Providing a competitive salary is just one way of making your employees feel their contributions are valued. In a recent Global Burnout Report, respondents identified receiving more recognition from leaders as one of the top three methods to alleviate stress-related burnout.
It might seem like an obvious point, but it bears repeating. The more valued employees feel, the healthier, more engaged and productive they are likely to be. Likewise, jobseekers are more likely to be drawn to a workplace where they feel their contributions will be appreciated.
Usually, this will include some combination of rewarding people for their efforts, and also finding ways to recognise their achievements.
But what’s the best approach to reward and recognition? Well, it depends. Factors such as the size and type of the company or team in question, and the preferences of the team members themselves, can determine what the best approach is to reward and recognition.
Let’s have a look at some key things to consider to ensure your approach to reward and recognition is helping get the most out of your team.
Ask your team about what motivates them
Not everyone is motivated by the same things. Business experts have talked about the different languages of appreciation in the workplace, where reward and recognition can take any form from words of affirmation, to acts of service, to tangible gifts (both monetary and non-monetary). Ask your team what motivates them and align your approach with their preferences.
Make sure reward and recognition is consistent and sincere
A system that is regular and consistent will positively reinforce the kinds of habits and behaviours you want to foster within your business to help it thrive. Frequent and sincere recognition will help your employees understand what they are doing well, and motivate them to repeat it, creating an environment of continuous improvement and personal development.
Consider both monetary and non-monetary rewards
Monetary rewards include things like pay increases, commissions, bonuses and fringe benefits. Non-monetary rewards may involve empowerment, promotion, non-monetary gifts, and team outings or celebrations. Another way to show appreciation is with the gift of time, such as by letting your team knock off early on Fridays, or giving them days off for birthdays or at the end of a project.
Be realistic, but not stingy
Let’s be honest: money is a big motivator for many people. Not every business can afford big pay increases or cash bonuses though. Gift cards are a good alternative, and can go a long way, especially around holidays.
Retain staff and keep them engaged
Having a sound approach to both reward and recognition is a great way to ensure your company doesn’t leak talent – either through lost productivity due to people burning out, or through losing staff to other workplaces where they feel their efforts will be better appreciated.
If consistent, sincere and appropriate reward and recognition are part of the fabric of your business, you are more likely to find every employee is contributing, feels their contribution is valued, and performs their duties with the utmost respect and integrity, and to a high standard.
In other words, reward and recognition, when embedded in your organisation, become an integral part of its values and norms. This fosters a culture of appreciation, where employees feel valued and recognised for their contributions – resulting in a more engaged and productive workforce.
