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So your employees earn a reasonable wage and feel satisfied with their working environment – that’s great, right? But is it enough when there are countless crises in the UK? The energy bill crisis will undoubtedly be worrying for many. The basics and foundations of a job ensure satisfaction and productivity, but in 2022, the onus should be on working to live rather than merely survive.
Employee recognition and reward schemes are an ideal way to bridge this increasingly evident gap. They will vary from company to company, and naturally, some companies may be able to offer more than others. But what kind of employee rewards are out there, and how can you make the most of them for your employees?
Types Of Employee Rewards
Bonuses And Pay Rises
Ultimately, the ability of a company to offer this incentive is bound to differ depending on the size of the business. Larger organizations certainly have the capability to offer bonuses and pay-rises, whereas perhaps smaller businesses can only offer this during times of high financial turnover.
That said, even small spot bonuses (bonuses given ‘on the spot’) can provide rewards and recognition to employees that may have gone the extra mile. The sense of immediacy that comes from a spot bonus, or even the element of surprise is perhaps its most rewarding aspect for an employee.
Verbal Or Written Praise
Money is important, but it isn’t everything. Sometimes a simple word with an employee about how important and valuable their work has been to the company can go a long way in giving an employee the incentive to continue their excellent work. Above all, it can provide a monumental boost to their mental health.
If you’d rather keep the praise private, then a simple email complimenting their good work can also go a long way. Maybe a word of praise for all employees based on a positive element of their performance can boost the overall morale of the office. You could even encourage employees to give kudos to one another.
Perhaps surprisingly, 65% of employees prefer non-cash incentives when it comes to rewards. This could be anything from flexibility to time off. Consider giving birthdays off, or awarding an additional day off for good work alongside the positive feedback.
The way in which you reward your employees is undoubtedly a huge decision, but employee rewards packages have come a long way over the last 30 years or so. You can cater for anyone’s interests, rather than settle for the same uniform gift voucher. After all, reward packages have to consider employees of multiple generations and backgrounds.
For employees that like to keep fit, consider benefits that relate to fitness apps and gym memberships. For employees that enjoy fashion, gift vouchers and discounts on brands like ASOS and Nike can provide a fantastic reward all year.
Even free access to money management apps can go a long way to ensuring employees are getting the best out of their monthly wages. Countless packages exist, so ultimately it’s your decision to make based on the intricacies of your workplace environment.