Employee reward and recognition isn’t just a nice thing to do, it is an essential thing to do to make your employees feel valued and in turn e
Employee reward and recognition isn’t just a nice thing to do, it is an essential thing to do to make your employees feel valued and in turn ensure the success of your business.
There is a clear correlation between incentives and performance and it’s important that employers capitalise on this. However as budgets become ever tighter – how do you motivate and recognise your sta on a budget? The good news is there is a lot you can do, without breaking your budget…
Here are a few cost-effective tips to consider when motivating your staff.
Choose the right reward and incentive
The right reward takes some thought. Cash is not always King as cash incentives can be confused with bonuses and salary and often get swallowed up in everyday expenditure. But what about a bottle of wine? Who doesn’t like a nice glass of wine? You’d be surprised how many people don’t drink and there is little point in giving employees a bottle of wine to say thank you, if they don’t drink! If anything that kind of generic reward will have the opposite effect.
Set achievable targets & communicate them!
Targets set for employees should be specific, measurable, challenging but achievable and timed. Be transparent from the beginning – set clear goals and celebrate when your sta meet them. Do not move the goal-posts as this will lead to disillusionment.
Communication is essential too. There is little point in going to the effort of creating a reward scheme and then failing to tell anyone about it or what they need to achieve. These days there are so many different communication methods that can be employed including text messages, emails, newsletters, company intranet and websites, there is no excuse not to communicate with your staff.
Incentivise and reward all year round
Many employers just choose to reward sta at certain times of the year. We always say rewards are not just for Christmas! It is really important to continue to incentivise sta all year round. Setting goals at the start of the
year gives staff something to work towards and sets in motion positive communication between sta and their employer. In order to ensure happy, motivated and engaged employees all year round it’s a good idea to spread your motivation programme across 12 months of the year.
In summary rewarding and recognising your sta is essential to the success of your business. However in difficult financial times many companies have limited budget for sta rewards. But rewarding employees and motivating their performance doesn’t have to cost the earth but does need a bit of planning and some creativity to ensure it has the most effective outcome!