Employees are the very core of a business—they keep companies working well and largely contribute to the overall success of a business. This is not to be taken lightly! Employees have chosen to give their time to your business and to use their skills to benefit the business further, which is why it is important that they should be rewarded with physical presents such as gift cards (you can now purchase bulk gift cards) or even extra holiday days! However, did you know that there are many benefits when it comes to keeping your employees happy, and not just for the employees?
When employees believe they are held in high esteem by their management and their peers, this has several benefits for everyone involved. Let’s take a look at the reasons why rewarding your employees can benefit the company.
Rewarding Employees Makes Them Happier
It is nice when our employees are happy. Happy employees are nice to be around, they boost morale in the office, and they are more likely to be productive. These reasons alone are probably enough of a benefit to the company!
It appears there is no downside to employees being happy, which is why rewarding them is always a win-win situation. For example, you might offer gift cards as a token of appreciation, organize a bottomless brunch Soho (or elsewhere), or plan a team movie night. These activities can not only serve as rewards but can also provide opportunities for employees to bond outside the usual work setting.
Rewarding Employees Improves Employee Retention
The benefits of retaining employees are hardly a secret. After the initial hire, employees go through training, bond with other colleagues, and find their place in the business. The time and money that it costs a business to put a new employee through this would be wasted if the employee wanted to leave, or more importantly, had no reason to stay.
This is where rewarding employees come in. Giving employees incentives to attain or work towards is not only a great motivational factor but also helps improve employee retention.
The business can come up with the incentive markers themselves, such as one year of service, three years of service, etc. and show a token of their appreciation for the employees’ time and hard work with them, which will also make employees feel valued—another great factor for retaining them!
For companies who are considering giving employees financial tokens of their appreciation, why not try payroll software solutions, a software which keeps payroll information for employees all in one place, and also has all of the financial data of salary raises, previous pay increases, performance and other details of employees all in one place. This allows a business to make an informed decision about the financial reward they would like to offer an individual employee.
Rewarding Employees Can Boost Morale
The way in which employees are managed can make or break morale in a business, and morale and employee motivation are intrinsically linked.
Letting employees know directly that their hard work is being recognized and appreciated goes a long way in encouraging the continuation of that behavior.
There are plenty of ways to boost morale in the workplace. From a work lunch or work drinks, to a team-building day where employees partcipate in a fun activity such as bowling. Employees who feel valued and cared for are much more likely to be happy to give up their time to work for a company and go above and beyond what is asked of them.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin