It is good practice to reward employees for doing their jobs well and exceeding their goals. It is critical to keep them motivated and increase their productivity. This also guarantees that employees are more engaged in achieving the company’s aims and objectives.
However, rewarding your employees does not always mean raising their salary; there are other methods to express gratitude for their hard work.
While money is a common motivator for employees, there are a variety of other choices a company can consider to keep its employees dedicated to staying on the job. Here are some pointers:
1. Create a system for recognizing and rewarding employees
Have an active employee incentive system in place where top-performing employees are recognized with awards. This can be done on an annual, quarterly, or monthly basis.
Employees want to feel appreciated. Therefore, something as simple as a congratulatory thank you note or a company-wide announcement can do the trick. It also serves as an incentive to other employees to perform better. An innovative and competitive workforce is where everyone is looking to do better.
2. Offer Leadership Opportunities
As the famous adage goes, to whom much is given, much is expected. An employee with an exemplary performance at his/her job will attract the attention of managerial interests. Competence begets more trust in an employee to do more.
As you might expect, an employee who has demonstrated his or her mettle on the job is the best individual to work within a new leadership post. Employees should be rewarded through having additional leadership chances. This aids in the development of their abilities and professional profiles.
3. Set Up Training Opportunities
A high-performing employee is entitled to company-sponsored training programs. This helps individuals broaden their skillset and competence, which will have an impact on their career. This direction also benefits the company because an employee will be more productive and efficient as a result of it.
Identify the employee’s strengths and encourage them to develop and work on special passion projects. The passion project should be something influenced and directly picked by them and funded by the organisation.
4. Offer Working Flexibility
With the new normal, most organizations have transitioned to working remotely. If your business can, this is a new way that it can venture into to help the staff save on transport and time spent commuting. Offer flexible working hours that allow employees to enjoy the option of progressing their own personal goals.
Non-monetary rewards to employees are about being creative and finding ways to improve employee productivity and retention.
What other non-financial employee rewards can you think of to reward top performers in your company? Feel free to share them with us in the comment section below.