2021 and the transition to what it looks like continues to evolve. Motivating and encouraging employees to perform to the best of their ability in 2021 will be a challenge but crucial going into this year. As mentioned in the Incentive Research Foundation study, “Using Incentives to Accelerate Recovery” research shows the top five most preferred ongoing awards to help motivate and inspire employees for a great and productive year ahead. As mentioned in the study, “cash may be king,” however, cash is not what will move the needle to motivate employees. The solution stated is to pair these non-monetary awards with cash to increase the impact. Cash can be perceived as expected in response to completing a task, while a gift is perceived as a token of appreciation or something in addition to.
Here are the five most preferred awards established from the IRF study that can manifest a motivating New Year.
1. Getting a paid day off: As working remotely has become the new norm across many industries there has been a blurred line between normal business hours. It is harder to silence notifications and turn devices off when your office is in your home. Considering many people voted getting a paid day off as their most preferred award shows that employees are looking for a work break. Help yield these stressors and incentivize employees with a paid day off.
2. Getting a gift card for food or merchandise: Receiving gift cards will always be a popular motivator and enjoyed universally. Sending a gift card to employees is effective and meaningful because it allows employees to take a break from work and refuel with a prepaid lunch or provides the opportunity to purchase a piece of merchandise of their choice.
3. Having the company pay all expense to a special event experience: This is a great award for both the employee and employer. Employees can enjoy a complimentary experience while the company assists in building valuable memories and ultimately leaves a lasting impression. These memories will last forever and the company will be remembered favorably.
4. Flexible scheduling: Allowing employees to create and set their own hours is incentivizing. Whether for personal or family use allowing employees to start and end the day earlier or Vis versa has many benefits to individuals. Allowing for flexible hours also ensures employees are happy and most optimal during the hours of the day they function best.
5. Having lunch or dinner with your family paid or by the company: Having a shared meal complimentary of the company is also very enticing as it creates memories and is a fun and enjoyable outing. It allows people to create memories with those who mean the most to them and will be greatly appreciated.
If you’re interested in learning more or would like some additional insight into how to reward, recognize and incentivize employees, Contact a Marketing Innovators specialist today. We’re here for you!