With versatile job opportunities and changing economic outlook, employees obviously expect more from their employers and mentors. Employees need to be happy working for a company to retain the enthusiasm and motivation for delivering their optimum. A survey by the Society for Human Resource Management (SHRM) points out that about 31% of employees are satisfied with the recognition received for doing a good job.
Monitoring, reviewing and assessing play crucially in checking the health of a company and can be quite interactive with the employees. The zest to perform works like the ball bearings of a machine. The more you lose, the lesser is the efficiency (of work). If they are not collected and refurbished timely, they can easily get lost forever. Here are the ten best ways to reward your employees.
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1) Personal touch
A personalized letter or note of thanks to employees for their great job can boost their confidence and show your caring attitude. You may want to indulge in group rewards (particularly when you have a large organization) but the individual initiative is way above other things. When wanting a compensation plan, try to keep the program simple.
2) Leisure and fun
Monotony is inevitable to lifestyle, which can undermine performance. Much of it can be accounted to the nature of the job your employees accomplish. Make your employees feel relaxed and comfortable at the workplace. While work should not be compromised with, a little fun and recreation can drive them to perform better. This also makes you stand apart from the type of stressed out worker.
3) Being part of the celebration
Everybody loves to magnify celebrations, be it the birthday or the arrival of a new one at home. Celebrating birthdays holds particular significance in an individual’s life and is not a restricted affair. A paid day off on a birthday, a nominal gift or a birthday cake or card can work as worthy rewards for giving that special feel to your employees. Additionally, you can create a coffee culture in your office to promote a healthy environment of working.
4) Flexible schedule
High performers may want a flexible schedule to deliver optimally. Employees can align their work schedule to their personal life and reduce stress to perform efficiently. Flexibility at work is indicative of your concern to balance work and life. This can potentially minimize the wastage of resources and enable employees to deliver with concerted effort.
Employees can be happy to know that you respect their lives outside of work. An employee living across town and struggling traffic around the morning and afternoon rush hours may be relaxed when provided with a flexible schedule. Off-site employment, achievable through telecommuting arrangements, also encourages remote workers to deliver promptly. Besides saving on the cumbersome commuting time and parking, there is reduced stress and more energy to perform.
5) Gold Stars and awards
Material rewards like awards can be tempting forms of recognition. For a well-accomplished job, like a successful project or after a period of consistent high-quality work, facilitate awards and recognition. You may deliver little trophies and certificates to worthy employees.
Recognition can also come as a choice for parking or any other utility program.
6) Say ‘thank you’
A ‘thank you’ can work wonders even in ordinary circumstances. A ‘thank you’ can be for anything – staying late to finish a task, locating an error before delivering a project to the client or being on time despite the adverse weather. The impact created by simple appreciation and small gestures can be long-lasting and more powerful than any material reward you can think of.
The feel of appreciation and worthiness can make employees more positive, more productive and more loyal in the future. Make your Thanksgiving simple but special. This can be an apt human connection to give credibility to employees.
7) Indulge in partying
Food can be an attraction on almost all occasions. Companies can provide lunch to employees on a regular basis. Regular treats also serve the purpose at the end of a crucial assignment. Leisurely lunches can be the best lunches and give your employees sufficient time to relax and enjoy themselves. It is important to enabling the feel of credibility regularly even for trivial things.
8) Career incentives
Aspiring and promising employees have a special appeal in programs which boost their careers and promote development.
Monotony can inhibit the dynamism of worthy employees. Provide them opportunities to enhance their careers. Seminars, training programs, assigning bigger projects, etc. are signals that you have raised their bars to perform and score better.
9) Annual appreciation program
Annual events, like appreciation programs, can be organized to reward employees of their sustained efforts and contribution in making their organization a better place. Annual events may include family members of employees to enhance the effect of appreciation and worthiness. Being a part of the extended family can make employees (and their family members) proud of associating with the organization.
10) Acknowledge the hard work
While it is good to reward success, it is equally (and sometimes more) important to reward hard work and consistent effort. Effort truly counts and goes a long way in producing favorable results.
A thought before implementing your strategy
The idea that you are rewarding employees should not be overwhelmed by the amount of money (resources) you are spending. It is not solely money which binds employees to your organization; relationship scores over material possessions.
Rewards can be accomplished in vivid forms. You may express gratitude for your employee’s late-night stays. You can complement recognition and appreciation in the form of a public statement of thanks. Compensation also comes as an apt form of reward. Better still, an incentive compensation plan can provide superior outcomes when you consider the employees and the organization as a unit. Equity ownership can serve as a long-term reward for individuals. It can provide both recognition and incentive to your employees, boosting confidence to an entirely new level. Aim at building a strong employer-employee relationship which can be everlasting.