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Certain industries, hospitality, in particular, are struggling to retain their workforce. There are various reasons for this staffing crisis, but treatment at work is a factor – where employees feel their work is thankless, they are more likely to find themselves looking to new industries for more rewarding work. Hospitality work is notorious for poor recognition and reward programs, which, coupled with low rates of pay, drive workers elsewhere. So how can you translate the lesson being learned by hospitality to your business? Could rewarding your employees more improve your workplace?
Why Should You Reward Your Employees?
Recognizing and rewarding your employees is a crucial part of business management – not only does it create happiness for the employees that receive them, but it also improves the mood across the office, lowers the risk of poor staff retention, and provides incentives to improve the quality and efficiency of work done. Case in point: over 60% of employees recognized by their employers are highly unlikely to search for new work. Here are four ways in which you can reward your employees, and reap the benefits of a more harmonious and operational work environment:
1. Time Off
This kind of reward is an especially useful one if members of your team have been burning the midnight oil on a tight deadline. In high-pressure times when certain groups are giving it their all to still push out a project to spec and on time, having the presence of mind to allow them a period of time off to unwind or refresh can go a long way for staff morale, and the continuation of that solid worker output.
2. Recognition and Praise
Praise and recognition can go a lot further than a firm pat on the back. If you have a staff board in your office, you can post up a notice regarding the performance of the workers in question; or even better, if your company has an internal newsletter, you can make sure your employees’ achievements are published on it for the entire business to see.
3. Gift Cards
If an employee or team has performed particularly well – maybe they’ve secured a particularly big revenue stream for your business, or completed a high-demand project in record time – you might want to reward them with something a little more material. But while it might be tempting to gift the bubbly, whiskey, or fancy chocolates, you might find yourself offering something to an employee that can’t enjoy it, whether for religious or medical reasons. Rather than making assumptions, the best solution might be to reward your employees with a gift card or a pre-paid card with an open banking platform; this way, your employees can choose to buy something that suits them.
4. Ask Your Employees!
Making your rewards schemes a transparent process can pay dividends to your employees, showing them that you genuinely care and want the best for each one. Ask your teams what kind of rewards they would like to see, and pick a variety that caters to everybody in the office. Allowing workers to choose their reward on hitting a milestone or reward condition means no one loses out, and everyone feels on the same page.