Each business requires a calculated incentive structure for employees that focuses on how to improve. They can choose to offer reimbursement, payments, appreciation, and admiration. The dilemma with incentive and reward procedures in several companies these days is that they are missing out on the recognition part. People are driven by recognition and if it is not addressed correctly, it can cause issues within the workspace.
A successful approach would for a business owner to acknowledge and pay attention to the types of employees they have. The owner can detect the performances of their employees and learn from their behaviors.
When the company proprietors think of reward methods, they usually depend solely on reimbursement. However, it would be best to involve some sort of longer-term bonuses for significant and influential people in their business.
Another way to reward your employees would include a benefits/reward system that won’t diminish the importance of recognition.
Try motivating your employees with incentives and prizes for their excellent work. This can affect their payroll or give them specific days off with pay. A favorite way to offer incentives is often referred to as performance bonuses. If the employee increases their production, then sales bonuses should be rewarded to them as an expression of appreciation.
Remember, cash bonuses should be tallied to the employees’ wages and not given in real cash. This will make it easier to track for tax purposes.
A reward system that is based on team goals should also be considered. Awards can be in the form of savings bonds, gift certificates, crystal awards and random drawings at employer events. Prizes do not have to come in the form of cash. Non-cash appreciation rewards can be just as gratifying. As an employer, a business owner can offer an employee of the month or highest productivity award. The sole purpose of the reward system is to motivate your employees.
There is an unlimited amount of ways to reward your employees without breaking the bank. Here are a few:
Have An Employee Act like the CEO
Imagine letting an employee be the CEO for a whole day. They can be able to give a speech to the team members, proclaim a dress down day, and even plan a potluck.
Offer Them The Opportunity To Hang Out With The Boss
Who wouldn’t want to spend a day with the boss? Or maybe a few hours. Imagine, one on one training to become the next CEO of their own business. The employee can choose where to hang out, keep work conversation to a minimum, and get to know one another.
Have A Monopoly Auction Event?
The employer could create an event that only involved play money. Employees could buy auctioned items with their hard-earned play money and purchase small items with it. This can be company branded t-shirts, ball caps, and cups. Enhance branding through your employee appreciation event.
A Simple Thank You Is Enough
Just call the employee in your office and tell them “thank you.” This doesn’t sound like much, but it can be very impactful. Leave the conversation on a positive note, and don’t discuss any other issues. If you want to go a step further, then offer recognition in front of their peers.
Who Enjoys Dressing Down?
Give out certificates that allow employees to wear jeans if they are productive. Give them a chance to choose their attire and work in a relaxed environment.
Offer Them A Gift Spontaneously
If you pass an employee by and they are doing something right or productive, merely give them a gift card right there on the spot. It doesn’t have to be much. But the chance of winning something can be a great incentive to go over and beyond. You can even give tickets out for a performing arts event or local basketball game. Gift cards are easy to find. Websites like Groupon, Restaurant.com, and Living Social will allow you to purchase them cheap.
Enjoy Your Day On Us
You can offer an unplanned getaway for your employee. Send them a message or call them in your office. Tell them that you are proud of their work and send them home with paid time off.