Everyone likes a reward for hard work, and rewarding employees is a way for businesses to build loyalty and encourage them to continue working hard. According to Entrepreneur magazine, an effective reward system should reward both employee behaviors and their end result - performance. Here are some of the best ways to reward the behavior and performance of your hard-working employees.
1. Executive Privileges
Reward employees who exceed expectations with privileges that only their bosses usually have, such as use of the business's tickets to a sporting event, use of a company car for a week, or a choice of free merchandise from the store. These types of perks make the employee feel special and encourage everyone to do their best.
2. Meal With the Owner
When an employee has done something particularly noteworthy like having an innovative idea that improved the business, reward that person with a lunch or dinner out with the owner, where you can take some time to get to know the employee better. Investing time (and a nice meal) in a rising star can be a meaningful gesture and help owners get to know who might be a good candidate for a promotion in the future.
3. Public Recognition
Honeywell recognized "Great Performers" by making posters that contained the portraits and stories of their top employees and displaying them in its offices. Recognition among colleagues in this way or a similar way, such as a special Employee of the Month parking spot not only encourages those employees, but motivates others to gain the same recognition in future months.
4. Reward Failure?
Intuit's "Failure Award" is a company-wide ceremony that honors a team whose unsuccessful idea taught the company something ultimately valuable. Reinforcing the principle that failure can lead to ultimate success will encourage your employees to take the kinds of risks that can move the company forward.
5. Rewards that Help Others
Have your employees help choose a non-profit organization to help, then make a donation when your employees meet monthly sales goals or other benchmarks. Giving money to a charity that an employee supports can be seen as a kind of bonus in that employee's eyes.
Most rewards cost money in some form or fashion. When profits are soaring, this is no problem, but employees must be rewarded and motivated even when costs eat away at profits or other circumstances outside everyone's control make the financial picture tight.
Employees understand when reward programs must be cut back until the bottom line improves, but a business cash advance can keep simple reward programs going until sales initiatives come to fruition or new inventory has a chance to sell. Employees will likely appreciate being rewarded even more when they know it's a sacrifice on your part, and it will have that much more meaning.
Quikstone Capital Solutions provides businesses with cash advances for all their employee-motivating needs.