Employees are the backbone of any business. The more engaged and happy an employee is, the more likely they are going to perform at their full potential. According to a recent poll conducted by The Capital, “only 29% of employees in a typical company are actively engaged in their job.” Luckily there is a solution to increasing the engagement of your employees.
The most popular and effective way to increase employee engagement and satisfaction is to offer a company-wide reward system that offers incentives to well performing staff members. Similar systems have been adopted by 88% of all U.S. companies. After implementing such a system, nearly all companies cited a marked improvement in employee satisfaction, productivity and engagement. Let’s take a look at a few employee rewards that have been proven to work.
One of the most widely used perks is to offer standout employees a reserved parking spot. A reserved parking spot is a great, low cost way to showcase the efforts of exceptional employees. While reserved spots are generally gifted to ‘employees of the month’ or ‘monthly top sellers’, offering a parking spot to senior employees is an often overlooked, but effective strategy to award those who have dedicated years to the company.
Another option is to publicize the accomplishments of certain employees. Weekly or monthly awards are extremely effective in increasing workplace morale and productivity. Having a wall with employees who have hit their sales goal, excel in customer satisfaction, or celebrating a milestone for years of service are both effective ways to recognize employees for their hard work. And with employees switching from job to job at an ever increasing rate, showing employees they are appreciated can help to keep quality workers from quitting.
An out of the box solution is to hand out “monopoly” money that can be redeemed for gifts, awards or other office perks. For example, allowing employees to hand out certificates to other employees helps to increase overall productivity through peer pressure. Gregory Dalmotte, Vice President of BankAtlantic, implemented a similar system for his employees with much success. “There’s a clear correlation that words of encouragement have created associates who perform at a higher level,” he told HRWorld.com
A fourth alternative is to offer gifts to employees who go above and beyond the call of duty. Common categories for gifts include customer satisfaction, employee satisfaction, sales and years of service. Watches are one of the most popular gifts for employees who have worked at a company for a long time. A nice watch would be the perfect gift for an employee who has worked for the company 10, 15 or 20 years, especially if it is paired with a customized Years of Service Pin. Gifts for smaller milestones could include items such as a Brookstone Bluetooth Speaker or an executive wine set.
When implementing these tips in your workplace remember to take the time to be personal, appreciative and genuine. Using a combination of the suggestions above will help to increase employee satisfaction, production and morale. We exist to help you create effective, memorable incentives for your employees. Click here to contact us for a complimentary creative strategy session.