Performance Nail Biters and Annoyances: Motivating and Rewarding

With more job openings than people to fill them, it is time for your company to evaluate how you are motivating and engaging your team to help you retain and attract the best talent. Sherry Coker, Executive Director at the OTC Center for Workforce Development, walks you through tangible and intangible incentives that encourage employee engagement, performance enhancement, and higher job satisfaction. This is sponsored content. 

Video Transcription:  In today's environment attracting and retaining skilled talent is on the minds of every business owner. There are currently eight job openings for every individual so it's time for your business to evaluate how you're motivating and engaging your team. Incentives can be a very effective way of accomplishing this and there are basically two types: tangible and intangible. Tangible rewards are things like cash bonuses, employee stock options, child care, healthcare insurance, and 401K and paid time off. These things are common financial incentives among growing businesses and as you consider making a greater contribution to your employees these programs can be very effective in attracting and retaining your talent. However these tangible incentives don't take the place of a culture that places a high value on its people and provides interesting, meaningful work. Intangible incentives often cost very little to your organization, but provide lasting employee engagement and performance enhancement. Simple things like employee recognition lunches, time for team members to come together and explore new ideas, suggestion boxes, and community service projects can bring a higher level of employee satisfaction and ultimately better job performance. So as you're evaluating an incentive program keep in mind that it must be attainable, meaningful, relationship based, consistent with company values, and focused on long-term results.