News

2 years ago

Rewarding your staff: why it’s important and how you can do it

Rewarding your staff

You can’t expect your employees to perform their best and have loyalty to your company if they feel like just another number. It’s important your staff feel valued and appreciated. One way you can do this is through recognition and rewards.

Do you take the time to show appreciation for your staff’s victories? Or reward those who routinely go above and beyond? If you don’t already, here’s why you should.

Employee recognition

Without receiving any recognition your staff will feel insignificant. They might question why they should work hard if no one ever notices. In general, employee engagement will be lower.

While it’s not realistic to hand out rewards constantly, you should make employee recognition a daily part of your operation. When a member of staff goes the extra mile or achieves something, a simple ‘thank you’ or ‘well done’ will go a long way.

In return for your appreciation, staff will feel more engaged and have more loyalty towards you. They’ll want to work harder and be more committed to their job role because they know they will be recognised and praised for doing so.

High levels of employee engagement are also great for your customers. Any time they interact with your business, your positive staff will stand out and make for a more pleasant experience.

Why are rewards important?

Offering rewards for good performance will improve employee motivation and retention. Knowing there’s potential for rewards, staff will work harder to stand out. They’ll be less likely to change jobs because they’ll already feel challenged and motivated to get their work done. It will also encourage a little bit of friendly competition amongst your employees, which boosts employee engagement across whole teams, not just individuals.

85% of companies that spend 1% or more of their payroll on employee recognition see a positive impact on engagement levels. Organisations that have well-established recognition programs find engagement improves by around 60%. This shows these systems can make a massive difference.

Online reward system

You can use employee recognition platforms to organise your reward systems. Not only will management be able to offer rewards, but employees could also nominate each other. They’ll see more of the day-to-day activity and be able to vouch for who stands out. This will also improve team morale.

You can set up a point system and choose the rewards on offer for those who do the best. It’s worth personalising your rewards based on what’s important to your staff. Ask them how you can make their jobs better and incorporate this into the reward system. This way they will feel more motivated and engaged to win the rewards on offer.

Rewarding your staff is important if you want an engaged workforce that’s willing to go above and beyond. If hard work gets noticed and recognised, they will be more motivated to keep working hard. They’ll also be more loyal towards the business. An online platform can help track your reward system and allows every member of your team to get involved.

My Colleague is a beneficial tool for employee engagement. It can monitor performance, productivity, and rewards all in one place. If you have any questions, get in touch on 01782 213 116.

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