Smart Ways To Reward Valuable Employees
With the holiday season in full-swing, solution providers are looking for innovative ways to reward their employees with a year-end gift to show appreciation. If a company values its employees, it should give them something this time of year to show it.
Employees don’t live under a rock. They know the business environment is tough. Every day they are being forced to do more with less, work longer hours and are watching their pay raises shrink while personal expenses rise. And while the economy is still struggling and good jobs are hard to come by, employees are willing to suck it up until things turn around.
Although many small-to-midsize businesses cannot afford to have a formalized holiday bonus program in place any longer, they should try and do something to show their appreciation for their employees. Employees that do not feel appreciated will bolt when things turn around. Employee retention is critically important to solution providers because their workers are so integrated into their customers.
Outside of sales, most employees aren’t on a commission-based pay system, so anything extra this time of year goes a long way. But make it worthwhile, not wasteful.
Incentivemag.com provides a bunch of innovative way to reward and create incentives for workers depending on budget. People want value, flexibility and to feel recognized and it doesn’t take a lot to that. Here are five ideas:
- Skip the Tchotchkes. People don’t need any more logoed coffee mugs, water bottles or business card holders. If your organization can afford to spend money on that, it can afford something more useful. Studies show employees resent wasteful spending when they are struggling to make ends meet.
- Use Dining Cards. Employees are working longer hours, most without complaints. They are spending more time away from the family. Give them dining cards to a local restaurant. They are guaranteed to use it for personal use and most likely will go with a family member.
- Use Prepaid Gift Cards. Prepaid gift cards are welcomed this time of year. All the major credit cards offer prepaid cards that can be used anywhere, giving the employee flexibility to shop where they want and basically ensuring they won’t just pay down a bill with it. Instead, they are more likely to buy something they want or use it toward their holiday shopping.
- Everyone Loves Mobile Devices. While giving out specific gifts can be dicey, most people would love to get a new iPod, iPad, Kindle, Surface Tablet or other mobile device. It is something that if they don’t use or need personally, they will pass it down to someone in their family.
- Time is Money. For those companies that really don’t have any budget to buy their employees something thoughtful, they can always give them time off. In addition to the regularly scheduled holidays, organizations can reward their employees by adding additional paid time-off in the coming year. It shows that even though business may be tough, the employees' work is valued.
This time of year smart companies reward their employees for a job well done. It doesn’t have to cost a lot of money, but can be thoughtful nonetheless. If you value your workforce, show them; otherwise, be prepared for turnover once business picks up.