If you're a business owner, then you probably understand that rewarding employees is important. But do you know how important it really is? Studies have shown that 79% of workers will leave an organization if they underappreciated.
To keep your employees happy and motivated, you need to make a serious effort to show your appreciation to them. The best way to do that is by rewarding them.
But what if you can't think of a good way to reward employees?
Keep reading to learn all about how to reward employees for their hard work.
Express Your Gratitude
When most employers think of rewarding hard-working employees, they imagine expensive displays of gratitude and appreciation. While those can be great, sometimes all employees want is for you to tell them how much you value them.
Make a point to thank someone after a job well done. Thanking them in a public setting like an email can also be an effective tactic.
Celebrate Their Work
Celebrating your employees for their accomplishments and hard work is also a great way to reward them. Many workers will enjoy getting to unwind and be the center of attention for a while, and an office party provides them with the opportunity to do so.
Parties might not be as simple to pull off as a verbal thank you, but a little effort goes a long way.
Give Them a Financial Bonus
Of course, everyone likes money, so financial bonuses can go a long way. When paired with holidays like Christmas or the New Year, monetary bonuses can be especially effective.
However, money is also impersonal, so don't rely on it as a tool of appreciation too much. Find ways to get creative, like using the rewards program that your top competitor uses.
Offer Them Time Off
Everyone appreciates time when they don't have to clock in. If an employee has worked very hard over the course of a quarter or year, offering them an extra week off around the holidays can be a great way to thank them for everything.
Even something as simple as giving them a few extra days to make it home and back without using up their personal time can be effective.
Offer Them Tickets to an Event
Whether your office is in a bustling city or a sleepy hamlet, odds are there are plenty of community events to attend. Providing tickets to these sorts of events can be a fun and creative way to show a worker your appreciation.
Tickets to concerts and sporting events can be great. Do your research to see whether or not you can find some other creative options.
Figure Out How to Reward Employees
Figuring out how to reward employees can be a challenge, but doing so is essential if you want them to feel valued. Consider using some of the strategies mentioned in this guide to reward employees, and you can be certain that you'll help them feel motivated and appreciated.
Do you now have a better understanding of how you can go about rewarding employees? If you do, make sure to check out some of our other posts for more business-related guides and tips.
