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According to Gallup's State of the Workplace report, the top factors in what people want in their next job is
- Increased pay
- Improved well-being, and
- Opportunities to grow and develop.
If organizations aren't providing this to their employees, it may be hard to retain them.
But one of the other main keys to retaining employees is to ensure they're appreciated enough and rewarded well for their achievements.
So in this blog, we'll uncover the power of rewards and recognition for employees at the workplace.
Employee rewards are tokens of gratitude and appreciation that organizations offer to their teams. It's like a high-five for a job well done. These perks can take various forms, from bonuses to gift cards for that favorite coffee spot, or even an extra day off to recharge.
Employee recognition is about the acknowledgement of skills, efforts, and achievements – by peers or managers, akin to saying, "You're doing an incredible job, and we value you!"
Both rewards and recognition can be given to other using a recognition platform that makes things easier to handle and manage.
Recognition paired with rewards offer numerous advantages. Given the multitude of benefits, let's delve into some of them.
1. Motivates Employees
When employees are rewarded and recognized for their efforts and successes, it ignites a fire within them. This motivates individuals to work harder and pursue even greater accomplishments.
2. Engagement Improves
A sense of involvement and engagement follows when your employees' contributions and efforts are acknowledged. When appreciated, they put more effort into their jobs, get more involved in projects, and develop a strong sense of dedication.
3. Everyone Is Happy With Their Jobs
Getting acknowledged and rewarded for hard work and achievements is something that employees truly appreciate. It conveys to them that their efforts are valued and their contributions are meaningful. Such recognition serves as a comforting source of contentment that keeps employees motivated and joyful.
4. Employees Tend to Stick Around for Longer
When employees consistently receive awards and recognition, they develop a sense of loyalty and attachment to their company. This just doesn't reduce turnover rates and contribute to retention, but fosters stability and continuity within the organization.
5. The Company Culture Becomes Positive
Rewards and recognition systems foster a welcoming workplace where gratitude is accepted as the standard. It fosters a climate of cooperation, support, and celebration, that transforms the workplace into a happy and contented environment for everybody.
Exemplary performance in the workplace deserves recognition and rewards. Let's identify those behaviors that deserve acknowledgment and celebration.
1. Sports an Exceptional Performance
It's a cause for celebration when an employee constantly goes above and beyond the call of duty, delivering excellent outcomes and exceeding expectations. Honor people who continuously exhibit great performance and make a major contribution to the team's or organization's success.
2. Innovation and Creativity
Employees who contribute to innovation by coming up with original ideas, thinking outside the box, and working creatively deserve praise. Rewarding their innovative spirit promotes a culture of continual progress, whether it's a game-changing innovation, a creative endeavor, or an original process improvement.
3. A Great Team Player Who Collaborates Well
Collaboration within a team is what holds a group of people together. Employees who actively assist and work together with their coworkers to accomplish common goals are deserving of praise. These people help to create a pleasant and effective workplace.
4. One Who Takes Leadership-Like Initiatives
Employees who exhibit these traits, exercise initiative, and step forward to mentor and motivate others should be commended. Their leadership is deserving of praise, whether it is overseeing an effective project, coaching subordinates, or exhibiting remarkable decision-making abilities.
5. Customer Service Excellence
Employees who continuously go above and beyond to satisfy customers and deliver great customer service deserve to be appreciated. Recognize individuals who push themselves to give customers the best of experiences.
6. Continuous Learning and Development
Employees who actively pursue professional and personal improvement and seize opportunities to learn and advance their abilities should be commended. Their dedication to development merits recognition, whether it's through extra training, learning new information, or taking on difficult tasks.
7. Positive Attitude and Motivation
Employees who improve their coworkers' spirits by being positive and enthusiastic at work should be commended. Their upbeat approach, tenacity, and capacity for inspiring others produce a great work environment that boosts output and morale.
8. Going Above and Beyond
To support their team or company, employees sometimes go the extra mile, displaying dedication, adaptability, and a willingness to take on additional tasks or responsibilities. Acknowledge those who consistently go above and beyond.
