Tailor it: and other great ways to reward staff
Great ways to reward staff has always been a conundrum for employers. Rewards for employees differ across sectors and industries. And all too many offer very little to encourage staff retention. There are, of course, common bonus schemes in place, where companies offer on-target earning bonuses or commission. These allow rewards to be clearly determined and those who continually meet or exceed targets, to rewarded accordingly within their structure.
But wait? Where companies don’t offer bonus schemes outside of a yearly bonus, if at all, what are the top ways to reward staff and motivate individuals who continue to strive to develop and outperform their roles? And all whilst also encouraging wider colleagues to strive for the same?
As is often documented, people look for new employment if they feel they don’t get the recognition they deserve or feel a lack of support. Not only are individual check-ins essential, but by developing a strong sense of team for your workforce, colleagues feel they have a role to play. Not only that, they feel valued and understand the difference they make in the team’s success overall.
So how can your business recognise the potential in those who outperform and encourage others to do the same?
Employees work ethic and desire to learn and improve can differ drastically. As a result, rewards tailored to the individual will have a much bigger impact than a general one fits all.
Access to additional resources
By understanding the direction your employee wants to go, you can offer training to improve their knowledge and understanding of wider roles, either inside or outside your company. Budgets low? You could second the employee to a different team for a day or two a week to allow them the chance to develop skills and bring an extra level of knowledge back to their direct team. Or are there training courses more suited to the individual which they could have access to outside of your organisation?
Flexibility for them to develop skills within working hours
Or, what about thinking further outside the box. Is there an opportunity to allow them additional paid leave should they wish to attend courses that would be relevant to their career development?
Tailored cash rewards
Does your company have the ability to offer monetary rewards? Have you considered including a tailored note alongside this so the employee feels understood? They talked about saving for a holiday for instance; this additional bonus could go towards your upcoming trip. Maybe they’re buying a new house? The money could go towards some furniture!
Team rewards and team building
Naturally, as individuals we all work to different levels and at different paces. Looking at personality tests, not all employees will have an innate desire to progress to senior levels. And some will lack the confidence to do so. So how can your business encourage those to understand the importance of the role they play and to build confidence?
Often day-to-day tasks can take over. And employees don’t always understand the bigger picture or overall goal. Could your company allow the team a half day off together to update them on where the business is going? And then allow those teams to socialise? Teams who socialise outside of work, often form stronger bonds and companies and, as a result, retain higher staff levels.
Hero of the month
Within your organisation is there an opportunity to offer an extra day annual leave to a hero each month? Highlight who has gone the extra mile to support their team or business as a whole? By placing merit on actions that have made a positive impact it, helps to build individuals confidence and allows them to be noticed and recognised.
Finding the right ways to reward staff on an individual basis could take time. But by listening to employees and taking an interest in their career development and/or outside interests, it will show them that they have the support of the company. And they will continue to strive to succeed for not only themselves, but also you, the employer.
Rewards call for flexibility
If you’re an employer who’s nervous about committing to a scheme or a third party rewards package, corporate gift cards or e-gift cards are an excellent solution. In terms of great ways to reward staff, you can buy different amounts and use them whenever it feels right – all without being tied in. Not only that, but they can be redeemed at over 600 stores and at Asda online – groceries and George.com. Which means you don’t have to worry about getting that gift just right—simply leave that to them!
After all, they deserve it.