Five ways to reward your employee in 2022
Recognizing and rewarding your employees’ remarkable work is one of the most cost-effective ways to improve your organization’s performance.
Quantum Workforce found that when employees believe their efforts will be recognized, they are 2.7X more likely to feel highly engaged at work. According to Gallup, high employee engagement metrics leads to:
Absenteeism was reduced by 41%
An increase of 17% in productivity
In high-turnover organizations, there is a 24% reduction in employee turnover.
Low-turnover organizations have a 59% lower turnover rate.
From a business perspective, rewarding your employees makes sense regardless of your industry. But how? Here are five creative employee reward ideas.
Ideas for Employee Rewards to Boost Company Morale:
1. Offer Top-Performing Employees a Gift
It’s no secret people love gifts, so what better way to reward your employees for their hard work or celebrate work anniversaries than to give them a gift?
Most employees confess to receiving a corporate gift they didn’t want, with more than eight in ten saying this has happened to them.
Buying gifts for employees seems to be fraught with definite no-nos.
For example, branded company swag- T-shirts, pens, mouse mats, and the like- might seem like an obvious gift, but almost three-quarters of workers prefer to receive assistance without their company logo.
Additionally, gift cards and coupons are perennial favorites in employee incentives. The reason is simple: they shift the burden of choosing a gift from the leadership team to each team member. Yet, employees are left feeling cold about gift cards, with three-quarters saying they are less meaningful than “actual” gifts and nearly nine-tenths losing the gift card or forgetting it had a balance.
Okay, so company swag and gift cards are out. However, that does not mean you should eliminate gifts from your creative employee reward ideas list. Consider the following:
If you know the employee’s interior design preferences, you can purchase a print for them to hang up in their home.
According to the University of Exeter’s School of Psychology, giving employees control over their workspace layout makes them happier, healthier, and up to 32% more productive.
Choose a gift that fits their routine: Personalization is key to effective employee gifting. For example, upgrade their gym membership or pay for classes if they love the gym. Caffeine addict? Get them a coffee club membership.
Give to a charity of their choice: We all have our favorite charities. Donate in their name to a good cause.
2. Applaud Their Performance In Words
In terms of creative employee reward ideas, you might assume that physical gifts are a far better incentive than mere words.
Despite this, research suggests otherwise. Gifts can often have the opposite effect, leaving employees feeling unappreciated. However, meaningful words that emphasize their accomplishments and abilities can significantly impact them.
A survey of over 100,000 employees published in the journal Strategic HR Review found that verbal praise is the number one way employees like to be appreciated in the workplace.
It is important to note that “verbal praise” does not mean speaking one-on-one with the employee. The study also includes:
Written praise
Recognition by fellow team members
Delivering a speech in front of a large audience
Rather than a few words around the water cooler or in the canteen, recognize exceptional performance with a handwritten note that the employee can keep and refer to when necessary. You can even send employees a weekly company newsletter sent to employees weekly.
Names of employees who have exceeded expectations could be included in this newsletter. You can congratulate them in a way that everyone will hear about!
You may also wish to write them a social media congratulatory message for maximum impact. Remember to tag them!
For example, Attorney Brian White & Associates publicly recognize their top-performing employees on social media to show them how much they appreciate them.
Social media can be a great way to interact with your employees-past, present and future. Businesses are recognizing this, and yours should be too.
3. Give Them More Control of Their Work-Life Balance
Even though you love your job and can’t wait to get into the office every morning, it’s still important to switch it off when you get home.
60% of Americans have an unhealthy work-life balance, which is concerning.
Employers are not the only ones affected; organizations are as well. For example, the Prudential survey found that 25% of Americans plan to look for a new job after the pandemic, and work-life balance is one of their top priorities.
It makes sense to include work-life balance in your employee reward ideas if your employees don’t get enough downtime.
You can do this in many ways.
The apparent solution is flexible working. Give employees greater control over their working hours if they are trusted employees. Maybe they’d like to start and leave earlier, take a shorter lunch break, or work half-days on Fridays and make up the weekly hours. There is no downside to it if it makes them feel appreciated, improves their work-life balance, and doesn’t affect the quality of their work.
However, that’s not all. You don’t have to spend less time at work to achieve a work-life balance. You can also make the most of your home life (by doing fewer things you dislike).
Consider adding house-cleaning services to your list of employee incentives. For example, hiring a cleaning service for a month means they don’t have to worry about the dishes or laundry during their downtime.
Then you can give them a parking space -– or upgrade their existing one -– so they can park closer to the office and reduce their commute time. As a result, they feel fresher and happier when they arrive at work in the morning.
4. Enrol Them In a Subscription Box
A subscription box, which brings exciting new products straight to our door every week, month, or quarter, has been one of the biggest retail success stories of the past decade.
Despite their popularity waning, the sector was given a timely shot by the pandemic. Research by PYMNTS shows that the number of consumers with retail subscriptions has increased by an astounding 99% since 2020, with one in five consumers having access to at least one subscription.
It makes sense to include subscription boxes in your mix of employee incentives because people love them. So how do you do it?
The first step is to get the correct box. Subscription boxes offer everything from wine and bath products to makeup and snacks. Let the reward recipient choose their favorite subscription box (up to a specific monthly value). Negotiating discounts in multiple categories is possible, offering employees a choice from your short list of “preferred providers.”
You should also consider the duration of your reward. When you “gift” an employee, your reward is a one-time purchase. You might not have that option with subscription boxes; you could be paying for months at a time. Solve this problem by offering a maximum value subscription. It’s up to them whether it pays for a full year of cheaper service or three months of a more expensive one.
Employees could also be offered the opportunity to increase their knowledge in their field. For example, investing in their education could mean enrolling in a course, earning a certification, or attending a retreat. Doing this shows employees that you are willing to invest in their careers.
Offer your SEO consultant a paid SEO certification, for example, if they’re doing an outstanding job.
5. Organize a Night Out for Them & Their Work Friends
The people shape the company cultures we work for.
When you hire people who are positive, generous, empathetic and can-do attitudes, your culture will have a feel-good edge. In contrast, if your employees are more inclined to see the world through a glass half empty, it may not matter what employee reward ideas you come up with – they will not feel satisfied and engaged.
Research from the Institute of Leadership & Management indicates that work relationships are one of the most significant factors affecting our happiness at work.
Rather than rewarding individual employees, reward entire teams.
Have you landed a big contract with your sales team? Was your front-line delivery team able to meet a deadline or receive positive feedback? Put some money behind the bar at a happy hour or buy a dinner or theater ticket.
By doing so, you aren’t just making them feel appreciated as individuals; you are bringing the whole team closer and improving your workplace culture. So that’s two wins in one.
All in one place
Ultimately, there is no “right way” to do employee incentives.
Instead, the best employee reward ideas will depend on the types of people you employ and the practicalities of your workplace. For example, letting an employee redecorate in a laboratory with strict hygiene guidelines is probably impractical. Parking spaces could cost thousands of dollars if you live in a busy city center.
If you want to reward your employees, simply ask them. Listen to what they want and do what they want, whether offering them more meaningful verbal feedback or giving them gifts.
