Employees are the biggest ASSET to any company and the biggest ASSET your employees have is their health and mental wellbeing. A person who feels appreciated will ALWAYS do more than expected.
Our current Prime Minister is pledging to offer businesses a Tax Relief for companies which have wellbeing initiatives. Employee wellbeing is not just mindfulness and health, it is also reward and recognition.
Already, there is the beginnings of a cultural shift in organisations where leaders are understanding the need to implement wellbeing initiatives. So, if you care about the wellbeing of your employees here are a few proven strategies for rewarding your staff and boosting their overall wellbeing:
1. The Trophy
Fun, laughter and recognition. Get a big trophy and give it to the employee you are recognizing for the month. At the end of the month, they must return the trophy – but they need to add one thing to it. (You would be shocked how many things can stick to a trophy.) Then next month give it to the next winner. At the end of the year, you’ll have a trophy with 52 things stuck to it. It looks hysterical and has lots of memories. Retire the trophy and put it in your reception area. Start a new trophy and do it every year.
2. Office Party
When celebrating the end of one year and the beginning of another, an office party can be an effective reward option. Office parties are great because they give people the opportunity to feel valued and let their hair down; two good consequences of the gesture. It might cost a little bit more money than the handwritten note, but your employees will thank you for it.
3. Flexible Hours and Flexible Working
Let your team work when and where they want. The flexibility can be worth a lot more than cash. Maybe they won’t need day care services for their child, for example, if they can make their own schedule. Perhaps reducing the commute into the office can pay for better productivity i.e. time not spent travelling and less stress on the employee.
4. Corporate Away Days
A corporate away day for individuals across the workplace, from different departments, instils trust, improves connections and communication, and brings individuals together. Mixing different departments is great, or you can reward a specific team if you prefer.
If the away day is exciting, engaging, inspiring and fun the collective experience and memories created will create a new buzz in the office which will spread.
Other employees will want to meet their work targets to be included on the next one. Video’s and pictures from the day, shown in the office, create great discussions other than ‘work in progress’.
5. Thank You Note
Saying thanks for something specific may be the ultimate reward. If you do it selectively yet authentically, not on an email, a thank you note may be pinned above your employee’s desk for years. They won’t forget it and will tell others, creating a rewarding and appreciative working culture that pushes others to receive a personal note.
6. Founder’s Wall
Instead of a wall of fame for employee photos, create a wall that not only recognises employees with a photo, but with a short description and timeline of how they have contributed to where the company is today. Make sure you can add to their accomplishments as they keep succeeding.
7. Appreciate Personal Wins
Don’t just appreciate employees for what they do for you – appreciate them beyond their work as well. If they’ve achieved a milestone in their lives outside the office, celebrate with them in the office. Decorate their cubicle with balloons and cards when they achieve a personal win, like completing a marathon, winning a tournament, losing weight (if they’ve been public with their diet), having a baby, buying a new home or graduating from a class.
Money is the number one satisfier, but appreciation is the number one motivator.
A financial bonus might be given to reward hard work, or for completing a project on time, within budget, and to a high standard, or it may be for a sustained period of great work, or going the extra mile outside of their responsibilities. Whatever the reason, cash bonuses are great, they offer a quick and easy way to reward your staff giving them the freedom to splurge on whatever they like.
It is an instant reward which can give the employee a sense of achievement and appreciation for their good work. Giving bonuses is one of the simplest rewards to manage as it can be easily monitored and given to multiple employees in privacy.
However, there is a downside; the reward is usually short lived. Once negotiated and is expected/received, in the mind of the employee it becomes already spent and loses the reward value.
Rewarding your staff is a great way to show your appreciation for the work they do. When we feel appreciated, we feel better, and our mental health is generally improved. Overall, we have a greater sense of wellbeing. So, reward them for their work – and enjoy the benefits of a happy, healthy team.
ABOUT THE AUTHOR:
Craig Bulow is the founder of Corporate Away Days, a corporate wellbeing events company delivering engaging, inspiring and exciting events focussed on Mindfulness / Wellbeing and Reward / Recognition activities. Corporate Away Days also creates, designs and builds corporate wellbeing policies and provides leading experts for interactive workshops, seminars and talks on improving mental health and overall wellbeing.
Every Corporate Away Days event and activity is chosen with wellbeing as its focus, helping to encourage employee engagement, foster connections and build relationships within the business.