2022 was supposed to be the year that cheered us all up following the pandemic and lockdowns, it had other ideas ! Covid never quite went away, we had political turmoil, the war in Ukraine and now the cost of living crisis is biting hard. Employees can be forgiven for feeling a little disconsolate and fatigued, so given they are your most important asset, now is the time to motivate them and reward them- especially if you want to keep your top talent.
The Harvard Business Review writes "People work for money but go the extra mile for recognition, praise and rewards. It's no secret that people like getting appreciated for their work. It reinforces that someone sees and recognises their efforts. In fact, 72% of businesses agree that recognition does impact engagement positively."
A good company to work for is so much more than good pay and benefits, it is one that shows how much it cares by acknowledging accomplishments, hard work, productivity and those that have gone the extra mile.
Awards are best given regularly to keep up momentum and engagement. How you reward your employees will be budget dependant, there is no doubt that money talks and will be much appreciated in tough economic times but there are other ways you can show your gratitude. Time is just as precious as money, so a day off would be a great reward, you could donate products to a local or green charity or even give shares in your business if this is appropriate.
You could create a Hall of Fame so employees can proudly see their name up in lights. Have a company gathering to give awards such as employee and team of the year, environmental hero, long service award, outstanding achiever, team player, customer service champion, company values advocate, exceptional listener, stand out performer, the list is endless.
It is important not to forget those who aren't lucky enough to win an award. Praise for a job well done goes a long way, organise team lunches to boost morale and give a mental health or wellness day off to make sure they don't burn out. Celebrate birthdays with cakes and gifts so every employee is made to feel special thorughout the year. Lastly, if you have a company newsletter or blog, give those who deserve recognition a mention.
Rewarding your employees builds a company culture that appreciates achievements, strengthens relationships, encourages hard work, inspires loyalty and makes your business a great place to work which retains and attracts the best talent.
