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4 Incentive Programs That Guarantee Employee Retention

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4 Incentive Programs That Guarantee Employee Retention

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When the company is down, employee retention is the first thing on an employer’s mind. Just thinking about placing an ad, interviewing a bunch of potential employees, hiring one and then spending time on training is itself a time-consuming process and no company wishes to go through it every now and then.

Therefore in order to prevent employee turnover, many managers and employers are offering plans and programs that can’t be ignored. These programs offer employees there preferred perks besides basic pay and insurance.

In this article, we shall look at 4 such programs that have been known to boost customer retention and save the company from investing valuable resources like time and money on training and hiring of new employees over and over again. Let’s take a look!

1. Wellness Programs

Healthcare programs are a great way to boost employee morale and productivity, as well as putting a spotlight on employee health and how important it is within the workplace. When a company offers wellness and healthcare plans, it tells its employees that they will be cared for, no matter what. From emergency monetary assistance to membership to the best gyms in town, and from free dental checkups to sponsoring them in fitness events etc. such rewards are the most valued by employees as they touch them on a deeper level. Any employee with such unique benefits to avail wouldn’t think about leaving the organization – unless very extremely unsatisfied.

It is a win-win situation for both the employee and the employer. The employee feels safeguarded whereas the employer knows those healthy employees will give their best on the job.

2. Loyalty Programs

Loyalty programs are another great way to retain employees. Loyalty programs are structured strategies designed to encourage employee motivation and morale in loyalty programs, employees can shop from their favourite shops, eat at their favourite restaurants or earn membership at their favourite clubs etc. at discounted prices or free of cost. These programs work in the same manner as coupons do, giving the employee a chance to get their hands on the best products and services at discounted rates. Some companies even allow beta-testing of gadgets and services before they are introduced to the general public. Such leverages surely help in retaining the best employees. No wonder companies are always hiring external firms like Power2Motivate to handle their employee incentive programs.

3. Flexible Working Hours

Although this may not apply to every industry, flexible working hours are another great way to promote productivity in the organization. Flexible working hours give the employee the freedom to choose their working hours and days based on their convenience. This is among the most sought-after incentive programs. When employees don’t have to abide by the 9-5 rule and set their own timings to come to work, they feel they are valued. Since not all companies offer flexible working timings, any employee will think twice at least before applying elsewhere.

4. Training Opportunities and Tuition Reimbursement

There are many employees who wish to study further but either lack monetary resources or time. Those who are passionate might even consider leaving their job and take up studying full-time. On the other hand, many degree programs are expensive to begin with, which leaves the employee demotivated at the job.

Companies that promote tuition reimbursements and education opportunities away from work are sought-after by every employee. Companies that invest in such programs have a dedicated workforce. After all, who wouldn’t want to jump at the opportunity that had been waiting and saving for all their life?

Andy McGowan
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