Rewards and Incentives in the WorkplaceJuly 21, 2015 7:45 am
Employers are always looking for ways to retain employees that are motivated and and engaged. After all, the most important asset to any company is its people. With more than half of America’s companies using incentive programs it is no wonder that many companies are looking for new and creative ways to both recognize good work and reward it appropriately.
Incentives and rewards for stellar performances have benefits for both employer and employees. When workers are recognized, their performance and productivity increases as well as morale is given a huge boost. As a result of this employers experience greater efficiency and an increase in sales and productivity. Therefore, when rewards are given regularly for excellence the result is a win-win situation. Let’s look at some ideas for rewarding and recognizing great work as well as incentives to encourage employee engagement.
- Employee Recognition – Saying thank you in big and small ways can go a long way to making employees happy! A small thank you note, an email to your team mentioning an employees excellence, a shout out to an employee during a staff meeting or even a posting on an employee board could be a nice way to recognize work that was above and beyond the norm.
- Personal Touch – Having bosses higher up visit the office of the employee and give a warm and in-person “thank you” shows that hard work has not gone unnoticed. In addition to visits from higher management ,maybe a small gift or favorite bouquet could be given over a lunch on the boss!
- Money Incentives – The bottom line is a huge incentive for many families that would love a hand written note but could really use a monetary reward for excellence instead. These incentives include employee stock options, profit sharing plans, paid time off, bonuses and cash awards. Additional monetary incentives include annual or semi-annual bonuses, such as mid-year and end-of-year rewards.
- Non Monetary Rewards could be in the form of perks such as health center memberships, flexible work hours or training opportunities. The rewards and incentives are valuable to an employee because they allow workers to learn new skills and pursue advancement opportunities.
- Special Events – Company outings that include family members could be a great incentive for many families who may not get an opportunity to go to a ball game or amusement park. Employee appreciation weeks could give a great morale boost and show employees that you want to reward their hard work.
Looking for more creative ways to show your appreciation at work?