No matter the size of the company, the employees play one of the most vital roles in the business’ success. That’s why employee retention should be the priority for every organization. Luckily, there are dozens of ways to keep team members happy. One of which is giving them rewards for performing well.
Here are some of the ways giving out employee awards can help make the business better.
1. It Encourages Employees to Do Their Best
Studies show that human beings are competitive by nature. Having a physical representation of being the best makes them become more passionate about their work. Thus, giving out awards encourages them to put their best foot forward whenever they can.
2. It Makes Team Members Feel Appreciated
Who doesn’t like being praised for their good work? Getting recognized for their efforts gives them a sense of victory and pride. This reassures them that they have a reason to continue doing better.
3. It Helps Create a Pleasant Working Environment
Since rewards push employees to do better at work, there will be less need to micromanage each member of the team. This is because each member will be motivated to do their tasks as efficiently as possible to render impressive results. Consequently, this lessens the burden of other employees as daily operations will run smoothly with fewer choke points in the process.
4. It Promotes Company Loyalty
As rewards bring employees a sense of pride, company loyalty is instilled within their principles. This is because they can see and feel that everything they do for business is significant and fulfilling.
Now that you know how employee rewards positively help the business, here are some creative award names to consider giving out to the best-performing members of your team.
- Employee of the month—given to the overall top-performing employee of each month.
- Customer happiness expert—given to individuals who go the extra mile just to make sure that customers are satisfied with the company’s services.
- Top sales agent—given to the most hardworking salesperson for the month, quarter, or year.
- First-class service award—given to employees who show exemplary performance in client servicing.
- Hall of fame—given to employees who have served the company for a considerable number of years.
- Ms./Mr. Congeniality—given to employees, elected by other team members, as most friendly and helpful in the team.
- Top rookie of the year - given to new employees who have shown that they have great potential.
Keep in mind that, while giving out awards is a great way to boost employee morale, it also has positive and negative effects on the members of the team. That’s why it’s important to make things lighthearted and friendly. Instead of easily giving out promotions and pay raises, consider giving out alternative forms of rewards such as the following:
There’s no better way to show that you rose to the top than getting a shiny trophy. Get customized trophies for the best performing members of the team to let them know the company appreciates their exemplary performance.
2. Gift Certificates
They’re a great alternative to cash rewards as they feel less of a monetary compensation and more of an added perk. Get gift certificates to fancy restaurants, top retail stores, or even hotels to reward the best employees of the company.
3. Additional Paid Holidays
Since they have been working so hard for the business, it’s also important for them to take a break. Offer additional holidays for employees who did well in sales or customer service to let them know that their hustle is all worth it.
4. Team Getaways
This reward can be given to the top-performing team members in the company. Offer them a nice getaway to a nearby vacation spot or an overnight stay at the hotel where they can dine out and relax. Not only does this help them unwind, but it’s also a great opportunity for them to bond together as friends and colleagues.
5. Scholarships and Training
Hit two birds with one stone by offering scholarships and training to employees who showed great potential. This way, they will feel that their roles are significant to the company while they up their existing skills or develop new ones. It’s also a great opportunity to better the company’s workforce.