With the current talent shortages, employee incentives can be a great tool to make you more competitive to both your current employees and new hires.
The discussion in this webinar centred around non-financial and financial incentives, when they work best and how to create a strategy that is right for your people. Our key takeaways are:
- Make sure you find out what your employees want before you start trying to implement share schemes, bonus schemes or other incentive packages.
- Do not assume that “one-size-fits-all” as your “nomads” are motivated by very different things to your “superstars”.
- Whatever you do don’t over complicate things and make communication part of the plan as, if your team don’t understand the incentive package, it will be a costly mistake for the business.
- If you give an incentive, make sure you can maintain it for the long-term. It’s hard to remove them later.
- What you think is a great incentive to retain staff could have the opposite effect.
- Be vocal about all the great incentives you offer.
- Consider a suite of benefits your employees could choose from.
If you would like advice on employee incentives, please contact us.