4 Remarkable Ways to Reward Your Employees |
Posted: April 21, 2017 |
It is important for an organization to recognize its loyal employees. By recognizing your employees’ efforts, it means you acknowledge the efforts that they put towards achieving the organization’s goals, either individually or as a team. Employees play a vital role in driving the company’s performance hence the company needs to keep them motivated. A company with high staff turnovers incurs a lot of hiring and training costs.When employees feel appreciated, their productivity level increases and they will work hard to maintain or even improve their performance. This translates to higher profits for the business. Service awards for the employees can include the following: Recognition Among Peers There is nothing that boosts an employee’s morale like being recognized for a job well done. If you recognize an employee’s efforts, the chances are that he will work at maintaining such level of high performance to earn more recognition. During office meetings, mention those who have performed exceptionally well and let them know that you appreciate their input.You can offer them tangible rewards such as company’s branded merchandise, a trophy, and thank you cards, among others. Monetary Rewards Monetary rewards are a great motivation to employees. These can be in different forms.
Your employees will work extra hard to maintain that level of performance to ensure that these monetary benefits are not withdrawn. Responsibility Entrusting your employees with more responsibility assures them that you believe in their capability. Appointing an employee to head a major task shows your confidence in their leadership skills. Give your staff a chance to make their own judgment calls without your influence. This is an indication that you trust their decision-making skills. By allowing your employees take up more responsibility, you demonstrate that you care about their career goals and that you are ready to offer them a chance to handle a more significant role in the organization. Insurance Benefits and IRA Contributions Health and life insurance are too expensive for most people. Your employees may not afford them on their own, especially if they have large families. You can motivate your loyal employees by meeting part of their health and life insurance coverage. This way, your employees receive a tangible benefit.This will motivate them to stay on the job so as to continue enjoying the benefits. For small businesses, such packages will attract high-quality applicants who will push your organization to great heights. An Individual Retirement account (IRA) allows employees to dedicate pre-tax income towards investments that are tax-free until withdrawn. A company can reward its employees by matching their IRA contributions. This shows them that you appreciate their service and care about their future. For small firms that find this expensive to meet, they can match the contributions up to a certain percentage or offer another kind of contribution. Employees play a vital role in any business. If they feel unappreciated, they will be discontent and can drain the energy out of the sales transaction they perform. However, happy and content employees pass on their zeal to the customers, who enjoy service from jovial employees. You, therefore, have great reason to recognize and award your staff for services well rendered.
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