There are many benefits to providing employee incentives within your organisation. By providing employees with tangible rewards for their hard work and dedication, they are more likely to be motivated to maintain high levels of productivity.
Few business owners think of employee incentives as something that needs to be actively strategic. Most simply think of compensation, since few people are willing or able to work for free. But the right strategy should also include an employee loyalty programme that's directly linked to the goals of your company for that period. This ensures that everyone is working towards a common goal and that the company's resources are being used in the most efficient way possible.
It's no secret that employees who feel valued are more likely to stick around - that’s why employee performance management is so important. After all, who wants to work for a company that doesn't appreciate them? Not only does high turnover rate hold a company back, it also costs a lot of money. The good news is that businesses can reduce turnover by improving their organisation’s approach to employee recognition and rewards. Below, we outline three easy and effective ways to reward employees.
Give positive feedback where others can hear
Giving positive feedback in front of others has a few benefits. First, it reinforces the behaviour you want to see from your employees. Secondly, it makes the employees feel appreciated for their good work. And finally, it builds team morale and makes your team feel like they are part of something larger.
It’s one thing to congratulate employees on a job well done in a private email or a one-on-one meeting. It’s another thing to give positive feedback in front of their peers.
When it makes sense, make sure to sing your team’s praises when other people are around to hear them, too. Your recognition will also impress the employee’s colleagues and contribute to your overall employee performance management goals.
Reward hard work with rest
Even the most enthusiastic employee in the world likely wouldn’t mind a surprise day off. If you are able, give your hard-working employees the option to take an extra day away from the office as part of your employee loyalty programme. They can use that time however they want—hanging out with their families, relaxing on the couch, or catching up on extra sleep. They’ve earned it.
You may not be able to give them a day off every week, but if you can afford to let them have an extra day every now and then, they will appreciate it. Not only will it give them a much-needed break, but it will also show them that you value their hard work.
Introduce an employee rewards programme
A tailored employee programme can do wonders for employee morale and motivation. By offering rewards and employee incentives that are tailored to your workforce’s needs and preferences, you can create a programme that can truly make a difference in their lives.
When providing these sorts of rewards, you can influence employee behaviour in a positive way and create a happier and more driven workforce.
At Randgo, we create employee loyalty and rewards programmes that actually work. We have over a decade of experience in building tailored employee programmes, and have helped hundreds of businesses overcome their challenges and achieve their business objectives by increasing employee morale and satisfaction. Our clients are some of the most successful companies in their industries, and we're sure that you'll agree that our programmes have made a positive impact on their businesses.