Rewards keep employees happy; they are aware that they are valued, respected and that you, as an employer, are going beyond the requirements to ensure they are content in the work place. This in turn improves productivity, increases motivation and improves overall efficiency. The question is, what type of rewards should you be focusing on and what’s the best way to implement this system?
Types of rewards available
There are many different types of rewards you can offer your employees. Often it’s not just the actual reward itself that employees are happy with, it’s the fact the company cares enough to provide rewards to its staff
It was reported by Forbes that loyalty has declined in workforces since the recession; the turbulence of the job market during this time unsettled a lot of people. There is no longer the sense of security that many 9 to 5 staff had gotten used to during their young careers. The way to fight back this insecurity is the reward system – cultivating additional incentives and positively reinforcing good work can significantly improve the relationship and output you get from staff who otherwise might have been preparing to jump ship.
While there’s a plethora of different rewards you can give your employees, some of the standards include:
- Pay rises
- Flexible working hours
- Days off
- Early finishes
- Fresh fruit and other office treats
- Gym membership
- Travel discounts
These are just the tip of the iceberg in terms of rewards you can make use of. Pay rises are the most popular but obviously aren’t always viable if you’re struggling to make a profit. Flexible working hours is a fantastic method to present your business as more open and receptive to the needs of your employees. Allowing them this measure of flexibility and trusting them to manage the logging of their flexible hours can yield great results. This is especially true for those who have dependants to look after. Perhaps even consider setting up home offices for staff members, so you can reduce the operation costs of your business at the same time.
Similarly, days off and early finishes can also be great incentives for employees. Early finishes on a Friday are often appreciated for obvious reasons. Or if an employee has a particularly good productive day, you could reward them with an early finish to beat the rush hour home. These types of rewards encourage your staff to work well for you. You’ll be creating a working atmosphere that they’ll feel comfortable and valued in.
Fresh fruit is a reward that not many employers consider. It’s a well-known fact that people struggle to eat healthily whilst at work. Providing a fruit basket will encourage your employees to eat healthily and will also increase their productivity, keeping them more alert during the day. You’d be surprised just how much your employees would appreciate both the taste but also the gesture of a basket of fresh fruit; check out sites like fruitfuloffice.co.uk to make the selection and delivery of fruit to your office as easy as a few clicks.
Another healthy incentive you might like to offer is free or discounted gym membership. Keeping your employees fit will ensure they work harder and stay focused throughout the working day. The gym is often very expensive so f you’re paying for it, your staff are more likely to make use of a gym membership.
Competitions are definitely something more businesses should make use of. Holding regular monthly competitions can be fun and they can keep employees motivated. You could offer a prize to the most productive department for example, the prize being a meal out somewhere or a day trip. Individual prizes can also encourage healthy competition in the workplace.
Finally, travel discounts would appeal to those who have to travel quite far to work. If you lower the cost and make it easier for them to get in, your employees will really appreciate it. These are just some examples of rewards you can offer. Why not have a think about which type of rewards your employees would prefer?