How to Recognize and Reward Employees (Without Blowing the Budget!)

By David Willcox|Feb 5, 2018|

There’s been a lot of research and reporting on the topic of how best to manage, motivate, recognize and reward employees and millennials in the workplace. While this has resulted in interesting reading for employers, it’s clear that there’s a common theme for all employees, not just the millennials among us.

In short, as employees, we all love to be recognized for our contribution – no matter how large or small that recognition is. But, contrary to popular belief, recognition needs to go beyond financial reward (though money plays a huge role in rewarding contribution). Non-financial rewards and incentives can have a significant impact on your business – they can inspire and engage employees, which in turn improves work motivation and performance too.

Money Isn’t Always the Answer

So, if it’s not all about money, how can you recognize your employees for their achievements without blowing the HR budget? Here are our top tips:

• Determine what it is you wish to recognize and what criteria you’ll use. Communicate these details to your team and give them the opportunity to discuss and ask questions
• Provide regular feedback on an ongoing basis – both formal and informal – it can have a positive impact on team happiness and motivation levels
• Recognize individual or team achievements with gift vouchers, music downloads, theatre or cinema tickets etc