Top ideas for employee rewards

Friday, 11 May 2012 10:57

Rewarding long service can boost morale

Rewarding long service can boost morale

Every employee likes to be recognised for their hard work. This not only boosts their confidence, but also improves morale and can minimise staff turnover at your organisation. If you would like to learn more about some of the most effective and popular staff reward schemes, below is a guide to the different available types.

If your employees have recently put a lot of effort into a large project, including overtime late into the evenings and at weekends, you will no doubt want to go that step further than simply paying them extra for their time. Overtime pay is expected, so to show your team you really appreciate their hard work, consider giving them a high-street shopping voucher so they can treat themselves guilt-free. Even if they don't use the voucher to buy something they have wanted for ages, it could go some way to helping them with their finances by allowing them to slash the cost of a household item they have needed for a while, for example.

Your business might benefit from ongoing employee schemes. These are especially useful for large organisations where rewards are needed on a more regular basis. One popular scheme is to provide staff with a card which you can top up as and when required, leaving the door open for future incentives. This will hopefully encourage your staff to put in 100 per cent effort all of the time, rather than just on a single project.

Should a staff member have truly excelled – such as having brought in a huge commission, overseen significant sales or introduced a new product or service that has proven to be a hit – you cannot go wrong with a travel card. Time away from the office is perhaps the most valued reward of all, so allowing an employee to take a few days off will prove refreshing for them, which in turn should lead to improved productivity upon their return.

Sometimes staff can feel a little overlooked or unappreciated if they have worked at a firm for a long time, as it comes to be expected they will do what is asked of them. Ensure their continuing loyalty by providing long service awards. The best types of rewards are those that show you know your staff personally. Consider golfing weekends for enthusiasts of the sport, shopping vouchers for those who like to look stylish and electrical coupons for staff who cannot be without the latest gadget.



Finance articles

  • Top 5 uses for employee incentive schemes

    A well-designed incentive scheme for employees is a good way to motivate staff and help your company move towards its goals. There are a number of different ways they can be used and, if you pick the right ones, you will find such programmes are a cost-effective way to improve performance.

  • Low cost ways to improve employee benefits schemes

    Opportunities to reward your workforce will be in short supply if your company has been hit by the recession. However, there are still some small steps you can take to improve employee benefits packages without putting too much financial strain on the business.

  • Why set up a staff retention scheme?

    Staff retention is an issue all companies have to deal with, as losing key workers is both expensive and disruptive. There are ways to reduce the number of employees who leave and not all of them will break the bank.

  • How should staff reward schemes be organised?

    With money tight in the current tough economic climate, companies are looking at alternatives to pay rises to keep their employees motivated. Among the options to consider are staff reward schemes that demonstrate to workers that they are valued by the business.

  • What do customers look for in a business?

    With many people finding it difficult to manage their finances in the tough economic climate, it is easy to assume that price is the only factor that can help attract the public to your business. However, you may be surprised to discover how important service is to customers.

View More Articles

Related stories

John Lewis and Waitrose staff get annual bonus of 17%

John Lewis has announced increased profits for 2012

The John Lewis Partnership has announced annual profits of £452 million which sees 85,000 staff share a bonus pot of £210 million and receive a bonus worth 9 weeks annual salary.

John Lewis profits dip but all staff receive 14% bonus

John Lewis announced a slight small in profits but staff still received a 14% bonus

The John Lewis Partnership announced a slight fall in profits as it invests in new stores and its online business but all staff will receive a bonus worth 14 per cent of their annual salary.

Civil servants get tax breaks paid for by taxpayers

UK taxpayers are picking up the tab for some civil servants tax perks

An investigation by a newspaper has found that taxpayers are picking up the tab for some tax perks given to the most senior civil servants in the country.

Are zero-hour contracts unfair or part of a flexible workforce?

New research suggest 19% of firms hire people on a zero-hours contract

New research by the Chartered Institute of Personnel and Development suggests the number of people employed on zero-hours contracts could be four times higher than official figures suggest.

Student Finances: The top five student bank accounts for 2013

Managing your money as a student helps reduce your student debts

A-level results arrived this week and thousands of students are set to start university next month. Find out what are the best student bank accounts and how to manage your money.

MPs set to announce bankers face 10-year delay on bonuses

City pay is under the microscope again

A parliamentary commission recommends that banker bonuses be deferred for 10 years to ensure that bankers think about the long-term impact of their actions.

Forward Guidance: How will it affect savers and investors?

Mark Carney, the new Governor of the Bank of England

Pete Comley, author of 'The Plan To Deal With The Debts' gives his insight into the new central bank policy of forward guidance on interest rates and what it means for your money.

Will the new FLS mean more business lending or help landlords?

Sir Mervyn King has announced the FLS will be extended until 2015

The Bank of England has announced that it is to extend the Funding for Lending Scheme until January 2015 with more incentives to lend to small businesses.

Newsletter sign up


In addition to the weekly newsletter, which areas of finance would you like to hear from us about:

Tick this box if you would like us to send you promotions from carefully selected third parties.

By signing-up you agree to the terms of use and privacy policy.

sign-up button

Get the latest information on: