3 Incentives for Employees to Improve Retention and Help With Hiring
Every business wants to find and retain the best employees. Offering incentives is one way to attract top talent and keep your current employees engaged. Here are three employee incentives that can help improve retention and assist with hiring.
1. Offer A Signing Bonus
When you are trying to hire the best of the best, offering a signing bonus is a great way to sweeten the deal. This is especially true in fields where there is a lot of competition for talent. A signing bonus lets the potential employee know that you are serious about wanting them on your team and are willing to invest in them upfront. Keep in mind that a signing bonus is a taxable event for the employee, so be sure to factor that in when coming up with an amount.
2. Create A Referral Program
One of the best ways to find quality candidates is through referrals from your current employees. Your employees likely have a network of professionals that they admire and respect. By offering a referral program, you can tap into this network and find candidates that may not be actively looking for a new job but would be interested in yours if approached. Be sure to structure your referral program in a way that benefits both the company and the employee making the referral so that everyone has an incentive to participate.
3. Offer Flexibility And Perks
Employees today value flexibility and work-life balance more than ever before. By offering perks such as remote working, flexible hours, and paid time off, you can show your employees that you value their time outside of work as well as their time at work. These types of benefits can be especially important for attracting and retaining millennial talent. In addition, offering employee discounts or freebies is always appreciated and can help improve morale among your staff.
Offering incentives is one way to attract top talent and keep your current employees engaged. By offering a signing bonus, creating a referral program, and offering perks such as flexible working arrangements, you can show your employees that you value them and want to invest in their development.
Do you have other ideas for employee incentives? Share them with us in the comments or on our Facebook page.