PROPERLY INCENTIVIZING YOUR EMPLOYEES FOR GROWTH March 1, 2022 | Business Tips | motivation , hiring , training , small business , business growth By David Stamper, NPI, Inc.'s President & CFO Your employees are the most valuable asset you have for your business. And the more motivated they are, the more productive they’ll be to help grow your business. Here are some ways you can incentivize your employees. Why Incentivizing is Important Properly rewarding your employees for their hard work is important for a number of reasons. First, it makes them feel like they are a valued member of the company. Employees that feel they are needed are more likely to contribute. That willingness to contribute also leads to better teamwork and collaboration. Overall, there’s sure to be a boost in morale when your employees feel as if they’re valued members of the team. Pay Benefits Money is a common incentive most business owners use. It can motivate both newer and longer tenured employees. You of course want to give adequate bonuses based on how long an employee has worked for you, quality of work, and likelihood they’ll stay with you. You can use either a one-time bonus or bump their salary permanently. If you can afford it, doing these annually will further motivate employees. Vacation Time As much as we may love our job, it’s nice to take a few days off periodically to recharge. Offering additional days off on top of your standard vacation time says that you recognize an employee that’s gone above and beyond. Employees that take time off are reported to be happier and more effective in the workplace. (You may even find taking more time off yourself will make you a better leader!) Awards and Recognitions Employee of the month photos and gold watches are a bit antiquated, but public recognition is still very important. Being praised in front of their peers shows your workers that they’re a valued member and you appreciate all they do. You can also show your appreciation by taking them to a one-on-one dinner or other outing. Adding a personalized note thanking them for their work along with an award is sure to show your gratitude. Training Chances are your employees work for you because they have an interest in the industry. One way you can incentivize them is by further teaching them about your business. You might work with them personally, pay for continuing education classes or certifications, or send them on business retreats. They’ll gain invaluable knowledge that can serve them in the future. Miscellaneous Gifts Along with incentives based around your business, fun gifts also give your employees something to work for. They can be anything from tickets to a game, gift cards to their favorite store, or anything else you think they’d enjoy. You can also let the employee choose what they want for a gift so they’ll be sure to enjoy it. Your employees do a lot to keep your business running, and it’s only right they be recognized for it. Taking the time to say thank you will further motivate them to keep doing a good job! For more advice on managing employees, reach out to the home office staff at 800-333-9807. About the Author David Stamper, President & CFO NPI Inc.'s President and Chief Financial Officer David Stamper holds a B.S. in Accounting and Mathematics from Buena Vista University and currently manages day-to-day business activities, performs the company’s accounting functions, coordinates software development and assists with long-term planning. In addition to his management duties, David also helps train and mentor new franchisees and provides business management support for current franchise owners.