The employees are the most important resource a company has. Creating a highly skilled professional takes time, effort, and money. Training employees and helping them adjust to your corporate culture is one of the hardest things a business needs to do.
It’s also important to always keep in mind the effort your employees invested in their work because that’s what actually creates the value of your company. More often than not, rewarding this effort has little to do with money. True rewards that employees value the most are about appreciation and mobility within the corporate hierarchy.
One of the biggest concerns for any employee is whether they have an opportunity to learn and advance on the job. This is often perceived as a good thing by employers as well, but there is always a risk that an employee will outgrow their job and abandon it.
Give your employees an opportunity to learn and test new skills and they will appreciate the gesture and often become more loyal to the company than before. The skills don’t necessarily need to be about the job they are doing at the time. Let your employees know that you want to see them expand their knowledge and interests.
Your employees spend a large part of their lives at the office, so it should be a comfortable and engaging place. It may seem like a trivial thing, but sometimes small office perks could mean a lot in terms of making a workplace less stressful and threatening.
Creating a break room everyone can enjoy, making an equitable parking arrangement or preparing healthy meals for your employees can go a long way towards making an office a more hospitable place.
This type of reward is the most cost-effective way to go, but companies often forget to take it into account. More often than not, employees just want to hear that their work matters and that someone has noticed that. Sometimes, just a simple “good job” can mean a lot and make someone’s day.
What works even better is creating a system for grading your employees. That way, everyone will know how well they are doing. You could also create custom trophies to make the reward more memorable and public.
Larger companies usually have a complicated hierarchy, both in a formal sense and in terms of unwritten rules created by those who are in the business longer. In these circumstances, access to information is the most important currency. One of the ways to reward an employee is to provide them with the access they wouldn’t otherwise have.
Organize a lunch between an employee you want to reward and the CEO. The lunch should be about more than just showing off – it should be productive and actual business should be discussed. This could prove to be useful for both the business and the employee.
This is also fairly simple, but employees often appreciate it much more than any raise or bonus you can provide. Letting your employees have a longer vacation each year is just what they need to get their creative juices flowing after working hard. The company could create a fund and make sure that the employees actually spend the money on their vacation because a lot of people don’t save enough money for fun activities.
It’s also a good idea to give everyone a few days off after a job well done or when you feel that an employee might be dealing with the burnout syndrome.
Most rewards employees would appreciate aren’t that expensive. You just need to show your workers that you value their efforts.