Businesses would crumble faster than the Roman Empire if it wasn’t for the hard work of employees. To make them feel valued and boost productivity even further, businesses need to put a reward system in place that goes further than a virtual pat on the back. There are plenty of simple ways to show appreciation for hard work, and we’ve gathered six examples below.
Restricted Spending Cards
The cost of living is rising, so provide prepaid cash cards to employees as a way of saying thank you, and to make their lives feel that little easier. However, to avoid them splashing additional cash on luxury items, you can gift restricted spend cards. These are a type of payment card you can lock to certain product categories or stores. For example, you can make sure the card can only be spent on groceries.
Some people are more productive when they have something to look forward to. Therefore, you can take hard-working employees on a company retreat. When you announce the reward, attach certain KPIs that need to be met to gain admission, and just watch your workforce’s speed and efficiency rise.
If your company is hitting large milestones, give something back by throwing an office party. There are countless ways to host a party, but we suggest hiring a venue such as a Hyde Park Cincinnati restaurant. During your party, you can take a moment to host an office awards ceremony with serious and bogus categories.
Enjoying work is great and all, but the paycheck makes it worthwhile. If you’re looking to boost productivity and reward hard work, consider setting up a bonus structure. Split any bonuses up into quarters and have well-defined KPIs that need hitting before bonuses are released. This way, those that work hard will benefit and the slackers will be left out.
A work-life balance is a key to productivity and positive mental health. Reward your hard-working employees by gifting them some much-needed time off – on top of regular leave. For the least impact on your business, offer time off around Christmas and New Year, when much of the business world comes to a standstill anyway. Your employees will be grateful for the time to spend with their families, and you’ll benefit from boosted productivity.
Whether it’s music events, comedy shows, or relaxed conventions, gifting employees with event tickets is a great way to show gratitude. In this economy, with dynamic pricing structures pushing the cost of popular events through the roof, your employees will thank you with more hard work and dedication. However, you should find a way to make this reward personal because not everyone will thank you for those expensive box seats to the opera.
Hardworking employees make successful businesses. However, productivity and motivation will soon dip when employees feel underappreciated. Putting together a series of performance-dependent perks, like those mentioned above, will keep up the momentum, show that you care about your employees, and will improve your bottom line.