One way to ensure that your top employees continue to work for your business is to make sure that your most talented employees feel recognized. If you’re interested in offering employee recognition awards in order to increase employee loyalty and to increase your employee retention rate, simply continue reading for inspiration.
Business 101: Employee Recognition Awards
Offer end of year bonuses:
You may want to offer the winners of your employee recognition awards, lucrative end-of-year bonuses. Which will prevent high-performing employees from applying for positions with your competition. You’ll also be able to motivate the rest of your employees to increase their productivity, by offering end-of-year bonuses. As your staff will have an incentive to go above and beyond their job description and to help your business grow from strength to strength.
Take your top performers on a vacation:
Some businesses provide their top performers with all expenses paid corporate trips, in order to motivate their staff members to excel at their jobs. Paying for corporate trips will also allow your elite employees to network together and to form tight professional bonds with each other.
Provide your employees with gift vouchers:
If you’re a small business with a limited budget, you may want to start off by purchasing gift vouchers for your employees. Which you can gift to your employees when they sign lucrative contracts or exceed your expectations. For example, you may want to gift your employees Amazon vouchers, as Amazon offers a wide variety of products, which will appeal to most employees. You may even want to offer an employee of the month award and to gift your chosen vouchers to the winner of your employee of the month award, each month. Just be sure to purchase vouchers that are in demand as no one wants to receive vouchers to an obscure store that they are unlikely to use.
Offer team-based awards:
If you plan on leading a medium to large-sized business, it’s also a smart idea to offer team-based awards and incentives. For example, you may want to offer an award to the team that makes the most sales in a month. Or you may want to offer an award to the team which provides your business with the most desirable pitch, to give potential new clients.
Consider hosting an end of year awards ceremony:
Another way to show your appreciation for your high-performing employees is to host an annual end-of-year awards ceremony. As your employees will appreciate being acknowledged for their efforts in front of their peers who they respect and have admiration for. You may want to hire out a grand venue such as a hotel ballroom for your end-of-year awards ceremony and to encourage all of your employees to dress up for your special occasion.
So if you want to show employee appreciation, it’s well worth implementing some of the employee recognition schemes which are listed above. Which will increase employee loyalty and which will increase your business’ employee retention rate.