Due to the heightened competitiveness in the job market, incentives programs are no longer regarded as unnecessary expense. If you want to retain good employees, and even increase their productivity rates, you need to devise programs that will reward their efforts.
The Institute for Health and Social Policy of the McGill University has conducted a six-year study for businesses which are practicing 'employee-friendly' policies. Researchers found out that companies which have rewards system in place have experienced increased efficiency and productivity in their workers.
If you want to increase your employees' rate of productivity, here are some incentives you need to consider.
For goal oriented projects, you can have your employees working on them more efficiently and thus completing them earlier if you will incentivize them. You can set rewards for each member of the group to induce them to give their best. And if they can complete the project in advance, they can look forward to a group reward.
If you are using the standard 9 to 5 work time, and your productivity rate is going down, perhaps it is time for you to find the best work schedule for your people. You can get their input on which time is best for them to do their work and then design flexible working hours where each one will be at his productive best.
Or you can set a nap time for each so they can recharge their energies and have their productive juices in heightened state after their rests.
3. Provide them corporate memberships
Aside from helping them to be more productive, giving them free corporate memberships to health clubs or exercise gyms will make your employees healthier, stronger and more active. In addition, they will be thankful for being a part of your company, thus increasing your employee retention.