Employees will always appreciate a monetary reward for a job well done but handing out cash doesn’t always produce the best return on investment.
Companies are finding that more thoughtful ways of thanking employees for their hard work actually boosts employee engagement and reduces turnover. Better yet, more thoughtful ways to show appreciation are inexpensive or even free.
If your company is currently looking for different ways to show appreciation to its hard-working employees, consider the following cost-effective suggestions.
Saying ‘thanks’ (almost) every day
It sounds simple, but it’s proven to be effective: Just saying ‘thank you’ to your employees at the end of the day goes a long way.
Saying ‘thanks’ to show your appreciation should be more than something done in passing. In order to truly drive home a sense of appreciation, it’s important to spend 20 to 30 minutes several times a week walking around to each employee, telling them their work is appreciated, explaining the specific positive impact of their work and giving them a chance to share their thoughts.
Getting into this habit can help make staff members feel appreciated and important, and it only costs a bit of your time.
Choice of reward
Today’s employees want more control over their working situation, and that includes having a say in the way they are rewarded.
Some large companies have a catalog of reward items that employees can pick from. This allows workers to choose a reward that they want most, and it gives them a greater sense of control.
Employee Appreciation Day
Employers can be so focused on getting the most out of their employees, they don’t set aside a significant chunk of time to show those employees just how important they are. In holding an Employee Appreciation Day during the workweek, a company sends a signal that productivity isn’t the end-all-be-all, which serves as a symbolic show of appreciation.
An Employee Appreciation Day can involve a half-day of work followed by food, fun, games and prizes. This kind of event has the added bonus of being a team bonding event, which boosts employee engagement and job satisfaction.
Personalized thank you
One big mistake that companies make when it comes to saying thanks is taking a one-size-fits-all approach to recognition. Not only should the actual reward be personalized, but also the way it’s given. Some employees might want public recognition, while other might want to avoid too much attention.
A recognition committee of employees can partner with human resources to organize events and develop impactful rewards. This committee not only leads to a better appreciation program, it’s also something employees can volunteer for, and put on a resume.
At Superior Resource Group, we work with you to find the best possible talent who will immediately add value to your organization. Please contact us today to find out how we can help you!