How To Reward Your Employees

Given that it’s considerably cheaper to retain employees and top talent than acquire new employees, it makes sense that you should proactively look to reward your staff members and keep them as engaged as possible.

This is borne out by the numbers, with 55% of workers agreeing that recognition for good work is positive and drives positive employee engagement levels.

But how exactly can you look to successfully reward your employees? Here are some ideas to keep in mind:

 

Why is Rewarding Your Employees So Important?

There are multiple reasons to reward your employees for good work, aside from the positive impact that this can have on customer retention and commercial savings.

Additionally, this also increases engagement and motivation levels over time, boosting employee productivity and their self-esteem in the process.

From an employee perspective, this also delivers optimal levels of job satisfaction, while reducing staff turnover and creating far greater continuity within a particular venture.

 

When To Reward Your Employees

Of course, timing your rewards is of the utmost importance, especially if you’re to strike the balance between engaging employees and continuing to operate within your budget.

For example, we’d recommend offering a tangible reward after an excellent sales performance, or a particularly productive contribution to a marketing campaign.

From a customer service perspective, employees should be directly rewarded when they receive positive feedback from one or more consumers, especially in instances where they’ve handled difficult tasks and achieved a positive solution.

You may also want to offer rewards for employees who go above and beyond their job description in the pursuit of excellence, whether they’ve helped out an understaffed department or worked overtime to help overcome a particular challenge.

 

How to Reward Your Employees

The most obvious first step is to engage employees about their preferred rewards, as this can help to create the most effective incentives within your means or budget.

In general terms, however, gift cards or similar open banking solutions may be highly coveted, along with the provision of additional leave or more flexible working arrangements.

Similarly, you could look to create alternative rewards that strive to optimise your employees’ work-life balance, such as discounted gym memberships with local partners to vouchers with regional shops.

If you really want to adopt a bespoke approach to rewarding individual employees, you’ll also need to determine how you intend to announce your offerings.

After all, some people may want to be recognised in front of their co-workers (whereas others won’t), so you’ll need to tailor the whole rewards experience to suit your employees.