Studies have revealed that happy workers are more engaged, offer better customer service, work harder, are often healthier, and tend to have a more positive mindset towards their jobs.
In a recent study by the UK’s Oxford University into the effect of happiness on productivity, employees were rated as being 13% more productive when they’re happy. Researchers noted a significant increase in the amount of effort made by happy staff. Intriguingly, happier workers don’t necessarily work longer hours – they are just far more productive in the hours they do work.
Here are just three ways you can incentivize your staff and improve your overall productivity and profitability.
Profit/equity share
Cold hard cash is often the most potent motivator, but you don’t just want to be giving money away. Rather, by offering your staff a share in the company profits, you can make them feel more involved in the overall direction and success of the business while also directly rewarding their hard work.
People are far more likely to productively engage in their jobs if they feel the benefits of their work will come back to them as well as the company. By aligning employee productivity with profits and bonuses, you’ll provide the best motivation to get staff working harder.
Offer benefits, health plans, rewards, etc.
Another very effective way to bolster employee satisfaction is to offer extra unexpected benefits. Many businesses these days provide extended health plans, insurance, gym memberships, or other bonuses as a standard incentive for working with the company.
Of course, managing these benefits on a per-employee basis can potentially pose a massive headache and drain on resources; however, there are now apps and software packages that can significantly simplify employee benefits schemes.
From a workers’ point of view, staff simply sign up for the benefits packages they want through a downloadable smartphone app. Meanwhile, from a company perspective, these backend systems can be integrated into your existing HR and payroll software, taking any applicable deductions directly from employee pay.
Rewards and benefits systems offer companies a hassle-free way of staying on top of employee benefit packages while incentivizing their staff to work harder.
Working to benchmarks or deadlines
It’s widely recognized, not all employees are at their most productive between the regular hours of nine and five. To capitalize on different work patterns, consider switching up the workday to allow staff to work more flexibly around their particular needs. It’s also worth considering moving to a more deadline or benchmark-driven approach rather than being fixated purely on the number of hours worked.
Working to deadlines allows staff to leave early or take days off if they meet their targets quicker than expected. This gives teams a far greater incentive to work quickly and effectively.
It should go without saying if your employees feel valued in your company, they will work more conscientiously. It is a crucial component to find cost-effective ways to regularly boost the satisfaction and contentment of your employees without breaking the bank.
When it comes to bonuses and incentivizing work, a little goes a long way, and you’ll soon start reaping the benefits of having a happier, more productive workforce.
