Workplaces are stressful enough, and it’s even more devastating when employers don’t give employee recognition. The timely recognition of employee performance that exceeded expectations and led to the company’s success is vital. It shows trust from the executives, which, in turn, deepens the employee’s trust in them.
Appreciated employees will stay loyal to the company because they know their efforts are not going to waste. Having a job that makes them happy makes them better employees for the company. It will also make them happier people overall because they have a job that recognizes hard work.
It’s important to let workers know that they contribute a lot to the success of the company all year round. Recognition always matters, and it can encourage employees to be more trusting and confident at work. It’s not difficult for leaders to provide rewards since there are so many types to choose from.
1. Monetary Rewards or Bonuses
When it comes to project completions and exemplary work, small bonuses are really appreciated. They recognize the employee’s valuable contribution without altering their overall salary or compensation. These small bonuses can reward a person’s great work immediately, which has more impact.
Annual and quarterly bonuses are usually given based on the company’s or individual’s performance. This financial compensation in addition to the base pay further encourages good work ethics among employees. Employers can give out bonuses depending on personal performance, commissions, or pay grade.
When the company meets its revenue targets and has a successful year, employees may receive financial rewards. Contracted bonus pays are also common in senior roles, though they occur with nonexecutive positions as well. Companies should make it clear what makes employees eligible for bonuses so they won’t be disappointed.
2. Trophies and Plaques
Companies also reward employees with trophies, usually for work anniversaries. This reward recognizes the employee’s impact on working for the company and how crucial their role is. Recognizing how long the individual has been employed is also another way of thanking them.
Employees also deserve to be appreciated for big project completions, like project launches or publications. These endeavors usually have a long time frame, and accomplishing the task is worthy of reward. Get custom award plaques to give out to team members involved in the project to remember their efforts.
Rotating trophies and plaques are a good idea too, and it also encourages vying for certain goals. They can be passed per month or quarter, depending on sales, performance, or other metrics. Employees will take pride in achieving the coveted awards and will work hard to experience it.
3. Written and Verbal Praise
Notes of praise can either be handwritten or sent electronically, and either way, they are always cherished. They’re something that an employee can always look back on to see how their contributions are being celebrated. Such recognition can be on the bulletin board, mentioned in an email sent to all, or sent privately.
Most employee recognition is formal and planned early, but verbal praise is not. It’s just usually said at the instant that the moment occurs. The moment passes by quickly, compared to other tangible forms of recognition.
Written praise can work for birthdays or companies’ employee appreciation days or any important milestone. It’s usually given by persons of authority, while verbal praise can be given by colleagues and team members.
4. Certificate Awards
Certificates of excellence and recognition, like all forms or awards, improve the employee-management relationship. They can be given randomly or in fun award-giving celebrations at the end of the year. Recognizing team members for successfully collaborating for a goal will promote teamwork and cooperation.
Certificates are considered better than written praise because they have more impact than a letter. The fact that they can be displayed and shown off also means that certificates must be designed well. The certificate that can be framed and hung on the wall often comes with a monetary bonus.
The seriousness of the certificates depends on the company culture and relationship of employees to one another. The early-bird award and employee of the month/year are common awards within the office. There are also less serious ones, like the Coffee Bean Award for coffee lovers or the Chatterbox Award.
Recognition Makes a Significant Difference
Employee recognition and rewards are important ways of saying thanks for all their efforts. They improve the productivity, motivation, and morale of the whole company. Employees will be encouraged to set goals for themselves and help the company reach its goals too.