A motivated and appreciated team is the backbone of any successful business. Recognizing employee success not only improves morale but also enhances productivity and retention. Financial incentives are always a strong motivator. Year-end bonuses, implementing a commission structure and offering extra perks for exceptional work are all ways to show your employees that you value them.
What else can you do to reward employee success and boost workplace morale?
Give some extra time off.
The vast majority of us lead pretty busy lives. This is why time is one of the most valuable gifts you can offer your team members. Reward employees with an extra day off, a long weekend or even flexible hours. This will allow them to recharge. You might want to consider something special for the entire staff such as a surprise Friday off from time to time. It’s a great way to acknowledge hard work and support work-life balance.
According to Outback Team Building, “employees who take time off enjoy their work more than their burnt-out peers. This sentiment is echoed by recent research, which shows that people who take time off are 56% less likely to experience work stress and are 62% more likely to report high job satisfaction.”
Create an employee recognition program.
Rewarding employee success should be a year-round undertaking. Formalizing employee appreciation ensures that achievements don’t go unnoticed. If you haven’t done so yet, consider implementing “Employee of the Month” awards or peer-to-peer recognition programs. It’s also wise to compose a monthly newsletter that highlights achievements in your workplace. As well, your recognition can be as simple as a public shout out during team meetings or a social media post celebrating an employee’s contributions.
“Organizations with formal employee recognition programs have 31% less voluntary turnover than organizations that don't have any program at all,” reports Natalie Wickham of Quantum Workplace, “And they're 12x more likely to have strong business outcomes. If leaders want to drive employee, team, and business success, they need to prioritize employee recognition.”
Offer health and wellness benefits.
What’s more important than our health? When you support employee well-being, it’s a win-win for everyone. Consider providing gym memberships or fitness class vouchers as prizes for jobs well done. You can also offer wellness stipends for massages or therapy sessions. With the rise of remote and hybrid work, even virtual wellness sessions like guided meditation or yoga classes can be a thoughtful touch.
“Participating in health and wellness programs, especially those that include team-based or group activities, can help employees connect and encourage collaboration,” writes Jocelyn Pollock of Business News Daily, “Colleagues who feel connected and collaborate are more productive and innovative, and they produce higher-quality work. Because human connection is a cornerstone of mental health, health and wellness initiatives that promote teamwork are good for both your employees and your company’s output.”
At Unity Payments, we reward your success!
We’re dedicated to straightforward and honest pricing. Our Interchange Plus model ensures you pay only the true cost of each transaction, with no monthly fees or lengthy contracts. We pass on the lowest interchange fees for every credit card type, complemented by a transparent margin. As your business expands, our margin naturally decreases, resulting in escalating savings over time.
To learn more, please don’t hesitate to call us at 1-800-661-3761 or email info@unitypayments.ca.
