Great leaders know how to get the best out of their employees and reward them for their hard work. Salary is an obvious starting point; if you value an employee, their pay packet should reflect this.
But it’s not all about the money. A range of rewards helps remind employees that they are respected and valued for what they do. When they are rewarded, they are more productive, more loyal and more motivated.
Here are a few ways in which great leaders reward great employees:
Give Them Time
If someone has worked extra hard on a project and saw it through to a successful conclusion, reward them with a few hours off one afternoon. Alternatively, you could suggest they come into work late the next day. You won’t only be rewarding your employee. You’ll also be giving them the downtime they need to return to work rested and raring to go. Also, consider whether you could incorporate work schedule flexibility more permanently into your reward structure. When employees are encouraged to have a good work-life balance, productivity improves and absenteeism declines.
Give Them More Responsibility
Great employees work hard because they want to progress. They want to develop their skills and take on greater challenges. When an employee proves their ability, ask yourself if they’re ready to take on more responsibility. You could give them a small team to manage or ask them to take charge of a specific project. Being able to use their own initiative and build on their abilities will be the perfect reward for driven staff members.
From a Friday night evening at a bar (with a few drinks on the company) to an all-expenses-paid trip away, a special event is a great reward for your employees. You could also throw an exciting end-of-year party or just a low key celebration in the office. Events bring your team together, allowing your employees to foster better working relationships. They also show your team that their work is valued.
Provide Fun Perks
There are lots of ways leaders can show their appreciation for employees through fun workplace perks. Offering your staff gym memberships is a popular option. It’s a win-win because healthy employees are generally more productive and take fewer days off sick. However, if your budget won’t stretch to something like this, consider getting a hamper of fruit and healthy snacks delivered each week or organising a relaxed coffee and cake morning once or twice a month.
Provide More Meaningful Perks
Fun perks bring a little enjoyment to the working day, but they should always be backed up with more meaningful job rewards. A decent holiday allowance, private medical care and a generous pension plan can all play a significant role in determining how happy your employees are. With a better work-life balance and fewer worries about the future, your employees can focus on being a productive and enthusiastic member of your team.
Regular Verbal Praise
Great leaders don’t have to go all out to reward their employees. Simple verbal praise and appreciation for a job well done are excellent motivators. Make a point of doing this regularly. Maybe you could incorporate your praise into a weekly meeting or put achievement notices up on a staff notice board. Alternatively, an informal “great job on that latest project” can be just as effective.
Every great leader has a reward strategy in place. When delivered effectively, rewards boost staff retention levels and productivity. So, for anyone who manages a team, getting a reward plan in place can have an all-around positive effect.
Rachel is a mother of 2 beautiful boys. She loves to hike and write about travelling, education and business. She is a Senior Content Manager at Bizset.com – an online resource for relevant business information.