With ThriveSparrow's employee recognition platform, you can enable peer-to-peer recognition and empower your team to celebrate and acknowledge each other's performance and hard work.
Whether it's a speedy task completion, burning the midnight oil to meet a project deadline, or lending a helping hand to a colleague, ThriveSparrow is a tool your team can use to recognize and appreciate each other. It helps set the tone for an amazing and happy workplace.
Enable your team to celebrate star performers in your organization with 'High Fives. Sign up for free and foster a thriving culture of motivated, engaged, and happy individuals!
Recognition as a whole could be both tangible and in-tangible. There are 2 types of recognition or rewards that your organization can provide to your employees.
- Financial benefits
- Non-monetary benefits
Financial Benefits
Money is a proven incentive!
Bonuses, salary increases, profit-sharing, or commission-based incentives are all examples of monetary incentives and/or rewards. These incentives give employees a concrete and frequently highly valued way to be recognized for their efforts and achievements.
Non-Monetary Benefits
Not every incentive has to be monetary!
Rewards that aren't monetary can still have a big impact and frankly does in several successful organizations.
A few non-monetary benefits are gift cards, coupons, products, or even company swag items. These expressions of gratitude provide a personal touch and demonstrate your concern for your people's preferences and interests.
So here are a few examples of how you can recognize and reward your employees.
- Emails or notes of gratitude
- Public acknowledgement or gratitude
- Opportunities for professional development
- Extra time-off
- Employee of the month/quarter/year
- Peer-to-peer recognition programs
- Celebratory events
1. Emails or Notes of Gratitude
From time to time, a sincere word might go a long way!
Sending handwritten notes or personalized emails to convey gratitude and appreciation for a job well done makes a big difference.
Never underestimate the power of a heartfelt note. A personalized thank you note acknowledging an employee’s specific contribution can deeply impact their motivation and loyalty. This small gesture shows that their efforts are noticed and valued at a personal level, fostering a culture of appreciation and respect.
2. Public Gratitude
A little appreciation goes a long way!
Even if it's just a 'thank you' note, this kind of public acknowledgement during team meetings, company-wide announcements, or newsletters can significantly raise your employees' morale.
3. Opportunities for Professional Development
Invest in their development.
Giving your staff chances for professional growth, such as going to conferences, workshops, or training programs, is a beneficial form of appreciation. It demonstrates that the company is dedicated to their professional development and has faith in them.
4. Provide Extra Time Off
Extra time off can provide much-needed relaxation and recuperation for your employees.
Giving more paid time off to your staff, whether it's a day, a long weekend, or a flexible schedule, is a priceless reward that they will certainly cherish. It is something that helps them unwind, spend time with loved ones, or engage in personal hobbies.
5. Employee of the Month/Quarter/Year
The title of the crème de la crème!
Employee of the Month, Quarter, or Year awards is a significant honor that recognizes high performers and encourages healthy competition.
Additional benefits, such as specific office spaces, private parking, or planned celebratory events, could be included in the plan as a further sign of appreciation.
6. Peer-to-Peer Recognition Programs
Peer-to-peer recognition programs can foster a culture of mutual appreciation. Such a program allows your employees to commend one another for exemplary work that can strengthen team dynamics and increase overall engagement.
7. Celebratory Events
You can create memorable experiences by hosting events to celebrate major milestones and achievements.
Whether it’s a team lunch, a small party, or a company outing, shared celebratory events can significantly boost morale and promote a sense of community and collective success among employees.
By integrating these recognition practices into your workplace, you can effectively foster an environment where employees feel truly valued and motivated.
A great recognition program should boost engagement and cultivate a positive workplace culture. Here are some steps to help you develop a fantastic employee appreciation program that will make your employees feel like real superheroes:
1. Set Clear Objectives
To begin, you'll need to set goals for your rewards scheme.
What do you hope to accomplish? Is it better teamwork, greater drive, or greater job satisfaction?
Having specific goals will help with program design and execution.
