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5 Tips for Providing Meaningful Rewards and Recognition

5 Tips for Providing Meaningful Rewards and Recognition

A happy employee is a reflection of a strong company culture, one that nurtures its employee bonds and takes care of their needs above all else. With that in mind, and knowing that the modern market is a fast-paced, fast-developing one, more businesses are doing their best to inspire their most talented employees to stay on board. This is proving to be quite a challenge, since competitors are constantly trying to “poach” their team members, while some of your employees might also be looking actively for a new position elsewhere. 

Such high levels of competition require businesses to put their best foot forward when it comes to rewards. In addition to higher employee retention, rewards and incentives boost brand awareness, and they inspire other employees to be more productive to earn the same perks as their colleagues. In addition to bonuses, here are a few other ways you can reward your team members with a dash of creativity and personality, to encourage them to stay and keep up the excellent work!

Offer continuous development 

Work opportunities abound, but the same cannot often be said for training and learning opportunities. Many businesses focus predominantly on growing their customer base and their partnership networks, without ever looking to expanding their employee knowledge base. One of the main perks and benefits modern employees look forward to is one of continuous training and education. 

Make sure to provide your employees not just learning sources such as books, but access to seminars, expert lectures, and the like, so that they can advance within their current position and progress beyond that one job into other positions in your company. Make it clear for them that they’ll have the chance to earn not just a salary increase, but have more responsibilities, tackle more complex tasks, and the like. Form a mentor ship program, give out certification courses to your most eager team members – give them knowledge, and they’ll give you growth.

Personalize each reward

Each human being has their own preferences. While you may enjoy those long walks at the beach, your colleague might prefer a weekend away in the mountains, or whitewater rafting. With so many options out there, it’s truly a pity that so many employers still go for templates perks such as paying for access to the local gym or movie tickets for a premiere. Truth be told, those might be perfect perks for some of your team members, but it’s vital to take others into account, too.

Talk to your employees, see what they’d enjoy the most. Maybe a weekend spa getaway for them and their spouse is long overdue, and it can be the perfect reward for closing that huge deal. Maybe they’ve always wanted to learn how to play the piano, so you can cover those piano lessons. Personalize their rewards to let them know you care for their needs specifically. 

Let your employees choose their gift

When you run a large and growing business, odds are that you cannot keep track of each employee’s personal preference at all times. You may have had a chance to get to know that one project manager and his love for skydiving, or learn that one of your graphic designers wants to run her own dog shelter, and you’re able to invest in both those ideas. 

However, not having access to each and every employee is not an excuse. To get more creative and personal, you can use a universal gift card with a designated amount of credit that they can spend in their favorite store. In a sense, they get to choose their favorite reward, while you provide them with the means to do just that – treat themselves for a job well done!

Reward stellar performance, not just results

It’s easy to start favoring those few employees that deliver the finest results, and most frequently so. However, this is not always the most inspiring solution for the entire crew, because appreciation should go beyond pure results, and account for the effort that goes into a job. Perhaps some positions in your company are not so easy to measure in deliverable – what about that devoted accountant sending out invoices like clockwork and taking care of everyone’s salary, or the person making your coffee every morning?

Make sure that you reward every single employee on your team from time to time. If you have a growing company with too many people on board, have a dedicated team or an employee for each team to take care of that particular step. Your HR, for instance, can make it a part of their performance reviews to determine the best way to reward each employee for their contribution. 

Celebrate your employees’ accomplishments 

Finally, sometimes, employees don’t just want cash or credit from you to feel valued. In fact, most of the time, that’s the very last thing on their mind. In addition to personalized gift sets and those unique opportunities we’ve mentioned, employees also like to feel that their work is valued and recognized across the entire organization.

You can do this by creating a bulletin board in each office with a photo and a list of things each employee has accomplished. Make it as colorful and fun as possible, and look beyond their office life. Reward their volunteer work, their fundraising efforts, their blood donations, and anything else that makes them great human beings. That too will inspire them to be even better employees with your business

Rewards and recognition have become more relevant than salary alone in the today’s competitive world. Make sure that your teams feel valued at all times, let them know you appreciate them every step of the way, and you’ll inspire greater loyalty and company-wide success as a result. 

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