The Value of Team Incentives

Motivating your employees by using team incentives can help them work effectively and efficiently. When it comes to recognising the value of these incentives, employers often underestimate them. Incentives can range from something small, such as saying “you’re doing a great job” to someone, right up to more expensive rewards like pay bonuses.

In this blog, we’ll explore the value of team incentives and what you can use to motivate your crew.

What’s the value of team incentives?

Motivates your team

One of the most significant benefits of having a team incentive program is the motivation it brings to your staff. Of course, they’re all working to meet a common goal (which is part of their job!), but there’s no personal motivation driving them. Having an incentive in place gives the team a goal that they can work towards.

Increases positivity

An increase in productivity goes hand in hand with motivation. Your employees will likely work harder to achieve this award by having a desirable goal in place. Making goals specific (e.g. if they can hit a particular target or make a deadline early) helps communicate what’s expected of Individuals and teams . This helps reduce any confusion there may be.

When you’re looking to plan the incentive, remember how essential it is to a business.

Productivity drives business, so what drives your employees?

Boosts workplace culture

Having a good workplace culture is a great morale booster. When morale is up, so too is productivity. While it’s not always an incentive, it’s important that your workplace vibe is positive and people are generally happy to come to work. Studies show that productivity improves by 20-25% in organisations with connected employees. Making your workplace one that your team loves coming to might mean organising team building days, encouraging professional development, and having incentive programs in place.

Decreases employee turnover and attracts new talent

A happy workplace means a decreased chance that your employees will seek job opportunities elsewhere. Having incentives not only deters your staff from leaving but also attracts new talent. A huge 57% of candidates reported in a survey that a company with incentives is one of their top considerations before accepting a job.

Rewards high achievers

Although incentives encourage team members to smash out their work, they’re also a great way to reward those doing a good job. Rewarding those performing well at your workplace communicates to other employees that this is the standard of work that you expect from them.

Encourages teamwork

Using incentives can inspire your staff to work together. For employers who have difficulties getting team members to collaborate, offering an incentive if your team reach a certain target or milestone gives employees a reason to work with each other – even if they often butt heads.

What can be offered as an incentive?

The benefits of offering an incentive to boost your team’s motivation are evident. However, when it comes to choosing what to offer, it might be hard to figure out what will work for your team (without breaking the bank!)

We’ve put together some suggestions of incentive ideas you can test out on your team:

Treat them to lunch

Taking your crew out to your local pub or café for lunch is not only a great way to reward them, but it allows you to connect with your team and catch up. Connecting with your staff at a ground level can also give you an insight into what’s happening in your business.

Give them a bonus

While not every business has the budget to do this, providing bonus pay or an added day of annual leave is probably one of the best incentives you can offer to your employees – everyone loves the concept of more money or a day off!

Reward them with company recognition

Company recognition is another great way to reward individual employees or teams. Whether it’s in a company newsletter, an email, or a staff meeting, let the rest of the business know they’re doing a good job. You might also have an employee of the month (or similar) program to recognise individual efforts.

Upskill them with professional development

We know – it sounds strange saying you should reward hard work with more work, but upskilling somebody benefits both them and the business. If there’s a certain skill or course they want to try, work out a way to accommodate it. For example, they might work on site four days a week and have a training day on the fifth day of the week.

Give them more responsibility

Like upskilling, this can be seen as a strange incentive, as it often requires more work for the rewarded person. However, giving someone more responsibility should be seen as a huge compliment. It’s showing them that you believe this person is fully capable and ready for extra work. It also proves that you think this person is reliable and an asset to your business, which can increase their loyalty to you.

Offer a half day

Have you got some afternoons that seem to drag on forever? You know the ones – where you’re watching the clock and knock off time can’t come quick enough. Chances are your employees are feeling it too! If you’re having a particularly quiet day, bring knock-off time forward and allow your employees the opportunity to leave early. Or, let your employees have a sleep in and start later in the day.

Give them a small gift

We’re not meaning anything big here, but instead giving them something small to commemorate their work. This might be a catered lunch, tech gadgets, snacks or business apparel (branded or unbranded). If you’re unsure what to get them, a gift card to the movies or their favourite store is a great alternative and lets them choose their own reward.

Team incentives play a valuable part in the workplace, with the majority of employees saying they prioritise company incentives when looking for a job. From afternoons off to company apparel, the list is long for what you can offer. If you’re looking to provide company merchandise as part of your incentives program, head to your closest Syzmik stockist today.