The Art of Rewarding Your Employees (2022)
Businesses are as competitive as ever. Managers and owners do everything in their righteous minds to reduce their costs whilst improving the quality and quantity of their product and of their employees' work. In this era of competitive business climate, to get the most out of your workforce, careful considerations have to be made to produce and retain outstanding performers, and develop a more positive workforce. Surveys have shown that personal recognition is the ultimate way a company could get them to produce quality work. Let’s see how.
Are raises enough?
Many researches have shown that people are motivated by more than just cold hard cash. Beyond the scope of the ol’ bonus or a raise, you can hand them out personalised gifts, take the whole team out on the Christmas party harbour cruises in Sydney or other acts that show that their rewards are personalised. Getting a clearer picture when it comes to showing your employees that you value their work and energy is absolute.
The psychology behind
I have come across many people in my life who perceive no reaction as a negative one. Our desire for positive affirmation has been long in our minds since early age - from parents, teachers and friends. This continues as we move into different workplaces. It is important to let your employees be comfortable in every aspect of the work, a good bond between the hierarchy or so, will inevitably lead to the betterment of the company. Recognising and rewarding your employees builds a strong bond and this bond will lead to a positive and healthy environment.
Loyalty gets a stem
When it comes to the long-term success and growth of the company, make no mistake about it, incorporating rewards or a recognition programme will duly benefit it. HR surveys in many fields have shown that significant recognition programs have helped maintain positive employee retention. This is incontestable as why would a happy employee leave? Satisfied, engaged and proud employees are more likely to stick around than the ones that aren’t. This is because no one wants to work for a company that doesn’t value them and show the appreciation they deserve.
Watch the clock
Timing is everything. Whether it’s to propose to your long-time partner or reward your employee for their uncompromising effort, timing is absolutely vital. The recognition has to happen when the high-performance is still buzzing, however it needs to be timed carefully so that it doesn't lose its authenticity. The longer it takes for managers to recognise their employees, the more likely it seems robotic. You can create formal recognition programmes and make it a priority so you can strike while the iron is still hot. Furthermore, you can also increase the frequency of recognition if high performance is continued amongst the same members of a team.
Examples
Time to answer the real questions. What is an employee reward? How should I show appreciation without feeling coaxed? Praise or gift, which is better? The key to this is balance. Recognising major accomplishments is crucial, but don’t overlook the power of a simple everyday-thank you to keep your employees in high spirits. Writing thank you notes or using the company WhatsApp group or intranet to promote good behaviours of individuals can help instil a regular culture of employee recognition. They are more effective if it comes from their peers rather than from leadership! With that being said, it is also vital to go that extra mile and show unrivalled gestures that value the team’s efforts. For the annual work party you can take them out on the corporate Christmas party cruises on Sydney Harbour rather than the usual dinner parties, hand out customised yearbooks with special appreciation from the CEO or simply hand them a gift card.
Bottomline is, employee recognition will affect every business - it can lead to higher retention rates, better productivity and a boost in morale and self-esteem. Taking into consideration everything mentioned above will surely reap the benefits in the long run!
