In a difficult economic environment, rewarding high-performing staff with bonuses may be neither practical nor desirable. If you have motivated employers who are performing well, however, you will want to recognize their efforts. Here is a look at four ways that you can do so in a more modest way.
You don’t have to use grand gestures to make your employees feel appreciated. Sometimes a simple thank-you is enough. Whether you speak to them personally, send a thank-you letter or give them a gift token, recognizing your staff’s achievements will both motivate and reward them.
If your company is based around team work then you could always reward good performance by paying for a team lunch or, if your whole staff base has been doing well, getting in lunch for the whole office. This will also give your employees the chance to network and exchange ideas.
A company award scheme can be great way of recognizing and celebrating talent and dedication. You don’t need to host an elaborate annual event with a range of different categories to make an award scheme work. You can keep it simple but effective by having a Star Employee of the Month and using bespoke crystal awards to give the title some kudos.
There are plenty of other ways that you can use non-cash rewards to motivate your employees and recognize their achievements. If your company’s workflow tends to be in peaks and troughs then consider implementing a time-off in-lieu policy. This will motivate staff to work hard when you need them to, knowing that they can take time off when you’re at your quietest and there’s less to do.
Alternatively, you could reward your top performers with extra paid time off when they have made an outstanding contribution. This could be in the form of an extra week of annual leave or a number of hours to be taken during the year. Or, if everyone is performing well, why not introduce an early closing time on a Friday afternoon?
If you want to use money to incentivize your employees but are looking to do so in an ethical way then setting up a reward system whereby high performance relates to a charity donation is an alternative. Set a monthly amount or percentage that will be donated and the best performer or highest-performing team can then choose which charity gets it.
Good employees can be hard to come by so you will want to make sure that your staff feels their efforts are appreciated. However you chose to reward them, it is important to ensure that all employees are aware of how you are categorizing high performance and that your approach is transparent. Get it right and your employee reward system will motivate staff and ensure their loyalty.