A study shows that employees will work harder and perform better when they are offered a noncash incentive. Employees respond to positive feedback. Who doesn’t like to feel appreciated?
Some companies are great at employee rewards. You probably know people who get to go on fabulous, all-expenses-paid trips or receive generous gifts from their employers.
Are you thinking about rewarding your employees with an incentive program? Keep reading to learn the benefits of rewarding employees.
What are the Benefits of Rewarding Employees?
Rewards for employees can vary greatly. If you’re on the fence about implementing a rewards system, check out these 5 tangible benefits.
-
Happiness in the Workplace
Showing employees they’re appreciated goes a long way to creating a happy work environment.
When employees have a positive feeling toward the company, they perform better. Offer rewards as a further example of appreciation and employees will respond with gratitude and hard work.
A happy, appreciated group is contagious. People will want to be a part of your business environment.
-
Increased Productivity
Do you work harder when you know you’re efforts are noticed and appreciated? Employees are likely to increase productivity when there is a reward for their hard work.
When hitting a goal or finishing a project efficiently gets rewarded, you can bet the employee will “keep up the good work”!
-
Attract New Recruits
When your staff is happy, they’re more likely to recommend your company either through word of mouth or by anonymous reviews on online business sites.
Word gets out about “good companies” and that attracts people who are looking for a job change or just joining the workforce.
-
Loyalty
When an employee is rewarded, he or she feels connected to your organization. That feeling of being a part of something creates loyal employees.
This emotional bond means employee retention and loyalty to the company. A loyal employee is a great ambassador for your brand. There is no better way to promote your company than with loyal, happy employees.
-
Create a Team Culture
Promote an environment where employees show appreciation to their peers. Create a reward system based on peer reviews. Allow coworkers to nominate each other for rewards.
Make teams and have friendly competitions to reach goals. Hold team-building events outside the workplace. Have a company outing after completing a big project or reaching a sales goal.
Such activities promote camaraderie and team culture in the workplace.
Check out our engaging recognition and employee rewards calculator here. Let us help you reward your employees.
Reward Your Employees
Now that you know the benefits of rewarding employees, find the right way to go about it with your staff. From thank you notes to special outings, the recognition will motivate your employees.
There are many sites such as lcgifts.ie/reward-recognition/ who sell staff reward gifts to motivate employees.
Do you like the advice you received here? Be sure to check out the rest of our site for other business-related articles, tips, and advice.
Interesting related article: “What is Motivation?“