Employee recognition is an important part of any workplace but the conundrum strikes – when to reward employees? It is essential to ensure that employees feel appreciated and valued, and that they know their hard work is noticed. However, it can be difficult to know when to reward employees – should it be monthly, yearly, or even daily?
There are a lot of factors to consider, such as the company’s budget and the employee’s job duties. In this blog post, we will discuss some tips for recognising employees, as well as when to do it!
When to Reward Employees
Rewards motivate people to perform better in many different situations. They also provide an incentive for employees to stay loyal to your company. In fact, studies show that employees who feel appreciated are more likely to stick around and less likely to look for other jobs.
So, when is the best time to reward employees? The answer may vary depending on your company’s needs and budget, but there are a few general tips to keep in mind.
Rewards aren’t just for Christmas!
The most popular times to give employee rewards are at Christmas and during the summer holiday period. However, these aren’t the only times you can show your appreciation. In fact, rewarding employees throughout the year is a great way to keep them motivated.
Many businesses are now seeing the benefits of trying to spread out rewards evenly, rather than giving them all at once.
A study into employee rewards showed that giving smaller, more frequent rewards was more effective than giving larger rewards less often. (source: Forbes)
But what else do you need to know when you are considering when to reward employees?
Know Your Motivators.
There are two main categories of rewards: extrinsic and intrinsic. Extrinsic rewards are things like money, gifts, praise, and other tangible items. Intrinsic rewards are more internal, such as recognition, appreciation, and respect.
Can you affect intrinsic motivation through rewards?
Yes and no. You can’t directly control how someone feels, but you can create an environment that is conducive to positive feelings. For example, if you regularly give employees praise and recognition, they will likely feel appreciated.
On the other hand, if you only ever give rewards in the form of extrinsic motivators, such as money or gifts, you may find that employees become less intrinsically motivated over time. This is because they start to feel like they are only working for the rewards, not because they enjoy their job or are passionate about the company’s mission.
So, what does this all mean? When you are deciding when to reward employees, it is important to consider what will motivate them the most. If you are not sure, ask them!
Each company will be in a different space. Your employees may feel quite motivated and upbeat, in which case , any type of recognition will suffice. If they are going through a tough time or have been working extra hard, you may want to consider more significant rewards, such as bonuses or paid time off. Ultimately, it is up to you to decide what will work best for your company and employees when it comes to when to reward employees.
Give Them Rewards That Matter.
If you want to motivate your employees, give them something that matters to them. That could mean something as small as a £10 gift card. No really! It might not seem like much at first, but it will make an impact.
The problem with ‘holding off’ for a bigger reward is that sometimes, it might not happen. Your intentions were to give a big bonus at the end of the year, but then business slows down and you can’t afford it. This can leave employees feeling disappointed and unappreciated.
It’s also important to consider what type of rewards will be most meaningful to your employees. Some people might prefer extra holiday days, while others might want company-wide recognition. There is no one-size-fits-all answer, so it’s important to ask your employees what would make them feel appreciated.
Be Consistent with Rewards.
A consistent reward system is one of the easiest ways to keep your team motivated. Make sure you reward people consistently throughout the year. This means giving rewards every month, every week, or even every day. Yes really, every day!
The onecode platform from Simply Thank You allows managers to give points values to employees for their work and efforts. You could give 50 points for a job well done, 100 points for going above and beyond, or even 500 points for a major project. These points can then be redeemed by employees for rewards that they actually want on the onecode site – for gift cards, digital gift cards or physical products.
You are then rewarding with frequency, and employees have the control to pick their own rewards. This is a great way to keep your team motivated, as they feel appreciated on a regular basis and can choose something that they really want.
Don’t Overdo It.
Having said that you should reward all the time – a caveat.
If you give too much, you might lose the motivation to work hard. On the other hand, if you give too little, you won’t motivate your team at all. You need to try to find an ideal balance between giving enough to make people feel appreciated and not so much that they start feeling entitled.
A reward is defined as something given in recognition of service, effort, or achievement. So, if you are constantly rewarding employees for their work, they may start to feel like it is expected and no longer special.
It is important to find a balance that works for your company.
Have Fun!
It’s easy to forget that your employees are human beings with feelings. A reward shouldn’t feel like a big drain on you – it should be something that you love to give because you can see how effective it is. They need to feel valued and appreciated. So, when you recognise good performance, take some time to show appreciation. This will help you retain motivated workers who will continue to perform well.
Use the Simply Thank You onecode to Reward Employees
If you’re looking for a simple, effective way to reward employees, look no further than the onecode from Simply Thank You. It’s easy to use and helps you give rewards that matter, with the added bonus of being able to track performance over time so you stay on top of ROI.
The Simply Thank You onecode can be redeemed on the onecode site – for gift cards, digital gift cards or physical products.
So what are you waiting for? Get started today and see the difference it makes to your team’s motivation!
