Rewarding your employees need not break the bank

• Sonya Buck
• October 16, 2015
• Newsletter Article

As an employer we’ve all experienced different levels of staff performance. Let’s face it, performance of staff can range from below average to outstanding. It is very important to recognise those employees who have exceeded expectations to ensure they know they are values, appreciated.

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As a business owner or your organisations leader your role may be key, but it’s also important to recognise without productive and happy employees, your business may not be successful or achieve its’ goals in the future.

 

As an employer we’ve all experienced different levels of staff performance.  Let’s face it, performance of staff can range from below average to outstanding.

 

Underperformance issues aside, it’s very important to recognise those employees who have exceeded expectations to ensure they know they are valued, appreciated and continue to maintain a high level of enthusiasm. 

 

As an employee, there is nothing more demotivating than not being thanked or recognised and being treated the just like those who put in little effort.

 

Being a busy owner/manager or leader it’s true you have to keep a close eye on all kinds of expenditure, but rewarding your staff need not break the bank.  You may wish to consider one or more of these ways to recognise your staff who stand out:

 

1. Time.  Allowing staff to leave on Friday at lunchtime is a great way to reward them.   Maybe you can stretch it to an entire day?


2. Gift cards, Petrol cards or Movie tickets.  If you know your staff members’ interests, tailor the gift card to that type of retailer.


3. Feature the employee on your web site or on social media.


4. Give Lottery or Lotto tickets.


5. Let them choose their own 12 month magazine subscription  


6. Celebrate their special achievement with a special morning tea with their colleagues


7. Acknowledgement of a staff members’ success could be the first thing announced at your next staff meeting or hold a special meeting.


8. What about giving away a free lunch with the boss?


9. You could write a sincere thank you note mentioning the particular aspect of their work you appreciate or would like to recognise. 

 

It’s important to get buy in from your staff if you introduce a formal incentive scheme, so make sure you communicate the scheme well.  If the budget is tight, make sure you let your employees know and tell them you wanted to ensure they received recognition for their work anyway.

 

Still wondering about the expense of running a staff incentive scheme? The cost to you if your employees are dissatisfied and leave includes recruiting, training and the reduction in productivity really impacts your bottom line.

 

Remember in a recent survey by Forbes Magazine, the top reason for happiness in the workplace was appreciation for the work performed – say no more!