Employees are one of the most important assets if any organization. Their hard work and commitment play a huge part in making a company successful. As a result, staff loyalty is key. There are multiples factors that will influence someone’s fidelity, including management style, work environment and recognition of their work. Remember that for most individuals, feeling appreciated is just as important as a good salary. If the company is content with the bare minimum in compensating employees, people will move on and find an employer who will value their work more. Company rewards are a great way to show your employees how much you appreciate their efforts. Make sure to recognize employees after successful outcomes, such as adding a new client, meeting company goals, closing a sale or completing a project. Involve everyone in the decision; people feel better when the reward also comes from their peers instead of just management. The following list will show you many different ways, in which you can reward your employees.

  1. Thank You: As simple as it seems, a quick “thank you” is a good start. Sometimes companies don’t have the financial capacity to afford tangible rewards, but by just saying this magic word, a person will feel that their work is appreciated. Ensure that management adopts this is a habit. You would be surprised how many managers never say “thank you” to their team. This is one of the main reasons why people end up disliking their superiors and move on to other companies.
  2. Lunch or Dinner invitation: Invite your employees to lunch or dinner as a token of appreciation.
  3. Flexible Hours: Let your employees set their own schedule to the degree that it’s possible. This flexibility will be highly appreciated by them, especially to new parents and students.
  4. Extra vacations or day off: Give one or more extra vacation days to employees who excel, or those who are helping increase profits substantially .
  5. Celebrate Special Days: Celebrate your employees’ birthdays, new babies, weddings or any other special days. It’s not necessary to have a full-on party; a simple card with everyone’s signature and a small present will be cherished by any employee.
  6. Food and Beverage: Be a little spontaneous. From time to time, buy pastries or coffee for your employees. This will brighten their day and show your appreciation.
  7. Wall of fame: Every month acknowledge the work of one of your employees. Put their picture on a wall of fame and let everyone know how much you value this person’s work.
  8. Public recognition: After a successful job, write a memo congratulating a particular employee or team for their effort. Acknowledge the impact of their work on the company’s overall success.
  9. Pay for Their Commute: Reward punctual employee with a gas card or a public transit pass. This will not just acknowledge their devotion but will also motivate other to be on time.
  10. Awards: Every year create an award event for your employees. Recognize their punctuality, efficiency, cooperation, leadership and other critical skills they may have demonstrated.

Be constant with your rewards, and ensure every person who deserves to be recognized is on your rewards list. Don’t let management show favoritism to particular employees. Base the decision on feedback from  other employees and team leaders. Establish a well-maintained reward program for your company, and don’t forget that a simple “thank you” will always be appreciated.

Viviana | DBPC Blog