Employees are the biggest asset of an organization. The company’s workforce are who help conquer new challenges and reach greater heights. Although until a few years ago, employers failed to appreciate their people in line with their contributions, times today have changed.
Companies across the globe are now ready to recognize and reward their greatest talent. To support this, many have an exhaustive employee reward and recognition program at work. If you are looking to create a recognition channel for your employees or simply drive better engagement, here’s a list of ideas for you.
🎗️What Are Employee Rewards And Recognition? 🎗️
Employee rewards and recognition is a system where you acknowledge people for their contributions to a company’s growth. It is a means of building a better work environment and driving higher employee engagement.
Employers have recognized the positive impact of appreciation and how it can make employees feel motivated at work. It is now settled that the domino effect of employee engagement is highly beneficial for organizations, and they are now implementing robust reward and recognition programs to make the most of it.
Let’s understand why employee reward and recognition are gaining momentum these days.
🤔Why Are Employee Rewards And Recognition Important?🤔
Employee rewards and recognition entails several benefits, not just for the employee but also for the organization. It enables you to create a happy and healthy workforce and receive immense benefits in return.
The highest rated benefit of employee rewards is positive employee engagement. This leads to greater employee retention and lesser absenteeism at the workplace. A positive workplace automatically earns a better market reputation, and this, in turn, enables employers to attract better talent.
Want to know clever ways to foster employee rewards and recognition? Let’s dive in.
😎 Top 20 Best Employee Rewards And Recognition Ideas 😎
1. 💵 Monetary benefits
You can never go wrong by appreciating your employees with cash or bonus payouts. It is a tried and tested way of recognizing one’s hard work and can encourage employees to continue the great work. However, monetary benefits are over and above the annual hikes. Don’t use them to replace it.
2. 🏆 Peer trophies
Trophies are a classic and symbolic representation of achievement and recognition. Roll out peer trophies for the ‘Best Performer of the Month’ or ‘Star of the Quarter’. This can help boost the morale of your best talent and catapult their efforts in the right direction.
3. ⚕️ Health coverage
Although typically not considered an employee reward, health coverage can enable employees to feel taken care of. It is an indirect way of thanking them for their contributions and telling them you are here to look after them and their families.
4. ☀️ Company outing
Another employee reward idea that can work wonders is company outings or offsites. This is a great way to bring all your people together and ensure they have a good time for a job well done. It can also enable team bonding and better professional connections.
5. 🕰️ Flexible work hours
Employee rewards need not always be direct. Sometimes, you can extend them subtly, and flexibility to work from home is a great way to do that. Think of this as a reward of trust that allows you to build a stronger relationship with employees.
6. 🆓 Discounted products
Another great reward idea is offering discounted products or services to employees. Run schemes for the top talent, wherein they receive an annual supply of your company’s products/services for free or at subsidized rates. You can also offer subscriptions to other products/services.
7. 🌴 Vacations/trips
Reward employees for their consistent efforts with paid time off or vacation time. This gives them a chance to disconnect, recharge, and spend time with their families. You can also go a step further and offer sponsored trips for your best team members.
8. 🙏🏼 Thank you cards
Gratitude works wonders. You can try this out by rolling out special and personalized ‘Thank You’ cards to your employees. Remember - handwritten notes work better than standardized templates and are an effective way to make employees smile.
9. 🎁 Gift cards
Another tried and tested way of rewarding your people is to offer them gift cards. You can issue them online or offline. However, consider keeping the gift cards something useful. Typically, Amazon or other well-known shopping portals work great.
10. 🍕 Lunches
Happy employees are the ones who are satiated gastronomically. Arrange a surprise lunch for employees, offer them lunch or food goodies every now and then. This will help uplift their mood on mundane days and feel more engaged at the workplace.
11. 🧱 Wall of fame
Another classic way of saying – ‘You did a Great Job!’ is to make it known company-wide. Display the achievements of your employees and thank them on a grander scale with the good old wall of fame. Display their photos and names along with congratulatory notes for their best efforts.
12. 💻 Professional development opportunities
Backing the needs of your employees to develop their skills and grow is a great way to reward them and win their trust. One of the ways to do so is to sponsor their professional development or offer subsidized educational programs.
13. 📣 Social media shout-outs
We’re living in the day and age of social media and what better way to recognize your employees than on digital platforms.
Dedicate a post or stories to your best talent. Allow them and others to share and like it. This can help employees receive instant gratification and a lasting feeling of appreciation.
14. 🎂 Birthday celebrations
Birthdays are the one day that you feel on top of the world. Why not use the occasion to reward and recognize your employees, too? Note down the birthdays of your employees and arrange a mini celebration in the office on the said day. If you work virtually, send across sweet treats or a goodie bag.
15. 🏢 Sabbatical support
Employees working several years may need a break for personal or leisure reasons. Allow them to take long breaks or sabbaticals without the worry of losing their jobs. It’s the least they deserve for their relentless work.
16. 🥳 Host an employee appreciation day
How about dedicating an entire day to your employees? Call it an ‘Employee Appreciation Day’ and go all out. Call live entertainers along with some delicious food and games. The idea is to celebrate your workforce and make your people feel special.
17. ✨ Peer recognition
Besides monetary rewards and other perks, introduce a peer recognition program. This will allow team members to recognize each other’s strengths and express gratitude toward one another. It also allows employees to thank managers and not just the other way around.
18. 📑 LinkedIn recommendations or feedback
You can publicly thank your employees by writing them a recommendation on LinkedIn. You could also give them a feedback or recommendation letter that they can use with the next employer.
This can help you earn brownie points and spread a good word about your company culture.
19. 🛌🏼 Revamped break rooms
Break rooms are underestimated. However, they’re a great way for employees to feel rejuvenated and come back to their desks with more energy. Go the extra mile and revamp your existing break rooms to enable this. Think of adding reading nooks, sleeping or meditation pods, and more.
20. 🥂 Work anniversary celebrations
In a transient world, if your employees have spent a whole year or more with you, it deserves celebration. An excellent way to do this is by celebrating work anniversaries.
Quit the mundane email on work anniversaries and replace it with a personal note of gratitude. You can also send them a thank you package to make them feel extra special.
❤️Give Your Team The Best
These employee reward examples can certainly help you spruce up your existing employee rewards and recognition program. At the same time, they help if you’re looking to bring in a fresh wave of positivity at the workplace or simply boost employee engagement.
Download this easy-to-read guide for implementing employee rewards and benefits that work for you and your organization
At Loop, we enable you to reward your employees with the best health benefits. These include round-the-clock doctor support, mental health assistance, and even free wellness events.
Simply introducing health benefits can improve retention and productivity while lower attrition and absenteeism. Sign up with Loop and boost your bottom line!
1. What is the best reward for employees in 2023?
With the uncertain times we live in, health insurance is the best reward that you can give your employees this year. Group health plans offer benefits such as coverage for pre-existing diseases and are therefore useful for employees as well as their families.
2. Do employee rewards improve performance?
Yes, undoubtedly so. Employee rewards and recognition can positively impact company performance and work productivity. It has other benefits as well such as enhanced employee retention, better revenues, and improved market reputation for the company.
3. Which rewards boost employee engagement heavily?
Each of the above listed benefits can boost employee engagement. Monetary benefits such as bonus payouts and competitive pay raises can considerably increase employee engagement. At the same time, non monetary perks such as paid time off and flexible working schedules can also impacted employee engagement heavily.