Creating incentive programs may sound more like a strategy to retain customers. But, it’s also a great way to retain hourly employees. With over 46% turnover for hourly workers each year, coming up with creative strategies to hire the best people and retain them is important to reducing employee turnover costs. Here are three of our favorite reward strategies to retain hourly employees (and save that $4,900 that is spent to get a new employee).
Employee of the Month
One of the most common incentive programs in choosing an employee of the month.
While this may seem old school, there’s a reason it’s stuck around. People enjoy recognition for what they do – especially when it comes with a monetary prize. However, instead of choosing someone yourself, ask customers and other employees to give feedback to who they think should win that month.
When choosing an employee of the month, it is important to determine which factors you will take into account. That will make it fair for all employees and give them standards to strive for.
Factors to consider in choosing an employee of the month may include:
- Customer Reviews
- Meeting/Exceeding Expectations
- Positive Attitude
- Leading Others
Creating group competitions is a great way to get employees engaged. It gets them engaged with their work, customers, and each other. By getting people to work together to accomplish the store goals, they are not only more productive, but engaged employees stay longer.
A few examples of group competitions include:
- Meeting monthly store income goal
- Customer satisfaction score
- Speediness of completing customer orders
Common prizes/incentives are:
- One day PTO
- Free meal
- Staff party
We know that a major problem with hourly workers can be their attendance. When you link perfect attendance streaks to incentives, you give employees an extra reason to show up. Knowing that there are incentives to working and staying with the company leads to better retention.
Also note, 51% of workers would change jobs for one that’s more flexible. Keep this in mind when scheduling shifts for those who need a flexible schedule – or for those who need a set schedule week after week.
An example of an attendance incentive:
- Perfect attendance for one month: $50 Amazon gift card
- Perfect attendance for three months: Three days of PTO
Taking the time to create and implement incentive programs for your employees shows them you are invested in them being there. It proves that they aren’t just a replaceable person. By creating incentives that bring people together, working towards common goals, you increase productivity, morale, and retention rates.
Sprockets’ Applicant Matching System helps you to hire dependable people that fit your culture from the start, reducing employee turnover. Learn more about how our pre hire assessment can assist in your hiring process.
Plus, check out how Bonusly provides a platform for instant employee recognition and rewards.