If you have a business in the industrial sphere, you may be wondering what the best ways for you to value and reward your worker’s productivity are. This is an important detail to think about, as you may find that rewarding your workers for their hard work is the best way to boost their productivity. If you’d like to start on this but have no idea of the best way to do it, keep reading to see some actionable ideas.
Allowance to Work from Home
It’s no secret that a majority of employees would love the chance to work from home, and this is something that’s becoming even more popular with time. If you have a part of the team that works from home, it’s important to keep in mind that they also have expenses and various challenges to deal with. For this, you can reward hard workers with a stipend to cover their costs, which should be an additional amount on top of the regular wages that you pay them. This could be similar to rewarding your on-site employees with a stipend, keeping in mind that over the last five years, the salaries of forklift operators have seen a considerable increase of 16%, according to Action GRP.
Launching Suggestion Schemes
You could also put in place a culture of innovation in your business by starting an employee suggestion scheme. This can help your team feel connected to the growth and development of your business, motivating them to give it their best since they know that they’re valued and that their input matters. One of these is an encouragement award, while another one is a financial benefit award, both of which can be given for good suggestions shared by your employees.
A good suggestion can be weighed by the impact it has on overall productivity, such as one shared on ways to minimize interruptions during work. This is based on a study that was done by researchers at the University of California at Irvine on IT and accounting workers. This study found that employees switched their focus from one project to another on an average of once every 10.5 minutes and were interrupted during more than half of each of these segments.
Ownership Rewards
Ownership rewards may take the form of shares of the company, which you can gift to key employees as well as managerial staff. This can help boost productivity, and it also has the benefit of ensuring that the awarded employees stay with you for the long term. This type of reward also makes it easier for the employees to conserve assets as opposed to cash, which is liquid and therefore a lot easier to spend. You could also help make it easier for your employees to get work done by investing in the latest technology for those offices or workers that perform well. One of these is a Manufacturing Executive System or MES, which can increase efficiency and productivity, with some companies seeing an improvement of anywhere from 10% to 20%.
Offering Deferred Bonuses
Also called a bonus pledge, a deferred bonus is deductible from a company’s profits if it’s paid in nine months of the end of the accounting year. This could be given to an employee who covered for furloughed workers, especially if you made extra profits in the end. This type of bonus is committed to at a certain point, with its payment deferred to any time within nine months. With these, workers can feel the appreciation and be motivated to put in even more effort for the benefit and growth of the company.
These are some actionable ways in which you can reward your workers for the effort that they put in. As a result, you can be sure that they’ll feel great to be acknowledged, dedicating even more to the business. At the end of the day, you stand to make a lot by rewarding your hard workers in various ways.
