The Best Ways to Reward Employees
Praise for employees and rewards give the individual and the work team more performance energy and great joy and satisfaction. In every company – private and public – it is important that employees feel valued. Read more: Why Reward Your Employees Already Today
Types of work team evaluation
Here are the best ways to reward teamwork and individual excellence for accomplishments:
- Praise from the head of the department or company. They can be in oral and written form, or, for example, presented as a diploma, which the employee can place at work or home. Managers can regularly praise employees because that does not cost large financial resources, and it plays an essential role.
- Surprise lunch at work. People love food! And after a delicious meal, the employee feels happy and can focus on the tasks to be performed with a new and powerful return. This surprise lunch can be buffet style – coffee, patties, salad baskets, cheese plate, cakes. A delicious way of appreciation that creates small, regular celebrations and brings the team closer.
- Universal gift cards. An employee can use the card for their entertainment or daily purchases. And prepaid gift cards can be used to insert different monetary values, relating to employee performance and the company’s financial capabilities.
- Rewarding at a festive event, such as a company anniversary or Christmas event. Not only the best of the best, but everyone can also be rewarded at the festive occasion. Everyone has put their hand to the team to achieve goals. Besides, a publicly presented award provides double joy and motivation to the recipient.
- Diligent employees may be pleased with the additional responsibilities assigned to them. In this way, employees gain a sense of trust and appreciation. Also, expanding the range of assigned tasks is an opportunity for the returning employee to climb the company’s career ladder.
- Employee photo wall. This will be a reminder to employees every day that they are valued. All employees can be represented here in a smaller company, where everyone can have their strongest talent revealed. In turn, in a large company, the best and most diligent in the selection of photographs can be rotated every six months, so that employees are more motivated to see themselves among the best.
- Good coffee machine. Quality coffee is like a boost of energy and, at the same time, a part of the daily routine of many, many people, be it in the morning, lunch, or afternoon. Several companies offer coffee machine rental and service. This type of reward will delight the team throughout the year.
- Improved work environment. Management can show gratitude to its team by purchasing new furniture, work tools, protective clothing. For example, a new and ergonomic office chair and a fast, powerful computer with a suitable monitor. Innovation helps keep employees healthy, and the team feels cared for in this way.
- Training, professional development as a prize. It can be given to both individual and work teams. Today, there is a wide range of ways to raise your employees’ skill levels in ways that interest them. For instance:
- Online or higher education courses as part of lifelong learning programs
- Training with the involvement of specialists from the company’s environment or outside that are organized at work
- Conference attendance on the latest topics in the industry
Changes in society’s processes and technological development are constantly continuing. Therefore, it is crucial to educate your employees on current innovations.
- Paid holiday. Holidays are important because they recover energy, gain new inspiration, spend time with family, and gain an important balance in life between work and time.
Types of employee rewards include both financial and non-financial forms. A study on the impact of appraisal on employee performance found that the simultaneous use of both kinds of rewards – financial and non-financial – motivates the company’s employees to work with higher returns.
How do employees want to be rewarded?
In recent years, the effectiveness and relevance of financial rewards have declined as a form of rewarding employees. One of the main reasons for this is the entry of the next generation into the labor market. For example, the Millennium and Z generations value the opportunity to improve their work skills, interpersonal relationships, and the achievement of company goals more important than money as a reward at work.
Surveys show that receiving a cash bonus is not the primary thing that inspires employees and makes them feel valued. Deloitte Development’s survey found that employees recognized learning and development opportunities, job flexibility, health improvements, and other well-being benefits as the most critical forms of rewards .
Rewards motivate employees
Valuing employees motivates them to invest their energy and work to deliver the best results in the future. Examining the relationship between employee appraisal, rewards, and motivation reveals a significant relationship between them. Read more: How to Reward Employees and Increase Motivation
Employees themselves also feel the difference in their motivation and performance after being rewarded and receiving a bonus. 50-80% of employees confirm that their motivation has increased after the reward. And the opportunity to be valued and additionally rewarded also motivates employees, admitted 48% of the company’s employees.
Rewarded employees will work in your company for longer
Rewarding employees allows you to retain your talents, and attract new talent. The employee reward system is essential and necessary for every company. A 2018 study found a 34% chance that undervalued workers will terminate employment relationships where their abilities, returns, and investment are not noticed. And a 10-year study found that 79% of people who left employment cited a lack of recognition as one reason . Therefore, the company needs to reward employees and choose the most appropriate forms, which should be implemented regularly.