With 2020 just around the corner, your employees would be wondering what is in store for them. The festivities are here, and it’s time you cheered them up for all the loyal and dedicated work they have been putting in. From a Human Resource perspective, rewarding your best employees is a sure-shot way of improving your profitability. According to research, the top 10 Australian companies spent nearly 450million AUD in rewarding their star performers in 2019.
So, why lag behind and miss the growth-bus? You could exceed your profitability targets by 5% if you simply follow these 8 tips for bettering employee engagement.
1. Promotion, naturally!
Promoting a performing worker is indeed an amazing way to recognize him. There is no better way to reward an ambitious employee than by giving them more prestigious responsibilities with a monetary raise as well. Go-getters have a hunger for more challenges in their bellies; they want to achieve success quickly. If you have people who have exceeded your expectations, promote them. It isn’t necessary that you only promote them just once a year. You can give them more frequent raises too.
2. Praise them publicly
Sometimes raises aren’t enough to motivate a performer. Perhaps he or she doesn’t find their inspiration in monetary appraisals. It is possible that this go-getter wants recognition. This is where a perceptive Human Resource Head steps in. He understands the psychology of this performer, and so, at regular intervals, he acknowledges the latter’s efforts. Public appreciation has led to amazing results, according to a McKinsey study.
3. Loyalty Bonus
Loyalty is a much-abused word these days. Many companies prefer results over loyalty, but there are certain sectors where loyalty is appreciated. Family-run businesses rely on old hands, and their CEOs reward loyal employees. If yours is a family-run business, reward your old hands and all those who have watched your enterprise grow. To know more about how you could appraise the loyal ones with the right kinds of rewarding strategies and bonuses, visit this website.
4. Mobile top-ups
Sometimes even a small gesture can motivate your employees greatly. How about providing them with extra top-ups for their mobile connection once a month? These days, people are increasingly dependent upon their mobile phones for news, entertainment, and other things. If your business relies on mobile phones ( food delivery, cab aggregator business, website), you could enthuse your employee even further by topping his phone, no question asked.
5. Concert tickets
How about surprising your young and talented employees by buying them a few concert tickets for their group of friends or family? Many Australian companies, especially in the entertainment business, regularly dole out concert tickets for their young employees. Of late, this practice has found new takers in many ‘hard’ industries like manufacturing.
6. Hotel, Travel and Experiences
Millennials are slowly taking over the world economy, and it must be the same case with your company. If you are in the services business, perhaps a chunk of your customers must be in their 20s and 30s, and it is these people who are guzzling away holidays, trips, and experiences. But, what about your employees? Do we bet a significant part of them would be millennials too? So, what can you do to make them happy? Gift those trips, holidays, and other leisure products as rewards. Cool, isn’t it?
7. Club memberships
Perhaps you could gift memberships of select-few exclusive clubs in Sydney, Brisbane, Melbourne or Adelaide to your top employees. We are sure this would make them super happy.
8. Merchandise Brands
Lastly, you could reward your younger employees by gifting them merchandise from select brands. If you have a large workforce, you could tie-up with some leading brands and get their cool merchandising stuff for your best performers.
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