Every company needs the best people on board to thrive. However, some positions are harder to fill than others, and new hires may not be able to handle the pressure so they quit. This is a costly aspect of being in business. Recruitment costs can soar in the never-ending battle for employees who will stay in tougher jobs.
One of the more effective ways of retaining new hires is to offer incentives for longevity and performance. When new hires are given an incentive after working for 90 days, six months, or longer, they may think twice about quitting. Again, this can be costly, but it benefits the company because it reduces recruitment costs and increases revenues over time.
What if the company has a limited budget for handing out incentives to new hires? This is where non-cash rewards can be helpful in retention efforts. Here are the top 3 non-salary incentives for new hires.
Company “Bucks” Rewards
Every company can come up with their own reward system that issues paper “bucks” to employees for achieving certain goals on the job (think Monopoly money). These rewards can be saved up for non-cash prizes like free lunch, company branded merchandise, movie tickets, or a premium parking space for a week. Or they can be saved up to use for a special personal reason, like a non-paid personal day off.
The longer employees stay, the more they can receive. Make it a point to hand them out to new hires who complete their first week on the job, their first month, and every month thereafter. Just have a way of issuing them to all managers, and make sure all employees have a chance to take advantage of this fun incentive.
Flexible and Earned Time Off
Most new hires understand that they have to work on the job for a certain amount of time before they can take any paid time off. This can be a powerful non-salary incentive if you allow new hires to take some time off for working a certain amount of hours on the job in their first few months. Let employees complete community service to earn time off too. The time off can be unpaid and they can use it whenever they wish, with a 24-hour notice and management approval.
Flexible schedules can also be a nice incentive for new hires, giving them a range of time that they can arrive to work and leave each day. This is especially attractive to parents and caregivers who are juggling family schedules around work.
There are many ways to make the workplace more comfortable and appealing to new hires so that they will stay onboard. Onsite perks, which don’t cost the company anything extra in terms of employee salaries, benefit all employees. Allow employees to wear casual clothing or jeans on Fridays. Try adding a free snack and beverage center to the employee break areas. Install a nice flat screen in a meeting space and fill it with soft seating areas and lush plants so employees can de-stress. Start a wellness program that encourages employees to take charge of their personal health and well-being. All of these non-cash incentives will help improve the employee experience and retention rates will rise with new hires.
Looking to Hire Additional Employees This Fall?
Contact the experienced recruiters at PrideStaff Atlanta for additional resources to improve your hiring. Or, partner with our skilled team and let us find you premier employees for your available positions.