Rewarding Times – 5 Ways to Reward Your Staff for a Job Well Done
It might seem like employees who go above and beyond are a rarity in the job market, but they don’t have to be. It’s simple: if you nurture your team, take care of them, and reward them for a job well done, you’ll find there are plenty of people willing to become long-term, valuable assets to your business. Here are 5 tips on how to turn an average employee into a hard-working and profitable team member through rewards and recognition.
Awards and Promotional Merchandise
Custom awards including trophies or promotional merchandise, such as reusable coffee cups, is something that can benefit both the employee and employer.
Gifting your team members with awards is your acknowledgement of a job well done. It’s not just sportspeople who value cups and trophies, we all like to be recognized by management and our peers plus also see for ourselves that we’ve performed to our best.
Promotional merchandise allows you to reap the benefits of brand recognition when your employees use their product in public while simultaneously making them feel appreciated by receiving a gift.
Believe it or not, incentive-based bonuses can come at little cost to your company, but at a significant gain to both you and your employee. How they work is simple: your employee works hard, increases their productivity and goes above and beyond for your business, which results in them receiving a reward.
Rewards can be anything from monetary bonuses through to days off work, vouchers, or gift items. The best part is, you benefit from a lower staff turnover rate, staff loyalty, and even increased earnings through productivity spikes.
When your staff members work hard all year round, it’s essential to show them how much you value their efforts. While you may not be able to afford to take your team on a global getaway as one businessman did, you should make a point of treating your employees to the occasional weekend getaway.
You may even be able to find holiday providers that can cut you a deal if they know you’re buying a bulk amount of accommodation and activity vouchers.
Promotions and Responsibilities
One of the most valuable ways of rewarding your team isn’t by giving them money – instead, it’s offering them opportunities. If a staff member continually goes out of their way to impress and provides unparalleled value to your business, it’s crucial to reward them.
If you want to retain them as an asset to your company, you may find that offering a promotion and more responsibility is the way to do it. When you promote someone on your team, you’re doing more for their prospects than you realize and increase their loyalty and trust in your company.
It’s on Us
If you don’t treat workers who have done an excellent job, you may find that they’ll no longer go out of their way to do their best. In fact, they may even become unmotivated to provide decent service. Not respecting your team is a dangerous path to travel, opening doors to poor customer service, low productivity, and a toxic work environment. This is why it’s so important to have an open wallet policy when it comes to lunches, celebrations, and meetings. Whenever you discuss staff successes, be it landing a big project or a crucial new client, don’t be afraid to break out the credit card. If your team knows you’re going to shout them for every triumph, they’ll be more inclined to put in hard work.
Rewarding your team for a job well done is essential not only for employee happiness but your bottom line. The suggestions above are a good starting point to help you consider ways to treat your staff and keep them happy, fulfilled and productive.