Recognizing great work among employees is as important as managing, motivating and monitoring performance. Meaningful reward and recognition strategies can positively influence employee attitude and behavior.While some people may think that a cash bonus is the best way to reward a good performance, there are plenty of other ways to incentivize them without breaking the company budget. Here are some great ways to show your appreciation to your best employees.
1. Offer flexible hours
Flexible work hours can be worth a lot more than cash. It means that employees won’t need day-care services for their child or won’t have to commute during rush hour. More importantly, it shows you trust them enough to make their own schedule.
2. Write a thank you note
You can give them a handwritten note expressing your appreciation for a specific task that they did excellently. Alternatively, you can also create a formal letter recognizing your employee’s achievement. Sign it and use the company’s seal to give the letter something extra. You can even frame it too.
3. Host a party for them
It doesn’t have to be a big one – it can be as simple as a pizza or doughnut party at the end of the month for the top performers. It’s fun, breaks up the routine and keeps employees in the office. It’s an all-around win for anyone who likes to eat.
4. Offer an additional day-off pass
You can reward your good employees with an additional paid leave. They can use it at any time, for any reason, they would want to use it.
5. Offer a redeemable gift
Reward employees with your own custom phony money (or use Monopoly money) and allow them to redeem it for gifts at the end of each quarter. It can be gadgets, restaurant vouchers or short weekend getaways.
6. Put them on the Wall of Fame
You can create a wall of fame for each recognized employee and write below their picture what you’re recognizing them for. Place the wall of fame at a good location in the office where everyone can see the recognition.
7. Hold an Annual Awards Night
You can have your own annual awards night to recognize the best and the brightest employees. This can be done during your yearly team building activities.
8. Offer to subsidize their education
Some of the best employees may want to take a Master’s degree course or a Ph.D. If they’ve been really valuable to your company, you can offer to subsidize part of their tuition fees for a semester. You can also provide training opportunities to high performing employees, or send them to an annual conference they’d enjoy.
9. Create a thank you video
Make a short video recognizing your employee’s great contributions. Post it on YouTube for your employee and anyone they want to share it with.
10. Put them on the company e-newsletter
Send an email to the entire company explaining how impressed you are by your employee for going above and beyond. You can also post your appreciation of employees on your internal website. Have a photo and description of what they’re being recognized for, and any client or customer testimonials as well.
11. Invite them for a dinner with the boss
There’s no better way to get employees’ attention than to take them and their family to dinner. Let them pick a nice restaurant of their choice from a list you provide.
12. Give small tokens
Give your employees small token gifts like Starbucks Cards, movie tickets, candy bars or gift cards on employees’ desks with a note that says, “Thanks for all your hard work. Keep it up!”
Great employees are the backbone of every successful company. Small gestures, showing appreciation for their hard work will motivate them and push them to work harder.