Taking time to recognize employee achievements helps foster engagement, increases productivity, and reduces tension in the work environment. Most business owners have clear goals to reduce their costs whilst improving the quality, and quantity from their employees. Read more as I talk about the reasons to reward your staff.
Why must you reward your staff?
It’s important to reward your staff, to have goals in your business and to treat yourself from time to time. It can’t just all be work, work, work, work work.
One way to reward your staff is to recognize them, and make sure you have a memory to remember with your staff. It’s not always just financial goals that your staff are looking for. You need to consider cash bonuses and stuff like that for at the time.
The reward cycle:
Employee does something excellent = Employer wants this behavior to be repeated so he/she recognizes (rewards/thanks) the employee = Employee repeats the behavior in order to receive more recognition.
1. Increased Productivity
When employees learn that their work is being valued, it enhances their engagement and loyalty towards their job. Their bond with your firm is strengthened and tension in the workplace is reduced. For instance, when an employee sees that his work is admired, he will feel motivated and will try to produce better results in comparison to the previous assigned tasks.
2. Happy Work Environment
“Happy employees make for a happy workplace.”
In a happy workplace magic happens. Such as awarding an employee with a significant reward, as they feel a sense of pride, not just pride in themselves, but in also working for that business. The employer not only needs to say ‘thanks’ or ‘great work’ but also give the employee a significant reward so that they will feel motivated.
3. Stay engaged in their work
Not only does an effective reward and recognition make your employees happier, but it also gets them MORE engaged in their work. When an incentive is in place, employees work harder to achieve the goal to get the reward on offer.
4. Employee retention
It is proven that the retention rates of employees increases when they are properly rewarded and recognized. This is why it is necessary to celebrate the achievements of your employee and praise them timely.
NOTE: Do not praise your employees TOO MUCH or excessively. Offering praise to your employees is all about recognition. Most workers thrive on feeling appreciated. So if you are giving praise TOO often, it wouldn’t be as meaningful as it should be.
There is a thin line between praising too much and praising adequately. The results on each go way different. When you praise too much, productivity might can adversely affected when you give them excessive verbal praise to an employee. Excessively praising someone could actually make them less happy in the long term because it can diminish their capacity to find intrinsic reward in anything.
KEY: Give praise or reward to your employees when they deserve it and when you mean it.
Types of Employee Rewards
Rewards come in many forms. But what really matters is how you manage these rewards. When rewards are managed fairly and effectively, they add to employees’ happiness.
- Written and Verbal Praise
- Paid Vacations
- Paid Trainings
- VIP Access
- Spa Day
- many more!
So think about how you could do that in your business. Think about how you can reward your staff and how you can reward yourself for your successes in your business.
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