Showing gratitude towards employees is incredibly important if companies want to retain their talent. When employees feel valued and a sense of appreciation in their workplace, they are more motivated to work harder and are likely to stay with their company longer. Unfortunately, offering a good salary is no longer enough as employees are weighing benefits and incentives more.
What type of rewards are employees looking for?
In One4all Rewards research, 35.4% of employees said surprise, unexpected rewards for doing a good job would motivate them to work harder while 28.1% favoured a reward for a specific action or outcome, for example, rewards for highest sales or hitting targets. 21.1% liked the idea of random awards in return for completing certain tasks and 19.8% would prefer rewards which are given one piece at a time over several weeks and/or months.
What rewards will employees appreciate?
One4all’s research also revealed the most popular type of rewards, and, unsurprisingly, rewards that offer employees a tangible financial benefit came out on top with 49% of those surveyed saying monetary-based bonuses or rewards would motivate them to increase their performance. Gift vouchers or gift cards took second spot at 33% and an extra day off for a birthday (25%) and an increase in annual leave allocation (23%) came third and fourth on the list. Other rewards employees expressed an interest in receiving were; a meal paid for by the company (17%), a trip away (16.8%), a personal gift that suited their interests (15%), a hamper (14.8%), exclusive retail/experience discounts (13%), and duvet days (12.6%).
Here are five rewards suggestions that will a) motivate employees to work harder, b) make work more enjoyable for employees, and c) increase individual employees and team performance:
1. Say ‘thank you’ when employees do great work
Saying the ‘thank you’ to employees for their efforts is the simplest way to make them feel valued and a sense of appreciation. However, a generalised ‘thank you’ won’t do, you need to be specific about their talents, efforts and projects.
2. Invest in their workspace
Whether it’s an improved desk or chair or a new computer, make sure your employees have the equipment they need to do their job. Create a space where they can list the improvements and upgrades they need, or if there is new technology they feel would make their job better.
3. Give them the option of flexibility
Allow your employees to create a flexible work schedule; whether it be the hours they work, when they work, or where they work. This allows them to fit their schedule around their family and personal life demands, work when they’re most productive, and give them a sense of autonomy.
4. Treat them to relaxing service
If your employees have gone above and beyond to reach targets, the perfect reward after a stressful period in the workplace are relaxing services like a bringing in a professional masseuse, yoga instructor, life coach, or personal trainer. These services are great for boosting workplace wellness and when offered for free, employees are more likely to take advantage of them.
5. Offer monetary rewards in the form of gift cards
More personal than cash and with great options like the multi-store One4all, rewarding employees with gift cards is an effective way to show them you appreciate their efforts and talents. ‘Unlike single-store gift cards, One4all Gift Cards represent choice and flexibility, so whether your staff dream of a night away, a wardrobe refresh or even a new gadget, they can make it happen with One4all,’ says Alan Smith, UK Managing Director at One4all. ‘With card customisation available to businesses wishing to reinforce their brand through rewards, One4all Rewards are a great addition to your workplace.’