Incentive programs can be the secret to attracting, hiring, and retaining a dedicated team
What makes your company stand out to potential employees looking for work in the mobile industry?
It’s no secret that this is an employee’s market. With so many job openings available, and employees becoming more selective with their job choices, it can be hard to attract and retain truly great talent. Today, many potential hires are seeking out contract work, remote work, or work that is less than full-time, and because of the market, they have the power to choose the job schedule and environment that works for them.
In this climate, how do you get candidates to view your business as a desirable job opportunity?
One of the best ways to attract new employees is to offer a great incentive program. Many employers are afraid of diving into the field of incentives or don’t fully understand what an incentive program is and what one can include. In this article, we will review various types of incentive programs and offers you can provide for employees, and how these programs can help you attract the top talent in your industry.
About Incentive Programs
An incentive program is a tool that’s designed to attract, engage, and retain talent. They can be either simple or complex reward systems that motivate employees to work to the best of their abilities—and they can even improve morale and increase productivity.
Incentive programs are successful because they leverage human capital and engagement. Rewards help increase intrinsic motivation and give employees a sense of accomplishment and a measure for their own personal success. Incentives can create a friendly but competitive work environment that unifies employees around shared goals and successes.
According to a study published by Cornell University, companies that use incentive programs can have as much as a 79% increase in success rates, and increase individual employee performance by as much as 44%. This growth in happiness and employee satisfaction can increase annual revenue to rates almost three times higher than companies that don’t implement incentive programs.
What Type of Incentive Programs Can You Offer?
Most incentive programs can be classified as social incentives or financial incentives. To have a successful and attractive incentive program, it’s important that you combine these two categories with a variety of different options for your employees to feel recognized and rewarded for their work.
Social incentives give social rewards to employees by providing them with social capital amongst their peers, while financial incentives offer real compensation in the form of money or other benefits that are appealing to your employees. The incentive program you choose may fall under the category of social or financial incentives or may be a combination of the two. Some examples include:
- Company-wide recognition and rewards
- Social recognition during meetings, online, or in workplace correspondence
- Points-based programs to work toward larger goals or gifts
- Reward-based referral programs to bring in new talent
- Increased opportunities for professional development
- Profit sharing based on performance
- Health and wellness programs
- Tuition reimbursement for educational opportunities
- Bonuses and raises based on performance
- Fun gifts that generate excitement
- Additional paid time off
Incentive programs can include both social and financial rewards. Having a balance of both allows your employees to feel recognized and appreciated by your company so that they feel valued for the unique contributions they bring to the table.
A great way to retain employees is to reward them for their hard work. Simple rewards like words of affirmation and congratulatory emails are great, but here at Street Cred Capital, we also believe in more tangible rewards or incentives for good work.
That is why we recently partnered with Grubhub to offer an incentivization program for mobile carriers and merchants to reward sales performance.
Street Cred Capital’s Grubhub Meals For Deals Program
It’s hard to find opportunities to offer an incentive program that your employees actually want to take advantage of. That is why we wanted to look for an opportunity that would fit into employees’ regular day-to-day routine for our newest incentive program.
Why Grubhub? Most everyone uses food delivery services and partnering with Grubhub was an easy way to offer something of real value. And after all, who doesn’t enjoy a free meal for a job well done? This program is an exciting way we can reward our team members when they reach certain sales goals. Thanks to Grubhub’s existing incentive platform, we can partner with a brand that offers a tool that already tracks success and matches it with offers for our employee’s favorite lunch.
At Street Cred Capital, taking care of our team matters. We won’t just help you find incentives to help you bring in the best talent possible, we’ll walk the walk and reward our team for their work too. To learn more about how we can help you build a program filled with tangible rewards and benefits to attract the best talent on the block, connect with our team today.