Research by Deloitte Insights suggests the same thing. Only 60% of organizations tie recognition to business goals.
People will alter their behaviours to desired behaviours in order to be recognized. If these desired behaviours are aligned with the organization’s goals, these goals can be achieved quickly.
In a nutshell, any idea that you have in mind, should be driven by a clear objective.
2. Ensure Fairness and Inclusivity
Make sure your program offers all employees an equal chance to be acknowledged.
Establish clear qualifying standards and criteria to ensure a fair and uniform application process.
Praising both individual and team accomplishments is one way to promote a collaborative workspace.
3. Align With Company Principles
Your recognition program should be based on the basic principles of your company.
Link your awards and recognition values to conduct and deeds that support these principles. This makes sure that rewards promote and reinforce the desired organizational culture.
'Owns outcomes', 'brings passion', and 'makes it better' are a few examples of recognition values that ThriveSparrow uses.
Depending upon your company's values and beliefs, you can decide on a set of values for your recognition program.
4. Timely Recognition
Don't let your acknowledgment go unused! Create or use a system that enables prompt recognition.
Recognizing and celebrating exceptional contributions and accomplishments without delay makes sure that the acknowledgment is meaningful and makes an impression on the recipients that will last for a good while.
5. Enable Peer-To-Peer Recognition
Promote an appreciation-based culture by facilitating peer-to-peer recognition. Encourage employees to acknowledge the accomplishments and efforts of their coworkers. This promotes a friendly and collaborative work atmosphere in addition to spreading optimism.
6. Personalize Rewards
Whenever feasible, consider personalizing prizes to reflect each recipient's tastes and interests. Surveys and/or casual conversations can help you learn what rewards your staff finds most appealing. To provide a variety of possibilities, you can consider combining a few monetary and non-monetary rewards from this list we discussed earlier.
7. Facilitate Continuous Feedback
Criticism and feedback are essential! Obtain input from your staff regularly on the success of the recognition program. Surveys, focus groups, or one-on-one interviews can be used to do this. Utilize this input to constantly enhance and improve your recognition programs.
8. Engagement of the Leadership
Leadership support and recognition are among the top three most effective non-financial factors for retention. [Talent 2020 survey]
Ensure that your company's leadership supports and actively participates in the recognition program. Leaders can set a compelling example and emphasize the value of the program when they show their appreciation and recognition of their staff's accomplishments.
You can increases the importance of acknowledgment by having leaders participate in the selection and presentation of awards.
9. Celebrate Wins and Show Gratitude
Don't forget to celebrate!
Plan recurring gatherings or celebrations to acknowledge and appreciate your valued staff. It might be as straightforward as a team lunch, an awards presentation, or a special day of gratitude.
Make these events distinctive and exceptional to genuinely honor the accomplishments of your staff.
Prepare to Sweep Your Employees Off their Feet!
Creating a robust employee rewards and recognition program can help you tap into your employees' potential. It fosters a workplace culture that inspires, motivates, and empowers individuals to achieve greatness through hard work and dedication.
By designing a program that aligns with your company's values, promotes inclusivity, and offers timely recognition, you'll be on your way to creating a workplace where every employee feels valued and motivated to excel.
A strong employee rewards and recognition program not only benefits your employees but also enhances your organization's culture. We wish you the best of luck in your journey to fostering a culture of excellence and appreciation!
ThriveSparrow can assist you in curating the perfect program that unleashes the full potential of your workforce. Sign up for a free trial today.
FAQs
1. What are Examples of Employee Rewards?
Employee rewards can vary widely but typically include bonuses, gift cards, extra days off, and public recognition. Some companies might also offer unique rewards like gym memberships, tickets to events, or even the opportunity to work on special projects as a form of reward for hard work and dedication.
2. What are Some Low-Cost Ways to Reward Hard-Working Employees?
Recognizing employees doesn't have to break the bank. Some low-cost ideas include handwritten thank you notes, a shout-out in a team meeting, flexible work hours, casual dress days, or a feature in the company newsletter. Small gestures like these can make employees feel valued without costing much.
