Incentive Programs: Ideas For Retaining New Talent
When it comes to top-level talent in the corporate world, the environment can get extremely competitive. Some of the most sought-after free agents make their decisions based on the bonuses and performance-based incentives they receive at any given organization.
There are old favorites like giveaways, bonuses, paid vacation, and contests against team members – but in today’s world, these are more for temporary motivation instead of long-lasting incentive programs.
It’s pretty safe to say that the most talented corporate world members take their positions very seriously, which means monitoring their progress and constantly striving to be better. These over-achievers don’t shy away from recognition – and rightfully so, as it’s always right to give credit where credit is due.
Your employee retention plan should allow team members to monitor their growth and unlock exclusive rewards. This should be a continuous performance-based program and not just a two to four-week window that gives the temporary motivation to pad numbers to win a new watch.
We’ll give you the best ideas for keeping talented individuals on your corporate team in the following article. These are the best incentive schemes for retaining top-level talent.
Top talent badges are a great way to recognize high-level performers within your organization. We don’t mean badges they can sew onto a company jacket, either.
Gamification badges can be shown off on social media and other platforms and allow team members to monitor personal progress and highlight benchmarks. These small, achievable goals also make long-term goals more manageable.
Allow team members to knock out big goals by taking down one task or skill at a time. For example, if you have a goal of mastering online marketing, you can create a series of badges for each step of the way.
Create ten badges that highlight individual accomplishments that make up the main goal overall. Make the badges eye-catching and include a place for team members to add their names.
2. Certification Paths
It’s important to note that these are separate from certification courses that are offered for every team member within your organization. These are advanced programs that are only available to high-level performers who want to take their online training to the next level via your learning management system.
Allow team members to earn either digital or printable certifications that show their mastery of these certification paths. A series of activities or modules must be completed in order to unlock these certifications.
3. VIP Training Events
These VIP training events are only available online and are through invitation only. Team members that have gone above and beyond their quotas are eligible for these events. For example, maybe team members who surpassed their sales targets with exceptional customer service ratings get an invite.
These online events are composed of elements like talented guest speakers that are well-known in your specific industry. Engaging activities are also available that challenge team members who are fortunate enough to get invited.
Regardless of how you model the event, the requirements should be laid out well in advance of the VIP training session. This way, team members understand what is expected of them and have a chance to set their goals.
4. Team Member Spotlights
There are several ways to approach this method, depending on the size of your workforce. You can highlight one team member per week or even choose one on a monthly basis to include in your newsletter.
Social media pages for your organization can also be used to highlight these talented members of your team. A personal story about the team member you choose can be included in a write-up, as well as why they were recognized.
This not only motivates the rest of your team and gives the highlighted team member a sense of accomplishment, but it does wonders for your corporate culture. The sense of community is promoted within your organization, leading your entire workforce to strive for their best.
5. Hosting Opportunities
This is a unique way to give top-performers an incentive to do their best. Many of the most talented members in the corporate world love the opportunity to step up and talk about their professional passions.
Give top performers the opportunity to host an online webinar or workshop. This is a great way to highlight future management and leaders who enjoy sharing insight with other team members.
6. Inspirational Leaderboards
This is a great way to bring out the competitive nature of your workforce. It also gives team members the chance to improve by gauging their performance and ability to one-up their peers.
However, it’s important to use this as a motivational tool and not a means of discouraging or embarrassing employees. If you notice a specific team member taking a dive on the boards, offer your assistance or words of encouragement. Invite them to a coaching session in an effort to provide them a hand in improving their position on the board.
7. Knowledge Base
This is a great way to improve the retention of every team member in your organization and shies away from highlighting just the top performers. Compiling a knowledge base that consists of every skill associated with your industry is a great way to fill gaps and prepare team members for their futures.
Using this method can be a great way to groom team members for management positions as well. These libraries can be used as a way to analyze skill sets, craft improvement plans, and build specific skill sets.
One of the main themes when it comes to retaining team members is giving them ways to improve their performance. The right LMS platform will include all of the elements mentioned in this article.
The competitiveness of the corporate world is always on the rise, and employees within most industries understand that improvement and an increase in knowledge should always be at the forefront. Would you like to find ways to make your organization stand out as a company that allows team members to grow and focus on goals? To draw and retain the best talent in your industry, schedule today for a free consultation!