Rewarding your team is a crucial component of a successful business. Not only does it create a positive work environment, but it also motivates and inspires your team to continue to perform at their best. Unfortunately, an annual survey of employees in the US shows that 86% of them do not feel appreciated. The survey highlights the need for leaders to change this dynamic and prioritize rewarding their team year-round.
Multiple studies show the importance of rewarding your team. Here are a few examples showing its importance:
- A study by Glassdoor found that nearly 80% of employees would prefer additional benefits or perks over a pay increase.
- A study by Bersin & Associates found that companies that regularly recognize their employees have 14% higher employee engagement, productivity, and customer service than those that do not.
- A survey by Globoforce found that companies that invest 1% or more of payroll into recognition have a 79% higher likelihood of achieving better financial results than those that do not.
- A study by the Harvard Business Review found that employees who feel recognized are more likely to be motivated, work harder, and stay with the company longer.
Rewarding your team creates a positive work environment and increases employee engagement and productivity, leading to better business outcomes.
When we talk about a team, it includes everyone around you who helps you succeed and reach your goals. The list might include employees, co-workers, family members, strategic alliances, referral partners, business partners, and anyone who supports you when needed. There are many ways to reward your team.
Here are five ways to reward those who help us succeed:
- Pay Appropriately – Monetary compensation is the first and most obvious way to reward our team. Pay includes bonuses, raises, and fees. However, rewards do not always have to be monetary.
- Be Thankful and Polite – A simple thank you note or word of appreciation can go a long way. Even more so when it is specific and highlights the person’s contribution. Showing gratitude for their efforts and recognizing their work makes them feel valued.
- Use CNEs – Another way to reward our team is with small, critical non-essentials (CNEs). These are unexpected gifts, occasional lunch treats, special parking spots, and other perks that show your team you are paying attention to them. It makes them feel appreciated and valued. CNEs are great because they do not have to be expensive but significantly impact your team.
- Recognize Accomplishments – Recognizing our team’s accomplishments and contributions is also an excellent way to reward them. Awards, testimonials, and nominations are some ways to celebrate our team’s hard work. Celebrate their accomplishments in team meetings, and show them that we recognize and appreciate their hard work.
- Offer Services – Lastly, offering our team services can be a rewarding experience. Do something kind for them, like picking up lunch or offering a ride. Little acts of kindness show our team that we care about them and are willing to go above and beyond to help them.
The rewards need to be genuine and meaningful to the person receiving them to make rewarding our team a success. It should come from our hearts and not a sense of obligation. The reward needs to be personal and customized to the person receiving it. Understanding our team and what motivates them is crucial to finding a suitable reward.
Rewarding our team can have numerous benefits for both the individuals and the organization as a whole. When employees feel appreciated and recognized for their hard work and contributions, they tend to have higher levels of job satisfaction and engagement, leading to increased productivity, better customer service, and a stronger sense of loyalty to the company. Rewards can also help to foster a positive work culture and improve teamwork and collaboration among colleagues. Additionally, recognizing and rewarding employees can help to attract and retain top talent, as people like to work at companies that value and appreciate their employees.
In summary, rewarding our team throughout the year can make all the difference in creating a positive and productive work environment. It shows appreciation for our team’s hard work and dedication and can also increase employee morale, reduce turnover, and ultimately contribute to the company’s success. By prioritizing the well-being and satisfaction of our team, we are investing in the future of our business. So, take the time to show our team they are valued and watch the positive effects ripple through the workplace.
