The Beneficial Impact of Incentives
Many believe that money is one of the focal incentives for employees. However according to Glassdoor, data indicates that money isn’t enough to retain or bring in new talent.
Ensuring staff feel valued and motivated within their role is crucial for all organisations, no matter what industry. It helps create a positive working environment where individuals respect the company and feel driven to work.
Here at New Chapter, we strongly believe that the incentives we run add huge value to the company and the people that make it.
There are many ways to celebrate staff and create a positive place to work, from benefits, to culture, working space and financial rewards. But today we wanted to explore the benefits of incentives (and give you a little look into our recent trip to Hvar!).
Productivity is essential for an organisations success and there are many ways to drive this within employees. Incentives are a way to provide direction and goals to strive towards that in turn, result in reward. This can help keep employees focused and motivate to achieve them.
Incentives can come in all shapes and sizes, from a meal out to a holiday away. Whatever it is to demonstrate your value for the hard work and commitment your employees dedicate to their roles.
Particularly in a time where home working is far more prevalent. Creating a culture of recognition is extremely important to keep satisfaction and productivity high. Equally it provides a way of keeping people connected.
Both for smaller companies who are gradually taking on new staff as they grow, and larger companies where employees are spread across teams and cities (or even countries). There is a need to bring everyone together to help develop corporate relationships in the workplace. Providing incentives which allow for this can help create strong bonds at work and an environment where team collaboration will come naturally.
According to Teamstage, almost half of prospective employees evaluate potential employers by their company culture. 46% of job seekers said culture was one of the deciding factors in the application process. While 88% found it at least relatively important.
Different types of incentives can help toward breaking barriers, creating a positive company culture and team morale. Furthermore, it builds an element of excitement into individuals’ roles as they work together toward achieving the next incentive.
Incentives offer a way to provide positive reinforcement each time employees perform in a way in which the company stands for. This can particularly be a great leading example to new employees. It also can help create an understanding across the company of the core values.
Incentives not only have the ability to motivate staff day to day, but they can develop into something more. They have the potential to increase loyalty and staff retention. The benefits we have discussed can be the very reason your employees chose to stay working for you.
Showcasing incentive schemes, trips and days out can be a great way to help you attract new talent and demonstrate the culture. It can be a huge selling point to individuals looking for a new role and can help you to stand out to other potential employers.
What our CEO thinks
New Chapter - Incentive trip 2022
Recently we went on our end of year incentive trip to Hvar. Firstly, how do you make it on a New Chapter incentive?
In contrast to the typical sales incentive trip, here at NC it is based on team performance rather than individual.
Why?
We wanted to help build on our team culture and work on getting as many people on the trip as possible.
A mini personal target is set for those who have been in the company for less than six months. This gives them the opportunity to also make it onto the trip.
Secondly, the fun bit, what we got up to!
We spent four days exploring the gorgeous island and it couldn’t have been a more perfect place for our incentive trip. We ate great food, experienced the best bars and clubs on (and off) the island, sunbathed, spent the day on our own boat, swam in the sea a lot, drank a lot, laughed A LOT and watched some beautiful sun sets.
Take a look at some of our memories:
