Have you ever rubbed shoulders with a well-to-do entrepreneur, say at a party, at an event, in a meeting, or even on social media? Maybe you have, or perhaps not. The next time you get a chance to interact with them, they can confirm one thing for a fact if they’re honest enough.
Employees can make or break the success of any business. They are actually considered the most important asset in an organization. This is why some of the most successful companies value their employees and reward them appropriately when managers, HR heads, and other superiors see it fit.
But when is the best time to do so, and which milestones should you consider when rewarding employees? Read on to find out below:
Why Rewarding Employees is Important
When rewarded for their efforts, presence, hard work, and performance, employees feel more motivated to work harder and achieve more for themselves and the employer. Employee rewards not only make workers feel appreciated, but they also bring a sense of fulfillment and make the workers feel that they belong. Rewarding your employees might even help someone in dealing with workplace stress and anxiety.
To the business, this translates into increased productivity, enhanced revenues, and growth. It also helps build trust, improve workplace relationships, and attract talent while improving employee retention. This also means an easier time for HR and recruitment teams, not to mention reduced costs for the business.
How to Reward Employees
Employee rewards can come in many different forms, shapes, and sizes depending on the milestones achieved or the purpose of the reward. Some examples of rewards include bonuses, branded company merchandise/apparel, job promotions, pay raise, sponsored training, vacation time, treats, and gifts.
On this note, gifts are arguably the best, easy-to-get rewards to make an employee feel appreciated. As shown on the list of gift ideas for employees put together by the folks at Bouqs, the best gift item for workers could be as small as a pen, some flowers, or a customized mug. It could also be as big as a new car for the employee of the year – the options are numerous.
However, you look at it, the best reward for an employee is something that makes them feel appreciated!
Rewarding Employees: Milestones to Observe
You may have adopted all the measures suggested by Bullz-Eye in 2021 on how to protect your business, but one thing is for sure. Unhappy and unsatisfied employees can be a recipe for disaster in your journey to success. Since rewards have to have a reason and a season, here are some common milestones employees are rewarded for.
1. Achieved or Exceeded Targets
Every company has certain defined goals and objectives, most of which are time-based, process-based, qualitative, or quantitative. Most employees will also have set goals of what they should accomplish within a specific timeframe. If a staff member achieves their targets for the month, quarter, or year, it is only prudent to consider rewarding their efforts.
2. Stellar Performance
Some employees perform beyond the company’s expectations, and this is not unusual. They complete tasks way below the set budget or many months before the due date. Some will offer solutions to critical problems that the company might have been dealing with for ages. Such an employee deserves a decent reward!
3. Retirement
It is routine for many companies to recognize staff members on their first, fifth, tenth anniversaries, and so forth. However, retirement is a critical milestone in a person’s career (and social) life. It marks the transition to a different phase of life, making it a great time to gift the retiring employee.
4. Personal Milestones
From weddings to birthdays, graduation, and when getting the first child, employees feel highly appreciated when rewarded or gifted after achieving personal milestones. It’s also a great time to break the good news to such a person about a job promotion, pay raise, or even that transfer they had asked persistently for.
Every business is as unique as its owner. However, being a kind and generous employer is the foundation of a happy team, a team that contributes to increasing the growth and profitability of the company. Hopefully, you will find this piece helpful if you’re considering rewarding employees for their efforts and achievements.
