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5 Employee incentive ideas to secure and retain your best talent

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5 Employee incentive ideas to secure and retain your best talent

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When hiring new staff and encouraging your existing stars to stay, it can be difficult to compete with perks offered by rival companies. In today’s job market the difference between hiring or retaining a superstar employee can come down to the benefits you can offer them. While many think that only large corporations can afford to treat their staff to quality benefits, this couldn’t be further from the truth. There are many programmes and incentives that small to medium businesses can utilise. We take a look at just four of the ways you can secure and retain your best talent.

Leave or flexi-time benefits

Popular perks among employees include any time-related benefits, allowing for more flexibility in the workplace. Offering employees the opportunity to purchase extra leave or take part in flexi-time arrangements where employees can choose their hours in a set time period makes them feel trusted and appreciated. These incentives also let certain workers, such as parents, the chance to fit work around their schedules so they can perform to the best of their ability in the office. Even just giving your employees their birthday off work is sure to increase morale.

Employee wellness programmes

Another emerging trend among business is the offering of health and wellbeing programmes for their employees. Giving your staff access to free flu vaccinations or discounted gym memberships or will not only help to attract and retain the best and brightest employees, but will also help to keep your workforce healthy. This is a win-win for both employers and employees, resulting in higher productivity, fewer sick days and happier staff.

Recognition programmes

One free incentive businesses can give their employees is that of recognising the top performing staff through an ‘employee of the week/month’ system. This not only makes employees feel like they are positively contributing to the company’s objectives, but increases morale and encourages outstanding results.

Fuel cards for drivers on the road

An issue that employers and employees alike face is the hassle of fuel when employees drive their own cars for business. Petty cash, receipts and reimbursements all cost both employers and employees time and money. A great perk to offer to your drivers is fuel cards. These can be used to pay for petrol while they are driving for work and also allow drivers to get on with business, increasing their productivity and reduce the frustration of fuel reimbursements.

Novated Leasing programmes

Novated Leases enable employees to finance a vehicle using their pre-tax salary, saving them tax dollars while also enjoying a new car. This is a fantastic motivation tool for staff, as you as the employer can help them not only buy a car but also increase their net income. With Novated Leasing your employees can access discounts on the vehicle purchase price, fuel and maintenance, consolidated payments and easy reporting. A Novated Lease programme is easy for employers to set up, with no risk falling to the company and little or no costs involved.

Final thoughts

In order to hire and retain quality staff working for your company, it is important to offer valuable incentives to encourage and motivate employees. Providing tangible and meaningful programmes and rewards to staff not only makes them feel appreciated, but will increase their productivity and make your company a more enjoyable place to work. Providing the right benefits for your staff can provide countless positives for both you as an employer, and your employees.

Nigel Malcolm owns and runs Australian novated lease company, Fleetcare. Why not reach out to Nigel on Google+ today.


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