Talking about rewards in the business world, whether for good performance, promoting a culture of well-being, or retaining the best talent in the market, is undoubtedly a topic that requires some scrutiny.
More and more companies are discussing and implementing this with the primary goal of generating a high level of motivation among employees. When it comes to profitability, this is the best way to achieve it. Companies have understood that the focus should not only be on results but also on the people behind them. By empowering these individuals, they can potentially multiply results two or three times over.
Now, financial incentives are not everything and are not the only way to make an employee feel valued. There are other types of incentives that are relevant and important, and that can even create a sense of belonging—one of the most sought-after values by leaders and executives in a company.
According to a study by Opener Institute for People and the Wall Street Journal, employees who are happy at work are 36% more motivated and 31% more efficient. This means that implementing and managing an incentive program that enhances human talent is no longer an option but a necessity.
Big companies around the world do it, why don't you dare to do it? Look at the benefits these brands provide to those who work with them:
Airbnb, the company dedicated to offering accommodations to individuals and tourists, keeps its employees happy by providing them with an annual stipend of $2,000 (1,798 euros) to travel and stay at the establishments listed on their website.
Twitter, although it is one of the most criticized social networks today due to some of its policies and information management, also pays for its employees' three daily meals. Additionally, it covers acupuncture sessions and improvisation classes, among other similar incentives.
For its part, Google, which is dedicated to organizing the vast amount of information available on the web, also cares about the well-being of its employees. In the event that one of its employees passes away, it provides 50% of the deceased's salary to their spouse or partner for 10 years.
Meanwhile, Facebook, now Meta, is fully committed to supporting childbirth. It grants a check of $4,000 (3,596.30 euros) to its employees each time they have a child. Accenture, the strategy and consulting company with over 699,000 employees worldwide, part of its culture is to reaffirm its commitment to LGBT rights by covering sex reassignment surgeries for its employees.
To achieve this goal and implement an unwavering work and wellness culture, it is also necessary to discuss limits and rules. Everything proposed, the reasons behind it, and how to access it must be clear and taught to employees so that they understand how they can get on board with the incentives.
One more fact, "the American Compensation Association" revealed that incentive programs that do not offer cash achieved three times more return on investment than those based on cash rewards.
How do you now envision implementing incentives in your company? At Penta, we are experts in incentive programs and can help you.
