The year end is often challenging time for employers especially as their staff is starting to wind down to enjoy this holiday.
For most companies, there is also the challenge of throwing a memorable year-end party and giving end-of-year staff gifts as well as rewards to thank employees for their diligence, dedication and support over the past 12 months. The party and rewards have to engage a diverse group of people with various tastes.
So how exactly can a company best try to keep everyone satisfied with the year-end reward?
See also:
How well are you doing values-based employee recognition program?
How to reward employees at the year end
Cash bonuses are an obvious answer to thank your employees for their hard work all year round, the one that everyone welcomes. They are also the type of rewards coming with the most pitfalls. Consider your options before plunging ahead:
1. Cold hard cash
Giving a cash bonus is an effective way to motivate your employees in the short-term. As it is a good motivator in the short-term, there are 2 things that you need keep in mind. Continuity is the first thing. The cash bonus may be really effective this year, but it can really induce a morale slump among your employees if you are unable to follow it up next year or have to reduce the amount. The second thing is whether the amount of cash bonus you can give is worthwhile. Some ways you can do to tackle those things is to apply peer-to-peer rewards (i.e. employees award the cash bonuses to other fellow workers); longevity bonuses; non-performance bonuses; performance bonuses. If you are just able to give a small bonus, you can possibly get a better effect by selecting one of the other options.
2. Presents
Gifts may be the most common form of rewards for employees, and they can have a wonderful effect. The reason to prefer gift items to cash is that a pretty inexpensive gift can be more impressive than the cash paid for it. It is ideal for engaging employees in the short-term and fostering their long-term loyalty. That being said, it is critical to choose the right presents. One thing you should remember when giving out staff presents is that bland is best. Unless your firm is small enough that you know the tastes of each employee very well, individuals presents are not likely to impress. Separate gifts can also single out people, undermining the efforts you have made towards teamwork. Such universal, enjoyable gifts as boxes of chocolates, bottles of wine or even movie ticket vouchers will be the good choice.
3. Party time
The year-end party can easily be turned into a reward. All you need to do is put a little investment to ensure that everyone has a good time. There is an added benefit for your business in holding an end-of-year party; that is the team building effect that a good party has. This can be enhanced by adding some games in. The teamwork required along with the party atmosphere will bring a lasting effect.
4. Free time
The gift of time may be the reward that very few employers think of giving. Giving some extra time off is a nice way to reward your employees for their diligence without suffering the out-of-pocket expenses.
In short, recognizing your employees’ efforts is a worthy investment, especially at the end of the year. Planning the effective ways to reward your staff shows that you appreciate what they do. Reward them, and you will continue to see the benefits.
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