Recognizing your employees’ accomplishments and rewarding them for their efforts is incredibly important and plays a key role in maintaining a favorable retention rate. In fact, studies have shown that “The number one reason why most Americans leave their jobs is that they don’t feel appreciated.” But by strategically utilizing some effective ways to reward employees, you should be able to gain their loyalty, while simultaneously boosting workplace morale.
1) Offer Attractive Employee Benefits
Besides above average pay, a robust benefits package is one of the quickest ways to your employees’ hearts and is an excellent way to reward them for the time and energy they put into your company. By offering a variety of benefits such as healthcare, retirement, investment planning and so on, you should be able to keep more of your top talent around for longer. Entrepreneur reports, “Companies that don’t match or exceed the benefit levels of their competitors will have difficulty attracting and retaining top workers.”
2) Acknowledge Excellent Performance
Humans have an innate desire to be appreciated. Understanding and fulfilling this desire is paramount if you expect to cultivate long-lasting relationships and get your employees to view their jobs as being more than merely a way to earn a paycheck.
Fortunately, it’s easy to show your appreciation by simply acknowledging above average performance — and it’s also quite cost-effective. Here are some specific ideas:
- Consistently praise top performers and those who have made improvements
- Give a sincere word of thanks
- Post thank you notes
- Send out company-wide emails highlighting the accomplishments of employees
3) Hand Out Gift Certificates
Another simple and fairly affordable way to express your gratitude is to provide your top employees with gift cards. Amazon or Walmart are two of the best places for gift cards simply because of the massive variety of products to choose from. Some other ideas include a gift certificate for gas or coffee at Starbucks. Even a mere $25 can show your appreciation and can win you the favor of your staff.
4) Set Up a “Brag Board”
A brag board is simply a bulletin or white board centrally located in your workplace with the sole purpose of highlighting the accomplishments of your employees. Whenever someone exceeds expectations and goes the extra mile, you can acknowledge their superior level of performance. Not only does this directly reward employees for a job well done, it can have a noticeable impact on workplace morale.
5) Give a Token of Appreciation
Finally, if your budget allows, you can always give gifts. These will generally be reserved for the elite few who have really stood out and have gone far beyond the status quo. Here are some possibilities:
- Tickets to a movie, concert or sporting event
- A day off with pay
- A free trip to a favorite restaurant
- A weekend getaway
Companies who implement strategic recognition report a mean employee turnover rate that’s 23 percent lower than retention at companies without any recognition program. It’s well worth the effort to experiment with ways to reward employees. Even with a minimal budget, you’re likely to see tangible results that will contribute to the success of your company.