Why Rewarding Your Employees Will More Than Pay Off For Your Company
May 30, 2018
The Hidden Benefits of Employee Incentive Rewards
Most professionals are aware of the fact that bosses sometimes incentivize their teams with rewards based on performance, efficiency, hours clocked…You name it. For some, occasional recognition is a sweet treat, but many others crave that sense of appreciation - especially in a work environment. Employees want to know when they meet standards; when they are recognized for doing that and more, they’ll feel like a valuable, important part of the team and will exude confidence and loyalty. Others will take notice, and many will make the effort to work harder, faster and more efficiently, so that they, too, might get a taste of the praise they’re entitled to.
However, according to Gallup, only one in three workers in the U.S. strongly agree that they received recognition or praise for doing good work in the past seven days.
Reward, recognition, credit where credit’s due...Employees - especially millennials, the largest generation in the U.S. labor force - prefer to work for companies that give them all of this and more. Think of how you enjoy being acknowledged for your hard work, then try to pass along similar compliments to others.
These acts of recognizing others will grow and spread, creating a healthy work environment - one of the main things to strive for in any business. When team members don’t feel noticed or appreciated, there’s little incentive to do anything more than the bare minimum, and very few will be singing the praises of your business. Worse-case scenario:You’ll lose potentially great employees to other competitive organizations. However, if you are thanking those who work with you and praising people for their efforts, that positivity will rub off. Employees, clients and beyond will notice the positive vibes associated with your brand.
And, in return, those in your office will be even more motivated to work. Morale and productivity will increase, while unwanted things such as employee turnover and office burnout will decline. It truly is a win-win situation.
Not sure where to start when it comes to rewarding your employees? Follow these tips to see how an incentive program can pay off for your brand:
Set guidelines: There is a balance to keep in mind when rewarding people. If you only reward certain people for certain accomplishments, others in the office may think you are showing favoritism. On the other hand, if you just have a generic employee of the month program, everyone will expect to be recognized at some point. Therefore, you need specific guidelines: What will be rewarded? How often will you award people for their efforts? What will be the actual prize or compliment? A good way to get people excited about a reward system is to involve them in the planning process and poll the office on what they think deserves special recognition and what they would consider a worthy reward.
Entreprenuer.com suggests rewarding performance and behavior with compensation, benefits, recognition and appreciation.
Keep variety and diversity in mind: When you are thinking about this reward system, remember that everyone has different skills and interests. Therefore, you can’t just reward the most sales each month - That would leave out your employees who show talent when it comes to, say, marketing and customer service. Furthermore, you may want to think about mixing up your reward, too. You want to incentivize with something that can be used and appreciated by everyone, regardless of age, gender and so on.
Get creative: When it comes to incentivizing employees, it is the thought that counts. If you can’t afford to give everyone bonuses, think about saying thank you with a party or by giving your hard-working employees longer lunch breaks. Even a handwritten note, detailing what was done, how it made you feel and why you appreciate individual people, could work. Something is better than nothing.
We also suggest checking out these employee gifts for under $50. Tote bags, tumblers, sunglasses and speakers...There's something for everyone!