A lot of people work, but some work harder and better than others. When a person knows they are going above and beyond for their company or cause, they may not do it for the praise and acknowledgment at first. As time goes on, however, it would behoove the organization in question to show some appreciation to their exemplary workers on a regular basis. When people know that their work is being known and appreciated, it inspires them to continue the work at that level. Some may exceed high expectations of themselves if they are aware that their organization knows of what they are doing and is backing them up. Should a company fail to adequately support their best workers, they may find those people bringing their best ideas, strategies, and efforts to their competitors. Any organization dedicated to excellence must create an employee reward strategy.
Almost all CXOs and leading HR professionals acknowledge the importance of having an employee appreciation plan in their annual working schedules. It demonstrates to the employees that the organization and senior management cares about their well-being. While praising employees or top performers is a great thing to do, why not reward them with awards and gifts during appraisal season or the holidays? Studies have shown that there is a successful correlation between organizations that have an employee appreciation plan in place and lower attrition rates. If you are a business that is struggling with high attrition rates, you need to start with employee appreciation policies right away.
Awarding hardworking people is essential if you want your company to excel. Even school fundraising companies understand this, so they will award their highest selling kids with relatively extravagant gifts like TVs or bicycles, as motivation for that child. Winning that large gift and receiving it in front of the other children gives that child a sense of pride. The reason for doing that is because that school or camp wants to hit the funds target that they set. The kids need to be motivated not only by reaching the goal and having the school make that purchase but by the gifts they receive as a prize for their individual efforts.
This type of prize awarding is expected to follow the individual who works hard from childhood to adulthood. Obviously, working for a corporation or starting a business would be more rewarding to that individual then winning a few toys for fundraisers. As the stakes get bigger, so do the rewards. A common reward to receive will be a plaque or a sculpture depicting the specific achievement the employee completes. A favored creator of such awards is EDCO Awards and Specialties, based in Fort Lauderdale. There are plenty of companies out there, when their team hits a target or exceeds that target or deadline, that will reward their team by sending them on a special vacation. In fact, conventions are a reward of sorts for the industry that that convention is based on. At a convention, you meet up with others around the country who are in the same field that you are in, you learn new ideas new practices, and you get to socialize with people in a way you would not normally.
This kind of event goes a long way in making sure people understand their purpose for being what they are in their career and will give them directions for where they are heading next. A convention in a highly popular area such as Las Vegas or Hawaii will not only seem like a convention for the organization, but it will also serve as a vacation for the employees lucky enough to make it to such an event. A lot of the larger companies will also have the same type of rewards that the children would have for their fundraisers, except they are more expensive. Instead of things like toys and video games, they would receive kitchen appliances, hardware, and the newest electronics for their efforts.
Individuals can also be rewarded if the company holds a special banquet or dinner to reward high-achieving teams and members. These can often be black tie events with gourmet meals. For a startup company, they may rent out a restaurant and host their own private awards ceremony. These new companies will also go on cheap retreats when available.
The way to reward one’s employees is at the discretion of the company. Most of the bigger companies understand that in order to keep high-performing people, they need to give them periodic award ceremonies and other gifts of recognition. A manager walking up to someone and telling them they did a good job is not enough sometimes. In order to really facilitate growth and encourage the employees to work stronger and harder, the company should be using a very tried and true practice by giving their employees the knowledge that at the end of the day their efforts are noticed and appreciated.
