Employees show up to work every day expecting to earn their paycheck. But work is more than just a paycheck for most people. People spend a third of each weekday (sometimes more) at work, so work becomes a pretty important part of life.
Along with a paycheck, your employees get a sense of identity and purpose from their work, as well as a sense of pride.
When you reward your employees beyond their regular paycheck, you heighten the value they place on their work. By rewarding your employees strategically, you can inspire them to work more efficiently, and you can build loyalty to keep them around longer. Rewards increase productivity and reduce your employee turnover costs.
In this article, you’ll read about six ways to use employee rewards to inspire your team and to build loyalty.
Praise them publicly: When your employees do something great, reward them publicly. Praise their good work in front of their peers, such as at a morning stand-up meeting. If a customer writes in, post the letter and the employee’s photo on a cork board.
This praise is informally delivered (i.e., when you happen to see them) just make sure that other people are nearby, since it’s the publicity of the praise and not your exact words, that are the true reward.
Give trophies: Praise is nice to hear but employees love receiving a tangible recognition of something particularly notable. Have a trophy made up with their name etched into it. Display the trophy in a trophy case or publicly give it to the employee.
Keep your trophy rewards special; avoid the temptation to give out trophies for everything or you’ll dilute the value and meaning behind this reward. Just pick a few very specific, measurable reasons to give trophies and give them out regularly.
Put an ad in the paper: When your employee achieves some significant milestone, such as years with the company or a specific certification, put an advertisement in the local newspaper that includes their accomplishment as well as a picture of the employee along with your brand. Your employee will love the exposure and will buy copies to show his friends.
There’s an added bonus for you: you’ll also benefit from getting your brand in the public eye and it works as a recruiting tool from employees at other service businesses that don’t see their pictures in the paper.
Hold a special event: Hold a regular special Awards Night and give out rewards. You may want to have a special night just for awards (if you think you have enough awards to give out) or you may combine this with some other annual event (such as a holiday party). Make this a truly special event, and invite others (such as spouses or friends), serve great food, and have photographs taken. Give out awards for a variety of achievements and make a big deal out of each one.
Then, for the rest of the year, display trophies in a trophy case, along with the photographs of the recipients. Talk up your Awards Night to heighten the perceived value of the night.
Money and time off – those are great rewards that employees always love. But you can offer your employees so much more, and your business can benefit with the right reward strategy. Why not revisit how you praise and reward your employees’ achievements and build a reward program that inspires your team and builds loyalty?
Mike Agugliaro, is the “Business Warrior” and founder of CEO Warrior, a business consulting and mentoring firm, providing tested and proven methods to defeat the roadblocks that prevent small to mid-sized businesses from achieving their ultimate success. He has played a key role in building Gold Medal Services’ success, as co-owner of the company. For more information about CEO Warrior, visit www.CEOWARRIOR.com.