Innovative Employee Incentives in the age of COVID

Since I recently switched companies, it was a good opportunity for me to look around and see what organizations are doing to incentivize people to take new jobs and stay at them. Things have changed a lot since I was last in the market for a new job (about eight years ago), and employers have been forced to get extremely creative about what they offer employees.

I found so many cool and unique ideas for incentives in my research that I categorized them into themes. In this blog series, I’ll share what I learned. Here are the themes with a brief description of each:

Work Environment

Work environment

Your work environment is about where you work – your physical and geographic location – it could be your home, an office, or a hut on the beach.

Health & Wellness

Health and Wellness

Companies that care about their employees provide great benefits to ensure their people stay active and healthy because they know that you are their most important asset.

Workspace & Tools

Workspace and Tools

Your workspace is the place you sit or stand while working, along with any tools or technology that help you do your job.

Work Schedule

Work Schedule

The days of standard office hours are long gone; employees want the flexibility to choose their own schedule.

Culture

Company Culture

A company’s culture is like its soul or personality. Culture is not easily defined or described unless you experience it, and every organization is different.

Financial

Financial Rewards, Compensation, Money

Money isn’t everything, but it does matter. Employees deserve (and expect) to be paid fairly according to the value of their skills and experience.

Community

Community

Companies that care give back to their communities by way of sponsorships, fundraising, donations, and volunteering.

Other Perks

Other Perks

Companies that want to attract new employees are getting really creative, providing cool and unique offerings.

Insurance

Insurance

Having insurance provides you with a safety net when things go awry. There are many areas that need to be considered including health, life, accident, illness, pets, etc.

Professional Development

Personal development

People want and need to learn new things. Organizations need to recognize the importance of people growing their skills by providing them the tools to continue learning.

Career Paths

Career Paths

Having well-defined career paths helps employees know exactly what is expected of them so they can advance.

Education Assistance

Education Tuition Assistance

Many companies are willing to help graduates pay off their student loans or provide tuition reimbursement.

Recognition and Rewards

Recognition and Rewards

It’s crucial to recognize and reward employees for their hard work and efforts. This doesn’t have to be difficult or expensive, but it should be done.

Time Off

Time off

Rest and relaxation are vital to mental health; employers are getting creative with paid time off and encouraging employees to take breaks from work.

Retirement

Retirement Plans and Contributions

It’s rare to find companies providing generous pensions anymore, but many offer retirement programs with employer contributions to help employees save for retirement.

Closing Words

The benefits your organization provides are a big reason why you stay with an employer. As the talent market has shrunk and need has grown, it’s more critical than ever before to offer a “total rewards package” that includes all the “standard stuff” plus any other unique or competitive offerings. People know it’s an employee’s market, and they will shop around to find the best situation – not just the highest salary. So, stay tuned as I delve deeper into each of these benefits categories.

But before I go, are there any major categories I may have missed? Is there something completely off the wall you have seen as an employee perk? If so, please let me know in the comments below!