When you run a successful business, you can be proud of how far you have come, but you can’t sit back and relax (not entirely at least!). Running a business is a full-time occupation, and you always need to be aware of what is happening around you. Your employees are one of the elements that you must take care of because if they are happy, your business will thrive. Rewarding your employees for good work is one way to ensure they are happy, and here is why this idea makes a lot of sense.
When your employees know that you will recognize and reward a job well done, they will be a lot more productive. They will work harder than ever to achieve that recognition and that reward. If a boss were to ignore all the good efforts made and only speak to an employee when something went wrong, for example, they would be far less likely to go above and beyond in their work, and the business would easily suffer.
When you offer an employee a reward such as an extra vacation day, a meal out, tickets from Ticket Sales for a great show, or a financial bonus, they will know that what they are doing is of value, and that will mean they will have greater job satisfaction. People with high job satisfaction are more likely to work harder and to help out wherever necessary because they enjoy their jobs – they’re not just there for the money.
The task of looking for new employees is not one that many business owners relish. It takes a lot of time from writing the ad to screening resumes to interviewing and finally hiring someone who then needs an induction and perhaps even training. It also takes money to find an employee. Therefore, it makes sense to try to keep the employees that you have. You will save money because you won’t have to advertise for someone new, and you will save time because everyone already knows what their job entails and does it for you. Rewards are one way to increase employee retention: employees will be happy to work for you knowing you notice their efforts.
Good employee retention is also important for employee morale. If people come and go often, it can make those who are working for you concerned that something is wrong, and if they constantly have to meet new people, it can be distracting. One good group of people who work well together is a much better company policy, and rewards are the way to ensure that it happens.
A Good Reputation
Rewarding employees isn’t just good for the employees themselves, but for the business as a whole. If potential customers, clients, suppliers, or even investors can see that you take care of your workforce and that they are happy to work for you and will work hard, it shows that you are a good business all round, and improves your reputation. In business, a good reputation can be one of the most important elements of growing and succeeding.