Editor’s Note: This article is contributed by Cherry Soriano, writer at Media Buzzer. Her opinions are her own.
The secret to a successful business is not only excellent quality of products and services that are offered but also all of the employees within the company. Your workforce is a valuable commodity. They should be nurtured, developed, and also rewarded. These will help create a happier workplace, which will result in a greater level of productivity.
There are ways that you can reward hard work and diligence, which will help to create a happy working environment. Such moves do not have to cost the company any money as increased productivity will absorb all of the costs!
Offering Employee Benefits
An excellent way to motivate your workforce is to offer a variety of employee benefits that reward workers for achieving set targets. There are many different rewards that you can offer, and you can even offer your employees to provide suggestions.
- Extra day holiday for birthdays
- Early Finish on a Friday
- Late start on a Monday
- Spa Days
- Gift Vouchers
There are even companies that offer a multitude of different products and vacations to employees in order to motivate their staff. Of course, you do not give these incentives freely, and an employee must meet set criteria in order to be rewarded. However, if you are offering something that an employee really wants, you will be amazed at how they can increase their productivity.
Set Targets And Recognise Improvements
No matter what your industry is, you will need to work out a scheme, which can target the productivity of your workforce and accurately measure this. You will need to set clear and achievable goals that your employees are made aware of and are also able to measure their progress to reach their set target. This will then allow you to monitor your workers and see how productive they are over a set period of time, and will also allow you to gauge improvements in performance.
If a worker misses out on their target by a fraction but has shown significant improvement, then it is unfair to give them the set reward, but also unfair to give them nothing. In situations like this, compromise is often the best way to reward improvement.
A good example of this would be if you offered a two hour early finish on a Friday for meeting targets. If a worker just misses their target, instead of offering them to finish two hours early, you can offer them to finish an hour early instead. You will need to take into account mitigating circumstances where a workers’ productivity is affected by circumstances outside of their control as withholding a reward on this basis could have a detrimental effect.
Rewards Pay For Themselves
Research has shown that offering workers rewards for achieving set targets can have a value ten times that of the cash equivalent. You will need to invest in a reward scheme that offers all of your workers something that they would like, but the money that you invest will be paid back quickly by the increase in productivity overall.
If you have a happy workforce, then they are going to be more productive. If you have a happy working environment, this will not only help to attract the best workers, but also make it easier to retain your best employees.
But you do not have to take our word for it. Ask your employees and see what they think as they will most likely have a wide array of different ideas, which you had not thought of, some of which could be feasible. If you keep your workers happy, they will keep you happy and help you to build your business into a success.