Employee Recognition & Performance Rewards

More than an innovative product or a treasured service, a business succeeds largely because of the commitment and devotion of its employees. The people responsible for executing a business’s vision are arguably the greatest factor in whether or not it succeeds. This is why managers and business owners invest a lot of time and effort in hiring and retaining the best individuals. Even so, these employees may not reach their potential if they aren’t sufficiently motivated. Employee recognition and rewarding good performance are critical elements to building a strong team.

Even the most talented and capable employees can fall victim to fatigue or feeling unappreciated, meaning they likely won’t be putting forth their best effort. That can have a domino effect on productivity, which is why it is in the best interest of employers to make sure employees remain motivated and feel appreciated.

There are many ways to recognize workers for their efforts, but establishing a formal employee recognition program can be essential to boosting — and maintaining — morale. With a recognition program in place, employees will be rewarded for going above and beyond their responsibilities. Therefore, the workplace should feature more engaged and motivated employees.

The rewards don’t have to be extravagant. In fact, a simple “thank you” or some easy-to-implement perk may be all that is required. The key, no matter what form the rewards take, is to be consistent and clear about the goals employees need to reach for recognition. Particularly for startups, sometimes these simple tips help solidify the loyalty of the team and improve retention of key employees.

If you’re interested in getting the most out of your employees and keeping them motivated, the guide below spells out some important things you need to know about starting an employee recognition program.

Graphic created by Mrs Prindables, a caramel apple company.