7 Ways to Reward Employees
May 29, 2020
As more and more offices are faced with a disengaged workforce, employers are looking at new and fresh ways to reward their employees and retain talented staff. Lack of employee recognition is the most common reason for leaving a job given in exit interviews by millennial workers who are set to represent 50% of the work force. This comes at a massive cost to business as apart from the obvious expense of recruitment, it is estimated that US businesses face $450-$550 billion in lost productivity.
So how do employers turn a zombie workforce into educated and emotionally invested employees? Here we look at just some of the options to motivate your top talent and make you stand out as a great employer.
An Office Party
There is nothing new about this idea but the reason this makes the top of the list is that it is a great way to reward groups of people, or indeed your entire office, as well as having a positive impact on communication between your staff. Pick a great venue like one of these listed in this San Francisco event venue guide, and really make your staff feel appreciated.
Best Parking Spot
Putting aside the best parking spot to give away as a prize each week not only makes your staff feel valued, but it can also show that you are humble and appreciative enough not to keep all the best perks for yourself.
Assistant for a Week
Hiring an assistant for a week for your top performer can have a two-fold effect. Not only will it make them feel valued and give them some office prestige, but it can also help to clear their admin and free up their time to do more great things for your company.
Office Update Budget
Giving your staff a budget to update an element of their office space is a great way to reward them and help them feel good about coming to work each day. Even if it’s a fancy new chair that all their colleagues will look at with envy, this creates a lasting reminder of how you value their effort.
Free Lunch for the Team
This is also a great team building exercise and needn’t interrupt the working week. Consider getting a chef on site to BBQ for the team to make it extra special. Your staff are bound to feel rewarded as they tuck into their delicious lunch.
Given that 72% of millennials prefer to spend more money on experiences than material items, it is sensible to include some of these in your reward scheme. Occasions such as festival or sporting event tickets represent a great day out that your staff will come back and tell all their colleagues about. A holiday in the sun can be a great way of ensuring your top performer takes a well-deserved break. Consider booking your star employee on a wine tasting tour or indeed a cruise for two.
Cash is Still King
Don’t forget that many staff will still respond well to a couple of hundred extra bucks that they can reward themselves with.