Collaborative post – may contain affiliate links
We pay our employees to do a job. They are employed and given a wage and stable employment, on the condition that they do that job. It seems simple. Yet, many of us wonder about the prospect of employee rewards. Some feel that they shouldn’t have to reward their employees for merely doing their job. They are getting paid to do it, and that should be reward enough. Other people see the benefits of initiating an employee reward scheme and feel that it often leads to staff doing much more than their basic job. Here are some of the advantages of rewarding your team for their hard work.
They’ll go Above and Beyond
You pay your staff to do a job, and they do it. But, the very best staff do much more than that. They go the extra mile. They provide exceptional customer service. They make great suggestions. They care about your business, and they give their all. Incentives are a fantastic way to promote and encourage this. If you want them to do more than simply meeting the requirements of their job description, then you could offer more than their salary.
A fantastic way to utilize an incentive scheme is with competition. You don’t want your staff to turn against each other, so a small incentive like custom gift cards or an extra-long break are perfect. Run contests, give your staff challenges and reward them when they win. This will get them working faster, increase overall productivity, boost morale and improve team spirit.
Staff turnover is very high in many companies around the globe. This is terrible for business. Your team will never get the chance to build relationships, they’ll never receive enough training and experience to be excellent at their job, and they’ll never build relationships with customers. Offering small rewards, bonuses or incentives can hugely increase staff loyalty. They’ll want to stick with you for longer because they feel valued and appreciated.
You’ll Save Money
This decreased staff turnover can save you an awful lot of money. Sure, you might be spending a little on the incentives on offer, but did you know that the average cost of turnover for one employee is between 150 and 250% of an annual salary? Keep your staff, spend more time and money on them, and you could save a fortune.
You’ll Build Relationships and Respect
Running a business isn’t all about numbers, sales, and customers. The very best managers and business owners know how to manage people. They understand that it’s their staff that make their businesses work and that a good team can be the difference between making it big and going bust. To have that great team you need to build relationships. You need to understand them, and to trust them. But, you also need their respect. Many managers try to be too friendly with their team, and lines get blurred. Respect is lost, and the company suffers. Incentives and rewards give you a great way to start building the right kind of relationships with your staff. They’ll want to work for you, but they’ll know who is in charge.
At the end of the day, it’s up to you. No one can tell you that you should reward your staff, but it can have some fantastic results.