Employers are still holding the advantage when it comes to the job market. There is some small recovery going on from massive amounts of unemployment, but there are still plenty of people in the job market giving employers the freedom of choice when selecting the right candidate for a job. However, this power of choice might go straight to the proverbial head of an employer and cause them to overlook the incentives that draw in and keep employees.
Offering incentives makes employment with you look more appealing. It also has the advantage of motivating your employees on a day to day basis. Knowing that they are rewarded for their work keeps workers happy, which keeps productivity up, and happy productive workers live longer and work longer with their companies.
These are typically offered by larger businesses to maintain a workable fleet of company cars. However, smaller businesses are finding that by offering novated leases to their employees, they can create an attractive incentive to work for them.
For the uninitiated, a novated lease is where a company takes out a lease in their name but the employee makes the payments on the car. These payments are taken out of a paycheck and before taxes are applied. If the employee chooses to leave the lease travels with them.
Health Insurance and Life Insurance
While the government-sponsored Medicare program is enough for most people, there are still those that prefer the freedom of choice offered by private insurers. Life insurance is also a great appeal for those with a more longitudinal view of life and doubles as an incentive for people to maintain a long-standing term of employment.
These options are most appealing to the young professional adults finished with working jobs and looking to finally start a career. Company-sponsored health insurance is also more easily understood by workers from other western countries who may be confused by the existence of a national Medicare program but understand the appeal of employer-provided health and life insurance coverage.
It’s common to hear about the commission that a salesperson earns. The extra money that a salesperson stands to make on closing a big deal is a huge motivator for making that sale. But people that don’t work on the sales team don’t often see incentives such as these. There are other ways to reward and motivate your employees.
Can you spare a couple of bucks every month to throw out a few gift cards to some local restaurants or stores? It might seem like a small gesture, but rewarding achievements like the best attendance or best contributions to the monthly workload with a dinner for two goes a long way toward showing how appreciative you are of the work that your employees are putting in.
Sometimes a little bit of immediate gratification can be just as rewarding as offering long term benefits such as health care.
By offering incentives that give real value to the people that work for you, you’ll create a more appealing work environment. When the options open up for your employees they won’t think twice about staying with a company that provides and cares for them.