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Rewarding Employees is NOT always expensive /2014/04/rewarding-employees-is-not-always-expensive/ T henappan Radhakrishnan Rewarding employees is not always expensive and this is an art which can be mastered easily. With the whole job market situation is precarious, there is more pressure on the organization to sustain in the business and retain the best possible talent. T he School of thought on how to reward employees varies across the globe and is mainly dif f erentiated into 2 ways, one is monetary way of rewarding employees and the other one is the non monetary way. In pure f inancial terms, rewards are always meant to be monetary but rewarding an employee monetarily will take the very essence of rewarding employees as every work of the employee will be equated to monetary benef its like how much will I get if I do this, how much will I get if I do that work, etc. Non-monetary benef its help to recognize the ef f orts put in by employees in their work at all times and help in building a strong employee base in the organization. If the rewards are monetary then the management has to identif y f or what work does the employee needs to be rewarded and the scope of rewarding employees would come down drastically and f inally the purpose of rewarding employees will come to a standstill. Non monetary benef its can be applied to an individual or to a team as a whole. Non monetary benef its help in bringing employees and the teams together. Non monetary benef its will be devoid of self ishness, ego, jealously which can happen when the employees get rewarded monetarily.

People crave f or positive f eedback and acknowledgement f rom their leaders and peers. T his warm f eeling of being recognized f or work that you have put your time and ef f ort into is priceless. Some ways to reward your employees which can be etched in their memories f orever: T hank You Cards: Mark a day once in a quarter to hand out the T hank You cards to all the employees who have contributed to the success of the project and to the organization. Success strategies implemented in the project can be listed in the T hank You Card which they will perish it f or a long time. Pot Luck Get Together: Provide a company luncheon f or a perf ect bonding with the employees. Have each employee sign up to bring in a dish. It’s not even so much the f ood, as the camaraderie people experience at a work luncheon that makes it a hit. Socializing with management makes them f eel like a valued part of the team. Trust them to do their job: For some people, the only reward they need is to f eel valued and appreciated. You can show them your appreciation by allowing them some f lexibility and giving them added responsibilities that you know they can handle. T he Boss’s Of f ice: Swap desks with your employee f or a day, as a reward. T hey still do their work

T he Boss’s Of f ice: Swap desks with your employee f or a day, as a reward. T hey still do their work of course, but with their f eet up on the desk. Company Scrapbook: Create a scrapbook as your company grows over time. Each month start of f a scrapbook page with the employee you’re recognizing. T heir names will be part of history, literally. Wall of Fame: Create a wall of f ame f or each recognized employee. Be sure to write below their picture what they did that you’re recognizing them f or. Appreciate Personal Wins: Don’t just appreciate employees f or what they do f or you. If they’ve achieved a milestone in their lives outside the of f ice, celebrate with them in the of f ice. Decorate their cubicle with balloons and cards when they achieve a personal win, like completing a marathon, winning a tournament, losing weight (if they’ve been public with their diet), having a baby, buying a new home or graduating f rom a class. Family Day: Set aside one af ternoon once in a quarter f or employees to bring in f amily, kids or f riends. Set up tours of the company so their f amily can see where they work and what they do and how it f eels to get know his colleagues. Performance Hours: If employees consistently perf orm well, give them “perf ormance hours” tokens they can redeem to take a longer lunch, run errands or use f or personal reasons. T hank the Entire Family: When the employee has to go out of town, work longer hours or weekends, or is taken away f rom their f amily f or work-related reasons, write a note, send f lowers or gif t cards f or dinner out to the employee’s spouse, acknowledging the f amily’s sacrif ice and thanking them f or it. Tickets to a local amusement park or museum f or the entire f amily (including your employee) to visit f or the day is also a nice gesture. T here are several ways in making the employee f eel he is being recognized such as Prime Car Parking Spot, Royal Chair (An employee deserves the chair f or his perf ormance and will be on a rotational basis until it goes to the next achiever), Birthday Parties and Get togethers, gif t vouchers related to employee interests, movie tickets, souvenirs and the list goes on.

Not everything revolves around money. By recognizing your employees f or their accomplishments and not putting a dollar amount on their contributions, you are giving them the gif t of esteem. In return, you will get higher employee engagement and retention. Bio Latest Posts

Thenappan Radhakrishnan T henappan works as an HR Specialist f or Synergita. He brings in over 5 + Years of experience across various f unctions of HR such as Generalist, Recruitment Shared Services, Perf ormance Management.

Lat est post s by Thenappan Radhakrishnan (see all) Bringing Fun to Work - April 28, 2014 Rewarding Employees is NOT always expensive - April 7, 2014

Move Perf ormance Appraisals away f rom Salary Revisions - December 16, 2013

Relat ed post s: 1. Relax! It is just perf ormance appraisals ! 2. Employee perf ormance appraisal system to Development management system 3. Synergita integrates with Medallia – Customer Experience Management Solution 4. Turn Perf ormance Management into Employee Development

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