As a business, what’s your greatest asset? For most business leaders, the debate between the customer and employees cannot end anytime soon. But we can all agree that customers and employees deserve commendations for the unimaginable support they give to businesses.Â
But many employees have been overlooked because they’ve already been paid to do their work. But numerous studies show that rewarding deserving employees improve their performance and casts the net open wide for more highly performing colleagues to ramp up.
And if you’re not doing it, you may have to reconsider, especially as the competition in the business world becomes fierce by the day. You wouldn’t want to lose your best talents because they think you don’t appreciate them enough. Here are five ways to reward your best employees.
Upgrade Their Benefit Entitlements
Company benefits and perks are among the top reasons employees deem a specific company ideal for work. According to Harvard Business Review, about 80 percent of employees would choose additional company benefits over a pay raise.Â
Another survey also reveals that nearly half of employees will seek new opportunities if they’re dissatisfied with your benefit schemes. This makes significant employee benefits a great reward for employees and an excellent strategy to retain them.Â
You may already be providing basic benefits as part of their participation in your company. But you can check your employee benefits software for upgraded offers and special packages to incentivize high performers.Â
Performance Bonus
Money can be vague. But a performance bonus is not just any money. There’s an emotional attachment exclusive to only the recipients. And that’s what you want to achieve with your reward. It’s the reward’s exclusivity that makes them feel special. And performance bonuses can improve the performance rate of recipients, motivating them to remain on the receiving end.Â
According to Incentive Research Foundation, such incentives can increase employee performance by up to 44 percent. Performance bonuses can boost employees’ proactiveness and willingness to lead, innovate and impact.
Give Them Time Off
High performances don’t happen in a vacuum. They result from consistent input and dedication invested into operations over time. And that can be draining for employees. About 83 percent of workers in the US complain of work-related stress.Â
So, while you want them to continue performing optimally, it is crucial to prioritize their overall health and wellbeing first. Giving them some time off can never be a miss, especially if it doesn’t come at an expense to their annual leave limits.Â
Have Afterwork Parties
There’s nothing quite like an office party celebrating an employee who just chalked a milestone. The handwritten thank you notes, special messages, and recognition from the party can afford the employee an experience that might stay with them forever. That’s on the one hand. On the other, it gives your employees time to unwind and pass the time.
Offer Shopping Vouchers
Nothing feels quite right like splurging a little on your employees. They may not be pressed for cash. But the gesture can go a long way to clear a few things which have stayed on their bucket list for ages.Â
Generally speaking, your best employees should be your best assets, and everything you can do to make them feel appreciated, comfortable, and ready to do more will be welcomed.
