When you’re running a business, one of the important things you need to do is find ways to reward your employees. Employees that don’t feel valued are apt to leave, and the failure to retain talent is one of the pitfalls that can sink a company.
As well as a robust employee development programme to help employees see a future at the company, you also need to find ways to reward employees for hard work, and inspire them to give their all, and innovate for you.
Today we’re offering some tips on creative ways you can reward employees who’ve gone above and beyond.
A well run company event can work wonders for morale and cohesion, with minimal negative effects on productivity. Christmas or end of year parties allow people to relax and celebrate after a busy time, and summer events bring people together in different ways: sales and HR wouldn’t normally get the chance to spend time together, but at the company picnic new friendships can be born, which make everyone feel happier about coming to work every day.
When you’re looking for venues for hire, London has a great variety, so whether you’re looking for a restaurant, a marquee or a hall you should be able to find the right place to treat your employees to dinner, drinks or a night out.
Recognising individual achievement can be a double-edged sword in the workplace. Singling out one employee for reward may leave you open to accusations of favouritism and foster resentment from people who didn’t win, whether that’s reasonable or not.
To make it less personal you can ask department heads to nominate exceptional members of staff, or even open it to an anonymous vote across the company.
For the winners, it’s best to avoid a direct financial reward. This can, again, foster resentment. Gift tokens can be a well received way to recognise people’s achievements, but this is of course an additional expense.
Granting an ‘employee of the month’ an additional day of paid leave will always be welcome, and carries a negligible cost. The lost productivity is something that the employee and their peers will naturally compensate for. Everyone enjoys an additional, guilt free day off, so this is something that really shows your appreciation for their hard work, and if it’s on the table it really induces people to go above and beyond.
Our final piece of advice would be to ensure there’s a rigorous ‘no repeat winners’ policy: watching the same people being rewarded over and over will only create resentment and disincentive your employees from excelling.