Generally speaking, a company with happy employees means increased output and more revenue. Some of the main factors that contribute to employee happiness is feeling valued, matching them with jobs that accentuate their strengths and by celebrating their accomplishments. Consequently, it’s important to provide your employees with awards and incentives from time to time.
One of the easiest and most cost effective options is to create a commemorative newsletter for top achieving employees. This doesn’t need to be overly elaborate, but it should give a brief run down on the accomplishments (both personal and business) of your employees and explain their contributions to your company. You could also mention some of the goals that they had and eventually accomplished. While this idea doesn’t require much effort, it can really make the day of employees and be a major confidence builder.
Let Them Know They’re a Big Deal
Another option is a formal celebration of your employees’ achievements. If you have a handful of individuals who have exhibited signs of greatness, you could hold an event to recognize them. This could range from a small get together like a luncheon to a full scale event like an awards ceremony. The details of the event will really depend upon the extent of their achievements, so there is a lot of wiggle room in terms of your approach. You can even get help from a company like O.C. Tanner who specializes in service awards and develops unique award programs for businesses.
Small Incentives Go a Long Way
Along with this, it can be beneficial to offer employees some type of incentives. Many times, cash, prizes and other awards can go a long way and are perfect for showing how much you appreciate your employees’ hard work. The types of incentives you offer will depend upon two main factors which are the amount of value that employees bring as well as the budget you are working with. If you have a limited budget, you might go with something like gift cards to local stores and restaurants, and you can also offer free movie tickets or gas cards. Employees that participated in a special project might appreciate a special commorative T-Shirt or embossed dress shirt.
Give Big Rewards for Those Who Deserve It
If you have a bigger budget and really want to show your appreciation, you could provide employees with extra paid time off or give them a vacation getaway where you pay for transportation, lodging, food, etc. If your company is large enough to have stocks, you could also give them some free shares. Ultimately, one or more of these incentives should make your employees feel valued and hopefully increase their loyalty.
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Melisa Cammack is a freelance writer, mother, and dedicated wife of 13 years. She spent many years as a financial consultant, specializing in credit card debt consolidation, and enjoyed helping many get their lives back in order whether it was their business credit cards, airline credit cards, or student credit cards.
Image courtesy of Ambaro / FreeDigitalPhotos.net
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