Everyone has the occasional bad day. But when a bad day becomes months of work-induced stress, employees are more likely to seek happiness elsewhere—joining the 2.7 million people who quit their jobs each month. And as any HR professional knows, turnover is the bane of corporate existence. It takes at least 20% of a person’s salary to replace them—not to mention the time and energy you’ll spend conducting interviews and reading applications.
Morale-boosting workplace incentives will reduce turnover and its associated costs. One of the best perks for this? Flexible working hours can lower turnover by more than 10%, creating a more stable team and raising morale.
2) Save money
Many companies hesitate to start incentives programs because of the costs it will incur. But these costs are relatively small compared to the money you’ll save in the long run. For instance, it sounds expensive to pay for every employee’s gym memberships. But compare that to the $2.2 trillion U.S. employers pay annually for healthcare—if workers got healthy through paid gym memberships, these massive expenses would shrink.
Another great example is remote work. Large brands can save millions on real estate by letting most employees work remotely. And you’ll reduce your company’s carbon footprint by using less electricity, water, and paper.
3) Generate good
Employee incentives are ultimately about creating a better workplace—and a better world. Take Facebook: they offer moms and dads four months of paid time off to spend with their new baby, plus pay adoption fees. By supporting parents, Facebook contributes to a more stable, family-oriented society.
Perks like free childcare, mental healthcare, or paid time off aren’t about you, but they still benefit you when it comes to your brand image and recruiting. Talented people want to work for caring companies, so offering others-centric perks will attract these top workers to your team.
When it comes to starting an incentives program, you’ll do well to look at both sides of the issue. Be sure to choose the ones that will make your employees happy and be worthwhile for you.
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