Ways to Reward Employees for Good Performance

How to Reward Employees for Good Performance

Rewarding Employees for Performance: Many employees suffer from decreasing morale because of un-appreciation or under-appreciation. To appreciate employees, companies or organization has established a reward program system that attracts, motivates and retains employees.

There are many ways to reward employee’s performance and select the best reward suitable for both company and individual.

The reward or bonus system can be made according to company policy or it may be a part of incentive structure. In companies, rewards can be in the form of incentive, perks, advancement, bonuses or promotion received on the basis of individual performance.

Tips to Reward Staff Performance

1. Always praise employees by praising them between the staff for their work and performance. Employees want their efforts known to everyone.
2. Frequently make treasure chest events to finish the target. An appraisal can be made with the items such as letter openers, mugs, T-shirts, logos, etc. Award the best participant for mentioned items.
3. Appreciate good behavior employees by clap, or a bunch of helium balloons also makes it easy. 
4. Arrange challenging tasks so that employees can feel the new experience. Generally, they are bored with sublunary works. New tasks will help them in developing new skills, learning something new and reducing workload. This is essential because it indicates that you believe in contribution, acknowledgment, and capabilities.
5. Another way is to create an album or photo gallery of employees along with the name and joining date which helps to know each other and will help to increase bonding in employees.
6. Provide educational programs, training or seminars. They will expand employees’ skills and knowledge. It will prove beneficial for both the employee and the company when the employee broadens her expertise in the specified field. 
7. Another step you can take is to introduce Deserving employees to important clients, key suppliers or senior management. These will help to boost employee’s career and his self-confidence.
8. If the employee achieves new skills, update his knowledge or take additional responsibilities, appreciate him/ her by increasing the salary. 
9. Make a Wall of Fame. In a firm, create a space to display the photos of employees who increase fixed goal or reach at specified position by giving many years of satisfactory service.