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Now’s a Good Time to Reward Employees…

Posted on 25 March 2012

If the economy gets better and job prospects improve, you may need to offer more incentives to keep your best employees.

 

What are the best ways to reward employees. If the economy improves and the job market opens up, you may need to offer more incentives to keep your best employees. It’s not always about money—we can assume you’re paying a fair salary.

 

Below is a framework for how to continually reward your best workers.

 

Here are some important parameters to keep in mind as you think about the best ways to show your staffers how much they matter:

  • Make rewards personalized and meaningful. Cash is nice, but it may not have as lasting an effect as you would think. An award an employee can hang on his desk, an iPad he can take home, tickets to see his favorite sports team—these are gifts that carry over, and provide a lasting impression of what your company stands for.
  • Whenever possible, win over the family. Whether a company picnic or a dinner party, some extra vacation days, or even a free family wellness checkup at work, you have to remember that each one of your employees is connected to a whole network of friends and family outside the office. Let them know the overall well-being of all of them is important to you.
  • Be unpredictable. It’s great to reward your employees because they’ve gone above and beyond their normal duties, but you don’t want them to go above and beyond just because they think there’s a reward in it for them. Give out recognition when employees are least expecting it, and they’ll find it all that much more gratifying.
  • Incentives. Travel is always a nice incentive. Taking a group of high performing employees to a destination they cannot and would not do on their own drives loyalty.

 

The extended benefit of surprising hard workers and dependable team members with rewards is that it can raise the morale of your whole staff. It shows you’re paying attention to those who are really trying to create a successful and vibrant workplace for everyone, not just for their own gain.

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