Rewarding, recognizing your employees

Posted:

Comment

Do you have a formal recognition program for your employees? Are you rewarding them for the hard work they perform? Do your employees know that if they work hard and perform well that you appreciate that?

Rewarding and recognizing your employees on a regular basis is critical to morale and creating an environment where they will go the extra mile to help you grow your small business.

Rewards and recognition can be done in two ways, informal and formal.

A formal recognition program requires that you document and communicate the reward criteria and recognize everyone who achieves this.

Informal recognition can be more subjective and is designed to reward employees for showing initiative, innovation, quality improvement or just plain hard work.

Rewards can be monetary or non-monetary, big or small, for groups or individuals, done on specific dates (monthly, quarterly) or randomly.

Recognition can be done in private or done in a group. Just be very careful on what you recognize and reward. Recognition and rewards should be focused on performance and behaviors you want everyone to achieve and follow, not on favoritism or irrelevant criteria.

No matter how you recognize and reward your employees, make it consistent and something that keeps everyone motivated. Recognizing and rewarding your employees will go a long way in keeping morale high, turnover low and become a catalyst for helping you grow your small business.