Incentives work wonders for motivating staff members. A lot of businesses will use different incentive methods to improve performance at work, with the idea being that staff members work harder in order to win one of the incentives. The best way to offer incentives is to have a tiered system in place.
Start the tier with something small, like a gift voucher to a spa, then choose a bigger prize, like a self-guided walking holiday as the most rewarding one. In between, you can also have a selection of other prizes that employees can strive for, such as a meal out, tickets to a football match, theatre show tickets, and more. Keep reading our guide on low, medium, and high-level incentives that you could have in your tiered system.
Low-Level Incentives
Low-level incentives are the base of your tiered system. They should be affordable for you but enough of a value that your employees see it as a nice reward for them. With all this in mind, we normally suggest around £100 as a low-level incentive. This could be as a cash reward, or it could be a gift voucher for a spa treatment, a meal out voucher, or tickets to the football or theatre show tickets.
Medium-Level Incentives
Your medium incentives should be expensive but not too expensive. The amount very much depends on your turnover and profits, but we suggest linking them to the amount of money the employees are bringing in. A medium incentive could be a hotel stay or an experience day, such as wine tasting or skydiving (two different extremes there). It could be football tickets, but a meal as well or an extra day off work.
High-level Incentives
The top of the tier and the most expensive reward, however, your employees will have brought in the money, meaning you can easily afford this reward. A high-level incentive has to be something that will wow them and really reward them for their work. It could be a holiday, such as a hiking trip, a spa breakaway, a city break or a short cruise. Alternatively, it could be a few nights away in a hotel, or a very unique gift like a Michelin meal with a famous chef.
We hope we have given you some inspiration on incentives for your employees. When it comes to incentives, one of the best ways to decide what to choose is to simply ask your employees what they would like. This way you know the rewards they are getting are the ones they personally would like. Alternatively, you can work with dedicated employee reward programs as sometimes they will get better prices than what you are able to if you are organizing the rewards yourself.
What incentives are you planning on offering to your employees? Will you be offering anything from our guide above? Is there anything missing in our guide that you think we should be offering? Let us know in the comment box below. We look forward to hearing from you.