The impact of incentivizing and rewarding your high achieving employees
We live in a world where many people are just numbers, you are replaceable at most levels.
This is why more and more people are trying to escape the corporate rat race to set up themselves and become financially free.
Head-hunters will be hitting up your employees with enticing roles, sometimes up to 10-15 times a day.
I believe it’s more important than ever that if you value what your employee can bring to your business then it’s crucial, that they are rewarded and incentivized for their performance.
Whether this is a monetary bonus, a holiday or even an Amazon voucher. All of these can be beneficial in keeping employees motivated whilst simultaneously driving performance through competition.
I can only go on my own experience and how I feel my company has implemented these benefits.
At my current employer Adapt Talent, we offer the following to all employees for overperforming.
- 12 x Lunch Clubs per year (A Day off work along with a good budget per person for some great food and drink)
- Consultant of the month awards (Bottle of the CEO’s finest red or Amazon voucher)
- A holiday every 6 months for being 20% above your target. (Dubai, Vegas etc.)
- Consultant of the year award (An all-paid vacation for you and a friend or partner)
- Million Dollar Club
I have been lucky enough to hit all these incentives and experience the trips. Not only has it probably doubled my PTO across the year, but it has also let me experience some amazing places in the world I had never been to; The Maldives, Las Vegas and Dubai all in one year. The trip to the Maldives was my baby’s first holiday and we will be forever grateful for that once in a lifetime experience.
This motivates me every day and I’m not sure how I could ever go back to a non-sales role. I am eternally grateful to both my director Josh and CEO Sam for taking and chance on me and helping me grow both as a person and a recruiter.
It goes without a doubt now, that I have never felt so much loyalty to a company in my life. Working extra hours or even coming in on a federal holiday isn’t an issue.
I feel in many non-sales roles it is difficult to implement so many bonuses however, I would recommend to any business that if you wanted to keep your best employees. Give them a great incentive to motivate them. It will pay for itself by the performance you have driven. They will also be much less likely to explore other options if they have trips lined up through the company.
Some roles can be quite mundane and boring just by adding some fun incentives or competitions, it can be great for work ethic, performance, growth and culture all around.