Try Creative Employee Rewards that Set Your Company Apart
The current war for talent and the prevalence of younger workers in the workplace today call for fresh, creative approaches to employee rewards. Especially in smaller and mid-sized companies, the ability to be nimble with rewards options, offering more personalized rewards, can provide such employers with the needed competitive edge today.
Compensation Programs that Attract the Right Talent
Don’t ever think that having just a rewards program is enough to attract and retain star talent. Before you misfire with a rewards program make certain that your compensation plan is in place to complement your rewards strategy. And culture will play a big part in making rewards valuable to employees. You don’t want to offer rewards that don’t feel like rewards.
Out-of-the-Box Rewards
With compensation and culture in mind, brainstorm with your executive team on what their employees value. Here are a few rewards suggestions that are not typically utilized in many organizations today, but can reap long-term gains for employers:
Sabbaticals: Give people extended time completely away from work. Provide employees the needed space to refresh and reset their minds and bodies. Many of us never get off the hamster wheel, which continually makes us less productive, creative, and energetic.
Technology Time-Outs: Set boundaries on expectations after work hours and on weekends regarding responding to e-mails, texts, and phone messages. Provide necessary space for employees to disconnect in our “always on, always connected” world. Creating such a policy recognizes the fact that employees do have a life outside of work, and that we do our best work when we pause and rest on a regular basis.
Student Loan Repayment: One of the best ways to attract Millennials is through student debt repayment. Most college grads today are graduating with tens of thousands of dollars in student loan debt. Helping lighten that load is a way to attract and retain younger workers.
For more ideas, check out 15 Creative Employee Reward Ideas for specific creative reward ideas, and most importantly test them out at your company.
Need Help with Your Compensation and Reward Planning?
Conover Consulting has worked with companies to create and refine compensation and bonus structures designed to attract and motivate employees and align a culture. Get a compensation check-up for or find out how you can motivate your employees with a reward plan. Learn More