It is common in today’s job market for an employee to only stay with an employer for a few years. Recruitment is an expensive and timely activity and if you already have brilliant staff, you’ll want to retain them for as long as possible. An employee who feels their contributions and efforts are not being recognised by the business, can easily lose motivation resulting in reduced work performance or eventually resignation. This is why it is important to consider how you can build employee reward and recognition programs into the workplace culture.
There are many benefits to having employee reward and recognition programs, including:
- Happier and healthier employees
- Greater productivity and better client experiences
- Supporting a culture of self-improvement
- Being recognised as a great employer
- Improved employee retention and positive morale
It is well supported by research that happy employees are more productive, more loyal to their employer, and are less inclined to move on – all factors that significantly contribute to business success!
How can I reward and recognise employees?
While most reward and recognition programs involve a monetary component, they don’t have to be extravagant to achieve the same outcome. Often the most effective way to recognise an employee is by sending them an email or having a conversation with them letting them know they are doing a great job and that you are appreciative of their efforts.
Here are a few other ways you can reward and recognise your employees without making too much of a dent in your bottom line:
- Introducing flexible work arrangements such as a 9-day fortnight or flexible start and finish times.
- Reward your employees with a coffee or lunch voucher for winning another client or helping a colleague with a project.
- Have a chat to your local gym and see if they can provide you with a business discount.
- Designate some parking space if you don’t already have some available.
- Take your employees out for a lunch or dinner ‘just because’.
- Give gift vouchers to recognise milestones such as birthdays and service with the business.
- Provide training opportunities or time-off to complete their studies.
- Hold a staff morning tea and give a shout-out to those that have done a great job and thank them for their contributions.
- Introduce a regular ‘casual workwear’ day and if the team is interested, combine with a gold coin donation to a charity of choice.
- Invite staff to bring their families to a dinner or celebration.
All of these reward and recognition suggestions are a great way to show an appreciation for your staff, keep them motivated, and encourage them to stay.
How do I know which reward and recognition strategy to choose?
It is common for a lot of businesses to have reward and recognition programs in place however, they don’t always work. For example, a business may offer a team lunch once per month. Although the purpose of this activity may be to encourage staff morale and bonding, it may have the opposite effect if staff value their lunch breaks and the opportunity to get away from the workplace.
It is important that before you implement any reward and recognition program, that you listen to your staff and find out what motivates them. It might be flexible working hours and the ability to work 7am-3pm instead of 9am-5pm, or it may be getting reduced gym memberships if they are health conscious, so they can save a bit of money. Whatever it may be, for the program to have the positive impact on the workplace that you’re looking for, you need to find out what’s really important to your team.
It’s important to also consider recognising good performance when it occurs. You may have the best reward and recognition programs in place but they may not have an impact if the employee doesn’t feel that their contributions are being valued, until one month later at a lunch or simply because their gym membership is discounted.
If an employee has been performing well, has acheived a great outcome, made a significant sale or successfully completed a project, make sure you acknowledge this success in person as soon as possible so that the opportunity to recognise their efforts is not lost.
If you’re looking for assistance in developing effective reward and recognition programs, don’t hesitate to get in touch with our team, via the chat box here or calling us on 08 6150 0043.
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