Rewarding Your Employees: The Basics
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Hard-working employees deserve to be rewarded. While yes, they are getting paid to do their jobs, employees who work hard and deliver results for the business deserve to be shown what their loyalty means.
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How can you reward employees effectively? Here are some basics tips to help you give your employees the rewards they deserve.
Set a reasonable budget for rewards
Let’s start with the most basic element of rewarding your employees, budget. Without a budget, there might not be much you can reward your employees with to thank them for a job well done. It can be difficult to estimate how much budget you should set aside for employee rewards, but it shouldn’t be an amount that you can’t afford to maintain. Many companies successfully reward employees without large budgets, so you might need to think about solutions that fit within your means.
Think outside of the box
What constitutes a good employee reward? Believe it or not, a money-based bonus doesn’t have to be the only solution. Good rewards can come in all sorts of shapes and forms, from employee trips and excursions to local rewards. Even something as simple as picking up the tab at the end of a successful project could be a solution, so think of ways that you can reward your employees in ways that suit the culture of your workplace.
Be inspired by other businesses
Other businesses can be a great source of inspiration for employee rewards. Ogletree is a recent example of a company that has offered significant rewards to its employees. The law firm recently promoted 11 of its attorneys to shareholders, providing ongoing benefits to its employees. While you might not be in a position to provide these large-scale rewards, it’s worth staying up-to-date on what other businesses are doing to gain inspiration.
Remember the smaller rewards
Rewards don’t have to be big to make an impact, and smaller, ongoing rewards can have much more of an effect than you realize. Things such as providing fruit, snacks or premium coffee in break rooms can make a difference while providing diverse training opportunities can also help to keep your employees motivated. Some extra vacation days, early Friday finishes and other seemingly small rewards can actually have a great impact, making your company a great place to work.
Ask your employees how they would like to be rewarded
Many modern businesses will open big decisions up to the wider workforce, helping people feel much more included in the running of the business and showing that their opinion matters. Employee loyalty is important for businesses, and you should implement schemes and incentives that will encourage them to stay with your company.
Employee rewards will offer many benefits to your business, so it’s important to get them right. Put a strategy in place for a rewards scheme that inspires and motivates to cement your business’ status as an incredible place to work.
