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5 Cost-Effective Ways to Reward Employees Who Achieve Great Results

5 Cost-Effective Ways to Reward Employees Who Achieve Great Results

Business owners and managers understand how important it is for them to get the best performance from their employees. They try to do many things just to see their employees doing their best for the success of the business.

However, the same incentives cannot be effective all the time. Even if you try to offer your employees generous financial rewards and annual bonuses, you need to find smaller, short-term rewards that are capable of providing your business with consistent and long-term performance.

As a business, you need a combination of cost-effective and sustainable ways to encourage good performance and motivate your employees. Here are some of the ways you can reward employees who achieve great results.

Peer Recognition

Sometimes, you do not have to be the one identifying the employees who have achieved great results. You can set up a peer recognition strategy that acts as a way through which the best employees are rewarded.

Most organizations depend on collaboration and teams for their day-to-day activities. This means that most of the time, employees work together making it easier for them to identify colleagues with outstanding performances.

You can create a nomination system through which employees can nominate each other depending on who they think performed well in a certain assignment or for a certain amount of time. Together with the employees, you can come up with a reward for the best employee.

Positive Reinforcement

Did you know that negative comments can hurt an employee and negatively affect their level of performance? This does not mean that your employees should not be ready for criticism, but what do you do when an employee has achieved great results?

It would not cost you anything to encourage your employees and appreciate them for the great work that they do once in a while. This goes a long way in boosting their morale and productivity at the workplace.

If an employee has achieved great results, you can say a simple thank you and show them that you appreciate what they have done. This is not just about bringing attention to them, but also showing gratitude for what they do for you.

Offer Custom Rewards

Depending on the size of your business, you might find yourself with a diverse workforce. This means that different employees like different things, and as a good employer, you need to make sure that you understand this.

When it comes to rewarding a diverse workforce, you need to find a custom reward that matches what the employee receiving the award likes. Fortunately, you can use FineAwards’ customizable plaques to reward your employees with something that they like.

Customizing rewards shows the employees that apart from appreciating what they do, you are also willing to go an extra mile to reward them with something that they love. This can also help motivate them to perform even better.

Handwritten Notes

Working in a modern office means that a bigger percentage of interactions between managers and their employees happen through computers, phones, and emails. This is not wrong, and we should appreciate tech trends for changing how we build businesses.

However, when appreciating an employee for achieving great results, do you still send an email? The best way would be to send a handwritten note! Even though this is a small gesture, it shows gratitude and gives the employee something they can always keep.

While the delegation of duties at the workplace is good, make sure that you do not delegate this. The handwritten note needs to come from the manager or even the business owner. This makes a great impression.

Offer Flexible Working Time

Today, employees are working for long hours and increasingly spending more time at the workplace. This destroys their work-life balance and can lead to serious conditions such as mental health issues.

One cost-effective way of rewarding employees for achieving great results is by offering them flexible working hours. For instance, you can allow employees to work when they feel that they are more productive.

If an employee wants to work from home, you can come up with an agreement to make sure that they are happy. This can be a pleasure given as a reward to those employees who achieve great results.

As a business owner, you should understand that employees are people just like you and they should be appreciated for what they do. It does not cost a lot to appreciate them, and as seen above, there are different cost-effective ways for you to reward those who achieve great results.

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by Rebecca Jones // Contributor to Businessing Magazine.

Opinions expressed by contributors are their own.