How To Reward Your Small Business Employees

Posted by Karen Erdelac on Jun 5, 2019

How To Reward Your Small Business EmployeesKeeping your staff happy increases productivity and improves employee loyalty. “A new report by Wrike says more than 50% of U.S. and UK employees are choosing to be happy over their paycheck size.” One great way to improve morale is to reward your workers with something other than cash.  Here are just a few examples.

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.

Dinner With The Boss

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.

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.

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.

Charitable Contributions

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.

Small Business Investments

Topics: small business owner