With the job market heating up employers will face a new hiring challenge that will only gain momentum in 2018. As the hiring boom continues, now with greater tax incentives for all sizes of business, keeping experienced workers in the company, and bringing in fresh blood will be harder than ever. Incentives, like the workforce, has changed dramatically even in the last year. Below check out the new in-demand incentives.
Traditional workplace incentives fall into some recognizable categories like compensation, recognition, rewards and appreciation incentives.
Direct Compensation: Cash is still king. Employers and workers understand the loop of work then pay, but a little extra gravy after a job well done is always a welcome incentive. Second to this is time off, but before you give away the entire month of January, remember that you can’t pay a mortgage with flex-time. Work from home has fallen out of favor with larger corporations that handle security sensitive information because of cybersecurity concerns. If your business model isn’t commission based, be mindful on how you incentivize your projects so you don’t end up with a shop full of bounty hunters.
Recognition, rewards, and appreciation: Everyone appreciates a pat on the back from the boss, its human nature. But recognizing a team or individual after a long push to get a project finished on time, or meet a production goal against long odds is welcome, especially in larger organizations where knowing everyone name can be a challenge. These types of accolades can be corporate perks like team lunches, team outings, and other activities that change the pace of the regular workday to commemorate the act the company is recognizing.
Finding new hires is hard. Keeping 20 years of experience from walking out your door for something you could have given them, is easier than you think when you consider cost/benefit. Will you position your business to offer the incentives the new generation of employees wants? Or will you watch the bulk of your human IP disappear by the end of the year?