough to get the kind of return on investment that leadership wants to see. Instead, HR Reporter wrote that companies should look at actually spending money on workers, rather than just handing it to them. In that sense, offering educational opportunities and additional training can empower personnel in ways that make them more interested in their work. This in turn provides measurable improvements in performance metrics, sales coaching figures and a variety of other performance-centered analytics reports.
HR Reporter acknowledged that offering higher than average wages for certain positions does elevate morale. As the source pointed out, even people like cashiers and stock personnel have a vital role to play in the overall scheme of corporate functions. If shoppers have a poor experience anywhere in a retail environment, there's a chance they won't give their business to that company again. Promoting engagement through incentive compensation may make for a better overall work environment, which in turn will positively impact customer interactions.
Finally, offering alternative incentives like training and promotional opportunities means that workers are more likely to see jobs as careers, rather than waystations between better prospects. Retaining top talent should be the goal of every organization, regardless of their industries. Since not all entities can afford to provide high salaries and generous incentive checks, they should be mindful of the various ways they can reward personnel for their efforts. Recognizing people who give their all can be executed in a variety of capacities, and looking outside the checkbook is a great way to start.