For any employee to work efficiently, they need regular feedback, recognition, and appreciation. Otherwise, they won’t know if they are heading in the right direction, giving rise to performance anxiety. Lack of recognition and appreciation is one of the major causes of burnout, workplace stress, and turnover.
That’s why it’s important to establish a comprehensive rewards program that boosts employee satisfaction and reassures employees that they are on track for success in your organization. Here are some different rewards that your employees would love to receive:
Career development opportunities
Employees will always appreciate the personal interest you show in their career development. Providing opportunities that help your employees grow helps them feel more valued and like they are getting more return on their investment with your organization. Before planning any development programs, talk to your employees about their preferences and interests. Personalizing your learning opportunities is the key to creating the maximum impact.
Promoting employees is a foolproof way to let your employees know that they do an awesome job and you trust them to handle bigger responsibilities. Be sure to provide promotions based on the quality of your employees’ work and the impact it has on your organization’s growth rather than only promoting employees who complete a certain number of years at your organization.
Providing healthcare benefits to your employees goes a long way towards establishing a happy and healthy workforce. In addition to the traditional healthcare benefits that aim to reimburse medical costs, it’s good to include benefits that help employees strengthen their general well-being and mental health as well.
Experiential rewards give employees memories that they’ll cherish for a lifetime. This could be sponsoring a lavish meal at a world-class hotel for your employees or sending them on an adventure trip. Gauge the types of experiences your employees value most and create rewards that center around them.
Offering monetary bonuses like a one-time incentive, profit-sharing scheme, or employee stock purchase plan are still a great way to motivate your workforce and show appreciation for their good work. These kinds of monetary investments may not be as targeted, but they still send a clear message that tells employees they are doing a great job.
A comprehensive rewards program can go a long way toward keeping your employees engaged, productive, satisfied, and happy. Head over to our HR Knowledge Hive to learn more about these rewards and additional rewards that motivate employees to do their best work every day.