Rewarding employees is crucial for any business. You can’t expect top employees to stay when they don’t see any incentive. They want to feel that you appreciate them, even in small ways. However, you also can’t give away rewards at any time. It devalues the reward that you’re trying to offer to the employees. You need to have a standard in determining the people to reward and when.
Impact of the contribution
Some employees might have made a significant contribution to the business that eventually led to huge profits. You can’t be stingy in giving a reward under this condition because you know that the employee did something great for the business. A salary bump or an offer to take a higher post might be a good idea. However, you might also want to reward a simple deed that had a positive impact. A thank you note, or a handshake might work for those acts. The point is that you let the employee know that you appreciate the effort. You also want the employee to continue doing such positive actions.
Consistency in doing a good job
It’s possible that some employees won’t have a huge impact on the company but do a consistently good job. If you observe this behaviour over time, you need to reward the employee. Not everyone does hugely important tasks. Others work quietly but can bring great results. They also deserve rewards from the company.
Relevance to the goal
You need to go back to the company’s mission in determining how to reward an employee. If you think that someone did a great job and it helped bring the company closer to the achievement of a goal, you need to reward them. You also want to establish a positive brand, and this action is beneficial to the company’s reputation.
Some rewards should be for everyone
Although there are rewards that you offer to individual employees who accomplished great things, you might also want to have rewards that everyone will benefit from. For instance, you can hand out branded merchandise for all the employees. Regardless of the value of the merchandise, the employees will appreciate it.
Another reward is to organise a corporate event. You can consider funfair rides for hire since it’s a fun activity that all the employees will appreciate. Who doesn’t want a day away from work? On this day, people will leave their desks to take rides, buy snacks in a food stall and enjoy different games. They can even bring their family members with them to celebrate. Whether there’s a significant milestone achieved by the company or not, it’s not a terrible idea to organise this event.
Once the employees come back to work, they will feel more motivated. They finally had the chance to let go of work for a day and spend time with family. They will have the energy to get back to work and have a fantastic output.