Hiring is one of the most important aspects of any business. With the right people on board, your company will be well on its way to success. Still, have you considered what you’ll do with those employees once hired? You want to encourage your team to work together and succeed as a unit. You also want to keep your best team members.
With that in mind, this article looks at several ways you can reward great employees and keep them happy while working for your company. But before you can start rewarding your employees, make sure to Apply for a Federal Tax ID to report employment taxes to the IRS. Registering for the EIN is challenging, and that’s why many business owners choose to work with a qualified agent to get this crucial ID.
The first thing to do is to express your appreciation for the contribution that your employee has already made to the company. This can go a long way in improving the overall atmosphere in the office and making your staff feel appreciated.
Here are some ways you can show appreciation:
1) Employee appreciation program
This is a time-honored tradition for many companies. When someone goes above and beyond the call of duty, it is important to acknowledge this. The employee appreciation program allows you to recognize employees for their positive contributions to the company.
Whether you offer your team’s employee appreciation gifts from sites like anthembranding.com or something else entirely, acknowledging your staff’s hard work and giving them a ‘thank you reward for their service and dedication is important for their morale.
2) Give them a raise
Giving an employee a raise is an excellent way of rewarding a member of staff that consistently outperforms against the targets you have set for them. Not only will this improve their motivation and morale, but it will also show that you value the effort they put into their work.
3) Let them attend industry events
Another way to make your company stand out from its competitors and boost staff morale is to reward great employees by allowing them to attend industry conferences, exhibitions, or seminars. Doing this will show them that you value their contribution to your organization and offer them the chance to network with like-minded people in a professional environment. Plus, it also opens the door to new skills and training, which benefits both the company and the employee.
4) Give them time off work
Giving an employee some time off work is another excellent way of rewarding those who have consistently outperformed against set targets. Giving them a well-deserved vacation and encouraging them to use their time is crucial, as it helps them rest up and recharge and helps prevent burnout.
5) Give them bonus options
If you have multiple employees working on the same project, it makes sense to split your bonus pot between those who have made significant contributions.
6) Send them on an overseas trip
If your employee has been with you for a long time and has done a lot of extra work beyond what is expected of them, it could be time to send them on an overseas trip if that’s something they would like to do. This will show them that your company values their contribution and will be beneficial in allowing them to network with other professionals who can help advance their careers – not to mention the travel experience itself can be enjoyable for them.
7) Treat them like a partner
If you choose to reward great employees with a share of company equity, give them significant voting rights and control over the direction of their department. Trying this approach will ensure that they feel invested in their work and capable of making real contributions. It will also make your team members feel valued and integral to the enterprise’s success.
8) Give bonuses at least once a year
The first bonus should be in recognition of the employee’s job performance and contributions to the company during the year preceding the bonus payment.
The bonus should be
- tied to an evaluation of job performance
- given on time
- and be consistent with all previous bonuses or pay increases.
If you paid out all previous awards by earlier than three months before making any new awards, you will clearly not be able to measure your employees’ actual value. Additionally, you don’t want your executive team’s focus on increasing shareholder value (and short-term profit for executives) at the expense of long-term company growth and profitability.
What if you don’t reward good performance?
It’s often said that people don’t quit jobs; they quit bosses. The underlying lesson is that people stay in employment for a long time if they like their bosses but can leave in an instant if they don’t. In fact, only four years after leaving or being fired from their previous job, 45% of employees are looking for a new job. Additionally, 30% of employees say they would take a 15% pay cut to work for an organization with a reputation for treating its staff well.
By not rewarding good performance, you may be losing crucial talent, which is bad both for your bottom line and your ability to achieve your business’s vision, mission, and values. When you don’t reward the right behaviors, you end up with the wrong behaviors, your best staff will leave, and the underperforming team will remain, leading to poorer company performance.
There’s no doubt about it: rewarding employees is critical to the success of your business. The above are only a few ways of doing so, but they are powerful. They allow you to encourage your people to give and keep them committed to the company.
Ensure your rewards are meaningful and designed for your employees’ needs. Give them something that will make them feel appreciated and make their job easier by providing the tools and infrastructure needed for them to be successful. This will make all of your employees happy in their roles at your company and, in turn, more productive at work.