It is essential for every business to acknowledge and reward their employees’ efforts in the workplace in order to give staff an incentive to give 100% in everything they do in your business and for them to actually enjoy working for your company. If there is no incentive to give everything you have in your employment it becomes more difficult to motivate yourself from day to day.
Richard Branson, the founder of Virgin said “You shouldn’t be looking for people slipping up, you should be looking for all the good things people do and praising those.”
The most popular form of reward is financial incentives, which are extremely popular in sales and retail positions. The top sales people receive awards for exceeding sales targets, and this creates friendly competition within the other employees in the office, and individual competition, where you want to beat the target from the month or year before. With incentives like this, it not only improves the bank balance of the employee, but it keeps them motivated and energised by their position.
Business owners can get inventive with their employee incentives. It doesn’t just have to be financial. A number of companies give out vouchers for the likes of Starbucks and local cinemas, and some bosses take their employees out on “away days” such as cookery classes and outdoor pursuits including paintball and go-karting. It helps staff feel appreciated and can help with team building.
Sometimes the smallest reward can make the biggest difference. Even something as small as a team email or newsletter that mentions an individual by name and also mentions all the great work they have been doing is enough to encourage a team member to feel rewarded and continue to give their very best in their role. It all makes a difference and will go a long way to creating a motivated team that looks forward to coming work every morning.
Another way to show how much you appreciate your staff is to have an annual party or award dinner. It is a great opportunity for you to thank your team for all their hard work and reward them by presenting awards for the best sales team, best team players and award individuals for what they have achieved throughout the year. It is always good to feel appreciated, and what a great way to end the year by gathering all of your employees together and heaping praise and awards on them. You can guarantee the New Year will start with a team full of energy and smiles.
Big Business Examples
An example of a large business that rewards their employees is the UK supermarket chain Sainsbury’s. They have gift vouchers and cards that they give to their employees, with the main objectives being to motivate staff, increase employee engagement, boost productivity and increase sales.
There is an online jobs and career community in America called Glassdoor, and every year they have an Employee’s Choice Award to find the best places to work. Employees fill out a survey and submit it to Glassdoor, and you can find out what the top 25 places to work via Forbes. It will be no surprise to see the likes of Facebook (#1) and Google (#6) high on that list. These companies are known for rewarding their employees and working in a very relaxed, informal atmosphere that thrives on creativity and interaction. When there is freedom and encouragement in the workplace, the majority of employees will up their game and love what they do just a little bit more.