Did you know that 82% of American employees do not feel recognized by their employers? This gratitude deficit is not only harmful to employees but your business’s success too. So, what can you do to reward employees?
Managing employees means recognizing achievements as well as areas to improve. Often, employers do not realize employees feel undervalued, yet it quickly shows in your business. Negative consequences include loss of productivity, high employee turnover, and low morale.
The good news is that there are simple ways to give employee recognition, which does not cost your business and can help increase profitability. Read on to learn how successful companies reward employees.
Express Gratitude and Be Specific
The first step in rewarding employees is to express gratitude for their work and achievements. 75% of employees agreed that their employer saying thank you would increase motivation.
Take the time to give a heartfelt thank you. Simply giving space and time to do this will make the employee feel valued. Be specific about what they did, so it is tangible, and the employee knows you are paying attention to their work.
Successful companies personalize rewards for employees. Consider keepsake gifts that your employee will appreciate, such as employee medals. View these medallions as inspiration.
Employees will be able to display these types of rewards and stay motivated with them. You can introduce ways for employees to gain specific medals or other rewards too. During onboarding, you can also ask employees what rewards they appreciate to help tailor personalized gifts, such as a stunning glass trophy, that resonate with their accomplishments.
Another way to reward employees is to have a space to showcase their achievements. This could be on your company website, a noticeboard at work, in the monthly newsletter, during a team meeting, or during a presentation.
The paycheck is not enough motivation for many employees, so recognizing their work and promoting it gives them another incentive to work hard. This also motivates other employees to work hard to achieve the same recognition.
Offer Business Events
You can reward employees with business events such as field trips, company lunches, or parties. Business events are a great way to reward many employees at once and offer a chance for team-building too. Business events also help build a fun and welcoming business culture, which motivates employees to work towards company goals.
Gift Cards and Other Incentives
Gift cards are a great way to reward employees and network with other companies. You can also offer additional incentives that leave a lasting impact, such as extra vacation time or the chance to leave work early. These rewards are often more thoughtful than monetary incentives and show you value employee well-being and success.
Successful Companies Reward Employees
Use these tips to reward employees and notice how your business thrives. Successful companies recognize the importance of supporting employees, and it will show in your profitability and low employee turnover. Managing employees becomes easier, and company culture will improve.
Did you find this article helpful? Read on for more tips to enhance your business success.