Good employees are hard to find and are the lifeblood of any successful business. Therefore, keeping your staff around is key to the success of ongoing operations. The cost of losing an employee can be high, but retaining them is relatively simple. All any employee wants is the recognition that they deserve for their efforts and to feel appreciated.
Recognition comes in many forms, from the traditional cash bonus to extravagant gifts. Gifts and rewards will also motivate your staff to perform at their best and give them something extra to work for. Feeling like a valued team member is also an essential motivating factor. This can be done in many ways, from company emails and newsletters to hand-written notes from senior staff.
Types Of Rewards
Traditionally, employees are rewarded with cash bonuses for performance. While these usually come around at the holidays or the end of the tax year, it isn’t uncommon for monthly or weekly rewards to be earned. Small bonuses motivate an employee to try harder as they progress through their usual assigned tasks.
Cash can be a great motivator, but sometimes a personal touch is required. Fun gifts such as days out to attractions are great for employees with families. But unique gifts are better suited to most. For example, shopping vouchers from The Card Network and similar sites convey generosity and a personal touch. This comes in handy when you consider the multitude of lifestyles and cultures working at a single company.
Rewards And Recognition
Around 34% of employees feel undervalued. There are many ways in which you could make an employee feel valued. Methods include company-wide recognition in newsletters and emails, bonuses, and cash incentives. But these need to be earned, and hard work or outstanding achievement should consistently be recognized. Otherwise, you run the risk of losing a skilled professional at a high cost.
Rewarding employees can offset the cost of losing them, which would likely be many times that of a small bonus. In addition to receiving a gift, the feeling of belongingness and recognition of their efforts will motivate a valued staff member to perform even harder. In turn, their value to the company builds on their strengths and builds character and loyalty.
Performance And Motivation
The motivation to perform better to achieve rewards is vital for accelerating productivity. But rewards and performance bonuses can also be applied to your entire team as well as a personal level. Team building is crucial for maximizing performance, and it allows staff members who wouldn’t usually meet to form friendships.
Interdepartmental communication and relationships will contribute to your overall business strategy. Excellent examples of team bonding include company BBQs, destination holidays, and days out to exciting attractions like theme parks. Additionally, a hand-written letter from the boss will make employees feel extraordinarily valued and proud.
In summary, performance and achievements can be rewarded with bonuses such as gifts, cash, and vouchers. Rewards will help accelerate performance as they drive motivation. Some of the best motivational rewards include company-wide recognition and raises from senior staff members like team leaders and CEOs.