Have you ever wondered why there is no substantial productivity gain in spite of many employee welfare activities conducted by your HR team? Well, it is certainly a matter of concern for you as the entrepreneur because at one hand, you are spending sizable money for such activities and on the other hand, there is no effective ROI (Return on Investment). What could be the probable reason behind such a poor performance?
The answer is simple; you are not hitting the Bull’s Eye! In short, your employees need something else that motivates them for better performance. When you fail to understand it; expected results can’t be achieved.
Find out the best reward strategy
Business owners always think that big bonuses and high increments guarantee an improved performance. But the hard reality is; the majority of the time there is no potential benefit which can be justified for the damage to the bottom line. It is quite frustrating for business owners as they get the double hit.
Experts say that a right reward to the employee at the right moment can keep the employees motivated and engaged. These small initiatives can be more successful than big minatory benefits.
Here are three impressive ways of rewarding employees:
Appreciating the efforts publicly
As they say, one shouldn’t wash the dirty linen in public; it the vice-a-versa situation in case of appreciation. The more you appreciate someone in public, the higher is the impact. Announcing good work in public forums like Open House, Annual Function of the company, or Leadership meeting would make the employee happy. He will feel motivated to perform better. Seasoned HR people make an excellent use of it.
Giving freebies or memberships
Though there has been a significant increase in the salary structure in the recent years, still people get motivated when the company offers some kinds of freebies or make them the member of some elite club in the city Free of Cost. Yes, employees feel quite excited about it.
Throw a party or arrange a family dinner
If it is an accomplishment of a team, then throw a party in one of the best hotels in the city. If it is a personal achievement, then you can invite the employee for family dinner. Some companies arrange a dinner with top officials such as CEO or Managing Director of the company.
Follow these three effective ways of rewarding people to keep the morale flag high!