Regardless if you are running a start-up business or a large conglomerate, it’s important to curate plans that help you minimize cost. But it’s also important to know how to make the most out of the investments you’re making. Let’s take your employees as an example. Are they happy? Are they giving you their best work? How’s your employee retention rate? If these are business aspects that you are hoping to improve on, you ought to consider providing corporate perks and incentives to your people. Here are 5 good reasons to reward employees:
1. Work Productivity Increases
The logic is pretty simple. Happy employees produce more. But what would it take to keep employees happy? There was a time when people would bend over backwards to get an amazing salary package. Unfortunately, that is no longer the case.
We know lots of people who gladly transferred to a different company with lower pay but with better incentives.
Giving someone high pay will make them happy at the time of contract signing but you need some other type of motivation to get your employees to gradually make the most out of their working hours. There’s no better way to do that than by providing employee rewards whenever a certain behavior or milestone has been met.
2. The Office Becomes More Than Just A Workplace
You know the joy of looking at your company’s revenue and seeing good numbers but it hits you differently when you and your team have a strong bond.
Sure, the office is indeed a place of work but by establishing bonds between everyone in the team, you can make the whole work experience a lot more meaningful and fulfilling.
One of the best reasons to reward employees is that your people won’t just come to the office and work for the sake of getting their paycheck. They do it because they feel a sense of pride in what they do.
Even though this feeling is entirely personal, you have a role to play in developing this feel. What you can do is publicly recognize the smallest of habits or actions that contribute to overall team success. And of course, provide bigger rewards to actions and strategies that result in a big milestone.
3. Everyone Becomes Friends
People say that the workplace can be fun if you can find just one friend. But if you get everyone to be friends with everyone, you can just imagine how this would dramatically improve the work atmosphere.
It’s a good idea to hire skilled workers but what if your skilled workers also lend an extra hand to the rest of their coworkers? This would most certainly improve the collective quality of the work done ten-fold.
Not only that. If your employees are friends with everybody, this means that they would feel comfortable voicing their concerns or even suggestions they may have for enhancing a current client project.
The office will become an avenue for radical transparency and freedom of expression. These are the kind of values successful entrepreneurs like Ray Dalio considers to be the foundation of a profitable company.
4. Employees Become Loyal
Employee management is hard but only if your relationship with them is transactional. What do we mean by transactional? It means your people only come to work to do a certain task for the sake of receiving good pay.
One of the greatest reasons to reward employees is that you develop friendship and camaraderie. Before you know it, you’ll notice that your employees are already emotionally invested into the company.
That’s just what happens when you show people that you appreciate them. Let’s say that Sheila submits quality work to her manager. When her manager gives her public recognition or even a bonus for doing a good job, this impacts Sheila in a positive way.
The next time she comes to the office, she no longer sees her desk job as a means to an end. On one hand, it is. But on the other hand, it also becomes a source of fulfillment. That being said, she starts to become passionate in her work and this will show in work performance and how she treats her coworkers.
So imagine if you had a reward system in place for the entire staff. For sure, this will result in significant positive changes for the company.
5. Your Employees Will Love You
Some of you may think that all of your staff members think highly of you because of the high salary that you offer them.
This may be true to some extent. After all, in this time of global pandemic, people are becoming more and more appreciative of the fact that they have the resources to lay food into their dinner table.
But valuing a job is not the same as being loved as an employer.
To gain the love and affection of your people, the first step lies in your court. You need to make them feel special in the company.
How do you do that?
There are plenty of ways. Some would say public recognition is the best. While we do agree up to some extent, you can still increase employee recognition to higher levels.
What we recommend is to put an employee rewards program in place. What happens here is that your employees will earn incentives based on their performance. There will be points or credits that they can exchange for a certain bonus, discount coupon, dinner coupon, or maybe a trip to a highly-coveted destination. The list goes on.
This may sound ordinary to you but having a system like this improves the lifestyle of your employees tenfold. When you have this impact on your employees, you will become a part of their lives and they will love you for it.
They will see that they are important to you because aside from the salary that you’ve agreed upon, you also walk another mile to make them feel special and to make their lives better.
And making your employees love you is the single most important step into developing your talents and making sure that you keep them.
The benefits of rewarding employees goes beyond what we’ve indicated in this list. It just keeps getting better and better in the long haul. It can have a massive impact on your long-term revenue than you could ever imagine. But the greatest benefit of all is the positive experiences that you make with the people you decide to employ. It’s priceless.