Rewards, especially those with a financial element, help motivate employees and drive them to do good work for your company. But which types of rewards are the best, and which elicit the most positive responses from the team? The following is a list of the best rewards for employees, and why you should consider implementing them into your business plan.
Best rewards for employees:
Non-performance-based Raise/Salary Increase
Why they are good: With non-performance based salary increases, there is no jealousy among employees regarding the amount of raises given. Everyone receives their raises based on the same scale and according to their position. This helps manage expectations as well as avoid unwanted surprises.
Bonuses
Why they are good: Bonuses increase worker motivation, but if the amounts vary from employee to employee they can also bring about some discontent. Manage your bonus plan fairly and your employees will be pleased with the plan.
Profit Sharing
Why they are good: Provided your company is in a position to offer it, profit sharing is an outstanding way to motivate employees. Unlike other forms of financial reward, profit sharing helps reduce turnover within the company and creates a stronger team atmosphere since everyone is working that much harder to see the company succeed.
Stock Options/Stock Ownership
Why they are good: Another reward that keeps people at the company longer, stock offerings give individuals a real, strong sense that they are part of the company and not just workers at the company.
Verbal/Activity/Non-financial rewards
Parties and positive reinforcement may not help pay the mortgage, but they do keep spirits high around the office. Outings and parties in particular are a good way to build morale and give employees a chance to interact in a stress-free, non-work environment.
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