Any business is nothing without the employees. They’re the engine that makes the wheels turn day in and day out. Among the reasons employees today quit their jobs are poor management, too much work, low salaries, and lack of appreciation. Based on a 2017 survey, many employees quit due to lack of acknowledgement. So to acknowledge their efforts, rewarding hard-working employees is a simple and effective way to show appreciation. When it comes to keeping your best employees, there is nothing like higher pay. However, not all businesses can afford to reward their employees monetarily. For instance, newer companies often don’t have large enough budgets to provide bonuses or raise pay.
Businesses can reward employees in countless ways. Although many employees appreciate cash, they will remember over time the recognition that acknowledges their good work on a personal level.
Why Employee Recognition Matters
It takes more than typical rewards – pay and benefits – to engage top talent. They also want to know they are doing a good job and feel that their bosses appreciate their hard work. When you reward employees for their contributions, they feel motivated to work just as hard on the next project. Rewards don’t have to come in the form of monetary bonuses and extravagant award ceremonies. Candid praise and appreciation delivered informally in email or conversation will do wonders as well.
Acknowledgment makes employees happier. Happy workers mean more productivity and enhanced loyalty.
Moreover, if you want to keep your most valuable asset, incentive programs are often a solution. One of the possible approaches to retain your employees is through rewards and recognition, such as bonuses, stock options, and gift cards. No matter how you show your appreciation, employee recognition is crucial if you want to build a competitive and engaged workforce.
While there are several ways to put employee recognition in the workplace, it all begins with company culture. If your business advocates recognition for the cream of the crop employees, it can serve as a solid foundation to engage more staff, develop employees’ skills, and retain them for the future.
5 Simple Tokens of Appreciation to Give Your Employees
You don’t have to break the bank when rewarding your hard-working and deserving employees. Since small businesses may not have much leeway in their budgets for bonuses, there are other ways to reward outstanding performance that can have a longer-lasting impact. A well-considered token of appreciation will go a long way, regardless of its value.
Give your employees the best parking spot!
In metropolitan areas, parking is a hot commodity. If your office location has highly sought-after parking spaces, consider giving your top-performing employee the best parking spot to drive performance. Even if you only have a single space left, it is an incentive that doesn’t cost you an extra dime.
Pay your employees’ gym memberships
Show that you care about your employees’ health and well-being with company-paid gym memberships. There are several large gym franchises at thousands of locations with 24/7 service and low-cost monthly options starting around $10 a month.
Create customized employee rewards
Employee awards and recognition are crucial for businesses that want to keep the workforce happy and motivated. It is a powerful reward that can get employees striving for more. Many companies give customized employee recognition awards at an end of the year ceremony.
Say “Thank You” and praise the excellent performance
Saying “thank you” or “well done” to appreciate the specific actions of employees that you find commendable doesn’t cost you anything, but it can go a long way in motivating your team. You can acknowledge top-performing employees during monthly meetings. As a result, your workers will feel valued and will be more likely to stay loyal.
Give gas and car care vouchers
If your employees mostly drive to work, gasoline vouchers are the perfect reward. It doesn’t need to be expensive; they will highly appreciate the thought even with a $40 card since they can still save a few bucks. Car care vouchers for car washes or oil changes can also fill an important need for the employee at low cost to you.
The key driver to employee engagement, loyalty, and satisfaction is appreciation. Every workplace is unique, so customize your token of recognition to fit your star employees’ lifestyle. An extra day off or remote-work destination day trips can go a long way in nurturing motivated and productive employees. Remember: it is not the amount you spend – it is the gesture that counts. If you want to learn more about employee rewards and perks, our experts from JC Porter can help you come up with creative ideas to reward your employees. Call (303) 953-1139 today!