Affordable Rewards and Recognition to Give Your Employees

August 8, 201610:49 am1428 views

Everyone agrees that rewards are valuable feedback to be provided to your employees that significantly result in higher retention and engagement of talented workforce within a company.

Some industries might vary on the rewards and recognition initiatives – from zero-cost attemptive measures to the most expensive ones. Whatever be the form of rewards, they play great role in creating a sustainable workplace that boost employee morale, confidence and thus higher productivity at work.

See also: 3 Reasons Company Outings are Important to Keep Employees Motivated

Most employees view rewards as a form of company appreciation for their hard work and achievement at work. They become more confident, and highly driven to execute their regular duties and tasks at work. Appreciation by the employer results in creation of a better working environment to gain trust and improves employee engagement.

Several rules to rewards and recognitions

Delivering rewards without any strategy could lead to an ineffective results, lack of impression, and even could lead to jealousy amongst co-workers. Instead, be tactical in your approaches when giving rewards and recognition to your staffers. Here are some points to consider:

Be Sincere. Everyone loves sincerity in their lives. It is important to be sincere and honest in giving the rewards, as these positive energies get transfused to employees to reflect on their performance and productivity.

Be Timely. Every small success made by the worker should soon be recognized by the employers. Clear, fast-response feedback by the employer delivered between great efforts and the reward strategy will boost more contributions and achievements of the enterprise in the near future.

Be Specific. “Thank you” note always works, but employers can make it highly impressive by providing specific details of why employees deserve the rewards and recognition. When every tiny success is noticed, rewarded and appreciated by the company, they will be encouraged and motivated to perform better always in time.

Be Personalized. Some workers might love to publicly display and flaunt their successes, while some others might not. Therefore, it is important for employers to know how the employees expect to be treated rather than equalize all of them in a general perspective.

Some Types of Affordable Rewards

A shopping voucher and vacation tickets could prove to be expensive. However, companies can adopt some affordable reward strategies and mechanisms to support the high-performing staffers.

Praise. General praise cards and emails could dampen the intent of the gesture and feel more like an obligation than proper rewards. Instead, managers should be authentic in delivering the praise either through a handwritten note saying ‘thank you’ or customized ‘thank you’ emails.

When possible, employers can also hold a private conversation with the employee to express how much the company appreciates the worker’s hard efforts and recognises it with accomplishments. These praise techniques could leave a great impression and increase sense of ownership towards the company.

Showcasing. This reward strategy provides equal opportunity and fair compensation to all the key employees to perform their best at work. The appreciation can make them feel more valued and validated, publicly recognized by all the colleagues for their success and accomplishments.

Responsibility. One unique way to deliver the rewards is by giving them more responsibility to handle an important project or lead a subdivision. Greater responsibility is expected to gain more confidence and provide space to broaden their capabilities, leadership skills and experience.

Small events. Having a small celebration towards an employee’s achievement is a great idea to deliver an impressive reward. Simply by ordering a pizza or barbecue party to congratulate a key employee will create a nice yet productive working environment. Everyone is motivated to give their best at work as companies know well how to thank their good jobs.

Rewards and recognition are tightly interlinked to create higher engagement and motivation in a workplace. These lead to a great workplace culture, where everyone is glorified and recognized for their performance and hard work.

Next read: 5 Ways to Build Sense of Ownership at Work

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