It has been a long, long year and for many organizations, rewarding their employees for another year of hard work is not only strategic but a huge necessity.
From fighting a pandemic to changes in work culture and business adaptability, if your company survived this year, then your employees deserve more than a mere Happy New Year email. While there’s surely nothing wrong with that approach but there’s always room for something a little bit more.
There are a lot of great reasons why businesses should reward their employees. It not only improves the work culture but promotes better engagement, improves employee productivity and most importantly, reduces employee turnover.
If you care about team enough to reward them going into the New Year, here are some effective ways to say ‘thank you’ to your employees:
1. Time Off Work
Believe it or not, granting your employees a week or two off work to spend the festive season or the New Year is a great reward. This gives them ample time to visit their family, go on a mini-vacation and plan other exciting activities without having to worry about their annual leave bank.
Helping your employees create an ideal work and life balance is massively rewarding because you’re not only showing them that you care but that pursuing their passions while working for you isn’t prohibited.
“During the holidays we always give our employees a bonus as a way to show thanks for all their hard work throughout the year. We also feel that spending time with family is important so we try to be as flexible as possible with time off and vacation days so that they can travel on the less crowded holiday days. Everyone on our team works so hard during the year it’s important to be able to unplug totally and unwind with family as much as possible, after all, family is what is most important and what motivates mostly everyone to give their best back at the office.”David Batchelor, CEO at DialMyCalls.com
2. Office Party
An office party is an ideal way to celebrate transitioning from one year to another and can be a great reward choice. Hosting a party at the end-of-the-year gives employers the ability to show immense appreciation to their employees and allows them to feel valued for all the hard work they have put in.
While it might cost a lot more than sending a “thank you” email, your employees would be appreciative of it. This works well because it allows for the team to take some time off work, spending time bonding with colleagues, having a nice meal and a few drinks.
“At the end of every year, we like to throw a corporate party for the holidays. We hold them in different locations and sometimes we might take everyone out on a boat for some fishing, go bowling, or just decide to stick to a nice traditional restaurant, etc. We always cover all expenses, including the cost of cab rides home at the end of the night. It’s an event that all of our employees look forward to and it really helps relieve any build-up of stress they may be feeling during the busy holiday season.”Ian Aronovich, Co-founder and CEO at GovernmentAuctions.org
Organizing a party is a simple gesture that can equally be cost-effective but will definitely get employees merry and motivated even months after.
3. Money Reward
Everyone loves money, especially employees. However, money isn’t exactly a long-term motivator but as a form of reward, giving employees a New Year bonus for their work can be very motivating.
At a time where employees had to adapt to the sharp changes in work culture and their personal lives due to the pandemic, receiving a monetary reward would be highly appreciated. For most people, this time of the year when many expenses are made and receiving bonus pay can be highly rewarding.
4. Personalized Gifts
A gift may be the most common way to reward your employees but can still have a great effect. A lot of small businesses choose to give personalized gifts to employees as opposed to money since it is can be cheaper and more impactful in the long run.
One thing to keep in mind when giving out gifts is to ensure that there is a sense of fairness. Therefore, unless you are aware of each employee’s taste, it is advisable to give out universal gifts to avoid undermining the efforts of others.
Gifts such as movie tickets, shopping vouchers, boxes of chocolates or magazine subscriptions are great options that your staff would appreciate.
Letting an employee know that you believe in their abilities and would be rewarding them with a promotion is a great way to demonstrate their importance within the organization.
Growth is one of the major retention criteria for every employee within an organization. Therefore, granting more responsibilities to employees who have shown they are capable of leading important tasks, reinforces your faith in their abilities and motivates other employees to keep working hard.
In conclusion, rewarding your employees doesn’t have to feel like a chore. In fact, it can be very exciting for both you and them. When looking to improve work culture, boost employee morale and improve employee turnover rate, having a good end-of-the-year reward system can be very effective.