Every employer desires a productive workforce, and every employee wants to be recognized for their efforts. Increasing productivity goes hand in hand with understanding how to incentivize employee performance. If you are looking to boost productivity in your workforce here is a simple equation for you: using rewards and recognition programs are vital ingredients for increasing employee productivity.
Gone are the days where 10-16-hour workdays in a factory were regular practice across all companies. Times have drastically changed and you might be shocked to know the average employee today works nearly three hours a day. A study was done which gathered information from 2,000 full-time office workers which revealed that most people are distracted and not very productive while they are on the clock. This is true even though the average American claims to work 8.8 hours every day.
Knowing that the majority of your employees are only productive for 37% of the day is alarming, but the fact stands true that rewarding an employee for a job well done motivates them to work harder and to be more productive.
According to a recent study by OGO, 82% of employed American’s don’t feel that their supervisors recognize the significant effort they put in at work. Could it be that employers might do more to enhance productivity? In addition to OGOs findings, 40% of employed Americans say they would be more productive if they were recognized by their supervisors more often.
There’s no doubt that if you are looking to boost productivity in your workplace, the answer lies within the perks and rewards programs you offer to your team. Do you not have employee perks or programs in place? Don’t sweat it- we’ve got you covered!
Find perks that your employee’s value
Not everyone appreciates the same perks. For instance, you might offer a lunch allowance to employees, but some employees could benefit from financial counseling. It’s not a bad idea to ask around or talk to others on your HR team about potential rewards. You can also get creative with finding out what your organization is interested in for perks, try sending out surveys to learn about the priorities of your employees. Do they value healthcare? Onsite exercise classes? Entertainment? Finding out what your employee’s value will help you determine the best perks and rewards program.
Tip: Once you have found out what it is your employees like most, consider getting started with Lifestyle Spending Accounts (LSA.) LSAs gives your employees the freedom of letting them choose how they spend their dollars that go towards perks.
Listen to What Your Employees Want
We can ask our employees what kind of perks they want all day long, but without genuinely listening to them, there is no progress. Facebook offers its employees $4,000 in baby cash to new parents for those who are Facebook Employees. While you might not have the funds for baby cash, is there something you can do that is a happy medium? Maybe consider childcare or some financial award for parents who need to buy their children's school supplies. Do you currently offer your team free gym classes? Perhaps the time is not convenient for them and they would prefer to go to the gym on their own.
Tip: LSAs are a great way to give your team what they really want. Maybe you can’t afford to provide them with tons of money in baby cash, but you can offer a financial contribution to their LSA Account. LSA accounts show your employees that you care and really do listen.
Offer Perks as Often as You Can
Employee perks are more effective when they happen regularly. Offering employees lunch once or twice a year does not truly show that you appreciate their work. If you want to boost productivity in your workplace, start offering a variety of different perks. Adding lifestyle savings accounts, considering work-from-home Fridays, comfortable break rooms, paid lunches, or maybe even a day where dogs are allowed in the office is a great way to boost the office environment. A mix of fun and new perks shows your team you can work hard and play hard, too.
If someone told you at the end of the week you would earn $1,000 if you just accomplished one goal, would you try your best to do it? Chances are, most people would. The likelihood of being able to offer employees a significant amount of money every time they accomplish a goal is unlikely, but again, there is a happy medium out there. Having lifestyle savings accounts is excellent for both the employer and the employee because of its flexibility. Unlike a guaranteed bonus, you can add to this account as you please. For instance, if someone on your sales team has a big month and brought in tons of revenue, you can reward them through their Lifestyle Savings Account. A program such as a Lifestyle Savings Account is a great way to keep your team motivated because they know if they do a good job, they appreciate being rewarded, and love that their hard work won’t go unnoticed.
There are plenty of perks out there that are available to employers. You might not be able to offer your team insane perks like the big corporations such as Facebook, Apple and Google do, but with a Lifestyle Savings Account and some other small, affordable perks mixed in, you’re able to stand out as an employer that motivates their employees and rewards them for a job well done.
Now that you are off to a good start with your research contact our team at Work2Live to get started. Learning about new perks and employee reward programs can be intimidating, but we are here to guide you every step of the way! This incentive-based reward system gives you the flexibility to award LSA dollars at your discretion to your teams. Ready to get started? Start our Quick Enroll or request a demo to learn more!