Incentive Plans Reward Employees as well as Companies

As we settle into 2013 I think it’s easy to forget about our resolutions to improve on the New Year.  When people come back to work and you have your first of the year strategic planning meeting there is tons of excitement in the air as new ideas are discussed.  It’s well known that most resolutions don’t even last until the end of January.  It’s not that hard to imagine big plans dropping off the horizon while we settle into the daily grind of helping a company run smoothly.  One big plan that may have been an agenda topic in your first quarter meeting is a new employee incentive plan.  Whether you’re implementing an incentive plan in a world where one never existed or you’re changing an existing incentive plan, this is one resolution that is so important that it should stay at top of mind.  If you want to implement an incentive plan but a small budget is road blocking your ideas, consider offering non-financial rewards such as rewards that improve health.  Encouraging employees to improve their health will come back to your company in a multitude of ways.

  • Joining a gym doesn’t cost the employer money, rather the employee.  Many gyms participate in discount programs that work with health insurance.  Encourage your employees by providing a list of employees that will work with your insurance to lower the cost of gym memberships.
  • Host lunch n’ learns that teach good nutritional habits.  As tempting as it is, don’t serve pizza at these events! 
  • Once employees get healthier, your health insurance premiums may go down at renewaltime.  If this happens you will be able to provide premium reduction rewards.

 Nonfinancial rewards have proven to be more meaningful to employees.  So, if your company resolutions included increasing employee retention, productivity, engagement and decreasing absenteeism consider implementing an incentive plan.  Be sure to ‘like’ my Facebook page and get connected with me on LinkedIn to learn about weekly tips to keep your employees engaged!