Every one of us wants to be appreciated and valued for the work we do. When we are, we’ll be happier and more engaged in our work. When we’re not, dissatisfaction and unhappiness will reign. Sadly, according to employee recognition expert Dr. Bob Nelson, 58 percent of workers report that they seldom if ever receive a simple “thank you” from their boss for a job well done.
This is a shocking statistic, especially considering the fact that the most effective employee rewards cost little or no money. It costs nothing—just a few seconds of your time—to thank your coworkers and employees for doing a good job. When bosses recognize the efforts of their workers, the very same employees perform better, have increased engagement and loyalty, and will be happier on the job.
Maritz Research found that employees who are recognized on the job are:
· 6 times more likely to invest in the company
· 11 times more likely to feel completely committed to the company
· 7 times more likely to stay with the company
· 5 times more likely to feel valued
If you’re not taking the time to reward your employees for doing a good job, there is simply no excuse—the positive outcomes of doing so are tremendous, and saying “Thanks!” is easier than you may think.
Here are 11 effective and simple ideas to reward your employees that cost little or no money:
1. Recognition in your company website or newsletter. Employees love to see their name in print, and they enjoy reading about their coworkers.
2. Reserved parking space near the office. Be sure to rotate this one between employees at least once a month.
3. Babysitting services for a night out. Or pet sitting if that is the preferred option.
4. Pancake breakfast. Surprise your team with an impromptu pancake breakfast that you cook yourself.
5. Have a family day at the office. A day when your employees’ kids are home from school on holiday works especially well.
6. Personal handwritten note of thanks. It takes just a moment to do, but your people will really appreciate it.
7. Wash an employee’s car. Like the pancake breakfast, do this one yourself.
8. Have an after-work get together at a local restaurant. Nothing too fancy—just a chance to socialize and get to know one another in a non-work setting.
9. Manager dunk tank. If you’re company does a summer picnic, then a manager dunk tank is a definite must.
10. Fitness club membership. Remember: healthy employees are happier.
11. Company stock. If your company has stock, reward employees for high performance with awards of stock or stock options.