Alternatives to Bonuses and Incentives

Not all companies can afford to pay their employees commissions or incentives when they go above and beyond their roles.

Sometimes, it’s not all about the money. Some employees want to feel like they’re contributing to the organisation’s success. They believe in the vision and purpose as well as share the values.

But staff can become disgruntled if the rewards aren’t passed along. If the people at the top of the company are enjoying the fruits of their labour, then people will quickly move on.

If you can’t afford or prefer not to bring in an incentive plan, other alternatives can demonstrate how you value your staff members. Here are a few options.

Improve Work-Life Balance

Besides pay rises and incentives, the other thing most employees want is to take time off. While you can’t let the entire team off on annual leave or shut down the office for a day, there are some things you can provide instead:

  • Longer lunch breaks
  • Opportunity to leave work early
  • Shorten work hours during holidays or quiet periods
  • Allow annual leave that doesn’t come out of balances
  • Let staff choose their own work hours

Make Life Easier

You can improve many aspects of your employees’ lives while they’re at work. It doesn’t matter if it’s in the office or at home. Try these alternatives to bonuses:

  • Offer meals once a week, fortnight, or month at the office
  • Allow staff to receive personal deliveries at work
  • Supply your workers with office equipment for their home

Development Opportunities

Another way to show your employees you care is by helping them invest in themselves. There are multiples way to provide this offering, some of the most common that exist in today’s workplaces include:

  • Shadowing of executives
  • Contributing towards university or TAFE degrees
  • Providing access to LinkedIn Learning
  • Paying for online courses
  • Buying subscriptions to learning materials

Find Out What Your Employees Want

The best way to find out what your employees want instead of incentives is by asking them directly. Provide them with multiple options and ask for their suggestions. Offering what they need will demonstrate you’re listening to them and respecting their opinion.

If you need more tips for alternatives to incentives, then make sure you’re following the Better Boss Blog. You’ll find advice on guidance on how to keep your employees engaged. Follow pwf services on LinkedIn, Instagram, and Facebook, so you never miss a post.

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