Employee disengagement can cost you a lot. According to studies, 70% of employees are not engaged at work, which costs the world $7 trillion annually in lost productivity. If you want your employees to remain engaged at work, you must keep their morale high. One way to do this is to know how to recognize and reward your staff.
One of the most effective methods for luring and keeping top talent is employee rewards. But the old school forms of rewards like bonuses and raises may not always be feasible or effective. Thus, it is important to think creatively when it comes to rewarding employees. Here are a few of the most creative ways to reward employees that can help boost engagement, retention, and motivation.
- Professional Development Opportunities: Investing and encouraging employees’ professional development is another great way to reward them. This can include arranging programs such as training programs, tuition reimbursement, and other opportunities to advance in their career. By providing the employees with the required resources and support they require to grow and develop in their careers, you are not only rewarding them but also investing in the future of your organization.
- Improving Employee’s transportation situation: One thing most employees don’t know about their job is the time it takes to reach the office. Getting to and from work can be a hassle, depending on where you live- but it is a necessary evil. Reward hard-working employees by making their travel experience more enjoyable. Offer employees who take public transportation in big cities a free month of Uber or Lyft rides. Offer to cover a month’s worth of gas, car washes, or even premium Netflix or audiobooks that employees can listen to while driving if they drive to work. Improving transportation for employees can improve their overall enjoyment of their work experience.
- Flexible Scheduling: One of the best ways to reward employees is by offering flexible scheduling. This includes flexible start and end times, the ability to take time off as needed, and offer telecommuting options. Flexible scheduling is very beneficial for employees who have young children or other caregiving responsibilities as well as for those who are juggling multiple commitments.
- Team-building activities: Team-building activities are a fun and effective way to reward employees and these can include things like off-site retreats, company-wide events, and team-building exercises. Not only do these activities help to build teamwork and camaraderie, but they also give employees the opportunity to bond and relax outside of the office.
- Health and Wellness Programs: Implementing health and wellness programs is another creative way to reward employees. This could include providing gym memberships, healthy food options, or even onsite fitness or Yoga classes. By promoting a culture of health and wellness, you are not only rewarding employees but also investing in their overall well-being.
- Employee Recognition Programs: Employee recognition programs are another great and effective way to reward employees. These can include things like employee of the month awards, spot bonuses, and even public recognition in company-wide meetings. Recognizing employees’ hard work and achievements can help boost morale and motivation.
- Giving Employees Feedback and Input: One of the most important and creative ways to reward employees is through feedback and input. Giving employees the opportunity to provide feedback and input on important decisions can make them feel valued and appreciated. It also helps you understand what is important to them and how they want to grow in their role.
Closing Thoughts
Employee engagement and retention are impacted by rewards, but conventional forms of rewards may not be as effective as they once were. You can help increase motivation and engagement among your staff by using innovative methods of rewarding them, such as flexible scheduling, professional development opportunities, employee recognition programs, team-building exercises, health and wellness initiatives, and asking for feedback from them. As a leader, you can help boost motivation and engagement, while also showing your employees that they are valued and appreciated.