When it comes to running an effective business, one maxim holds true across all industries: happy employees are the best employees. While there are numerous ways to satisfy your staff members office needs – listening to feedback, providing adequate sick and vacation days and offering health and retirement benefits – developing a system of rewards can also provide a tangible incentive to increase productivity. Not only is this a good system for incorporating new hires for premium entry level jobs and paid internships into your office culture, but it will also demonstrate to veteran employees your appreciation for their hard work. Here are some reward strategies to consider for your team.
Don’t handpick employees
While it’s nice to show your top earners some recognition for their efforts, you don’t want to make it seem like you’re playing favorites among your staff. Instead of basing your rewards on subjective criteria that you determine yourself, incentives should have an established system of hard results. For instance, you may want to present an award based on the least number of project errors, most sales revenue earned or least number of sick days used.
If you’re interested in not only building up employee productivity, but encouraging a greater sense of community among your staff, hosting a friendly office competition is a great way to go about it. Announce the competition in advance along with the prizes so that everyone on your team understands the stakes from the start. Your employees will be racing each other to the finish, but they will also be pulled closer together in the process. For rewards, consider gift cards, a nice bottle of wine, extra vacation days or a bonus on the next paycheck.
Beyond physical prizes, you should also make winners feel especially valuable by broadcasting their achievements throughout the office. By simply sending out a company-wide email or making an announcement during a large meeting, you’ll publically display your appreciation to your staff.