Rewarding employees for their performance means acknowledging them for accomplishments that they have achieved. Your employees would appreciate feedback on whether they have performed well or not so they can improve their performance. Appreciating your employees can be done by a simple expression and statement. It is a simple but effective way to keep your employees loyal and motivated. Research shows that organisations that provide a regular thank you to their employees are more likely to perform better than those that don’t.
Study shows that, in order to enhance your organisation performance and motivate your employees, you need to identify do the following;
- Establish trust among your employees that individual rewards are based on organisational achievement. The performance may include individual good customer relationships, ability to solve critical processes or helping a coworker.
- Providing open communication about good performance to all the team members.
- Establish a way for your employees to affect organisational performance as measured by the reward system.
- Create an opportunity for each employee to learn how to contribute to organisational achievement and how to measure their performance.
Creating An Effective Reward System
In appreciating and rewarding your employees, you need to consider the following :
Award Your Employees Based on Performance and Results
When your employees have performed well for example taking initiatives to solve a particular problem or going over and beyond in helping customers, they need recognition. This will encourage your employees to go the extra mile when delivering on their tasks/assignments.
2. Implement a Peer-to-Peer Recognition
Secondly, you need to implement a strategy where employees will be able to recognize their peers’ achievement directly and on the spot. This could be done on the internal noticeboard or company website. At the end of each month, quarter or year the employee with the most recognition from his/her peers gets an award or gift card.
3. Make Recognition Easy and Frequent
The process of recognition should be simple and easy so as to avoid taking much of your employees time. You can use a postcard or a form for employees to mention why they feel someone should be recognized.
How To Reward Employees on A Budget
Rewarding your employees does not have to be a fancy or costful event. Should your company be in difficult financial status, you need to find a way to recognize and reward hard work. Here are ways to do it on a budget :
1. Establish A ‘Wall of Fame’ System
Create a Wall of Fame where customers compliment your employees. Charts with good performance progress for the month, or peer-to-peer thank you notes to be posted for recognising a specific employee. You can attach a photo of a the employee and include a caption on the what they did to deserve recognition.
2. Take them Out for Lunch
Another strategy is to take a deserving employee for lunch and use this time to get to know more about them. Ensure you keep away from work related topics as much as possible and instead talk about their interests and hobbies out of work.
3. Provide Certificates of Achievements
You can also present your employee with a certificate to compliment them for a specific achievement. This shows that your employee has hit a significant milestone at work. For instance, you can award your employee with a certificate of achievement for hitting a specific sales target or a personal development achievement.
4. Flexible Hours and Work from Home Day
Choose also to recognise your best performing employee by giving them casual recognitions with privileges such as starting late/leaving early from work or long lunch breaks. You can also choose to let a well deserving employee have a working-from-home day during a significant life events such as their child’s back to school day, marriage anniversary and others.
5. Celebrate Their Important Days
Another way to recognise and reward your employees is by joining them to celebrate their birthdays, newborn babies, weddings, graduations and others. Bringing your team together for a cake and socialising will make your employees feel loved and cared for.
6. Thank Your Employee’s Entire Family
Additionally, you can also invite your employee’s families to join company celebrations. Take this opportunity to talk to them about how much you appreciate your employee. You can also send a card and a letter to your employee’s family, telling them why their loved one is crucial to the company’s growth.
7. Invite Them for a ‘Thank You’ Meeting
When your employee does a remarkable thing, don’t hesitate take a minute and thank them openly for their accomplishment. Call a one minute attention and thank him/her in front of the other co-workers citing specific reasons they deserve the attention..
The reason behind rewarding your employees is to motivate them and give them tangible reasons to continue to improve their performance. So next time they do something good, take your time and appreciate them. It will make them feel valued. Share with us your thoughts on the comments section below