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Every professional wants to be recognized for their hard work. This holds true across all lines of work and all tiers of employment, from first-year retail personnel to managers and executives. Monetary bonuses can be a simple and flexible way to compensate staff, but it is important to use a fair system when doing so. Alternatively, there are possibilities outside of typical monetary bonuses that can be used to recognize employee effort.
Bonuses at all levels
If you're able to offer monetary bonuses, you might choose to take that route. According to business magazine Forbes, creating the perfect bonus program is a difficult balancing act: Plans should be multi-tiered and inspire employees to work harder and thus reach for greater rewards. But it’s vital to make them fair, attainable and contingent on objective data and key performance indicators. These can be anything from quarterly sales figures to the number of resolved customer complaints ─ whatever is most applicable to workers and the business. These principles of awarding bonuses should apply whether your plan is strictly monetary, rewards-based or a combination of both.
The online financial industry information resource Investopedia cited the example of a customer service representative’s receiving a percentage of account revenue in return for going above and beyond the call of duty to maintain a client's relationship with the company. This typically is about 2% of the account's dollar value, according to Investopedia.
Alternative rewards options
While a traditional bonus program could work, businesses can implement other rewards. Some of the best employee rewards can have significant financial value without being cash bonuses. Rewards like extra vacation days, additional work-from-home privileges, catered meals, gift cards, stock shares, higher employee discounts and so on are all options for businesses to offer when actual cash assets aren't available. These can be worthwhile for the business to provide and valued by the employee.
The necessity of recognition
Rewards are undoubtedly important and appreciated. But workers may also appreciate seeing their achievements recognized. Recognize, a social employee recognition platform, recommendedestablishing a nomination program on a monthly, quarterly, or yearly basis to publicly celebrate a high-performing employee.
You can make these announcements by putting photos on the wall, including them in the company newsletter or intranet, or even making posts on your social media platforms, like Facebook®, LinkedIn®
and Twitter®. Giving public recognition has the multifaceted benefit of celebrating workers' successes and promoting positive company culture to prospective new hires.
Bonuses at all levels
If you're able to offer monetary bonuses, you might choose to take that route. According to business magazine Forbes, creating the perfect bonus program is a difficult balancing act: Plans should be multi-tiered and inspire employees to work harder and thus reach for greater rewards. But it’s vital to make them fair, attainable and contingent on objective data and key performance indicators. These can be anything from quarterly sales figures to the number of resolved customer complaints ─ whatever is most applicable to workers and the business. These principles of awarding bonuses should apply whether your plan is strictly monetary, rewards-based or a combination of both.
The online financial industry information resource Investopedia cited the example of a customer service representative’s receiving a percentage of account revenue in return for going above and beyond the call of duty to maintain a client's relationship with the company. This typically is about 2% of the account's dollar value, according to Investopedia.
Alternative rewards options
While a traditional bonus program could work, businesses can implement other rewards. Some of the best employee rewards can have significant financial value without being cash bonuses. Rewards like extra vacation days, additional work-from-home privileges, catered meals, gift cards, stock shares, higher employee discounts and so on are all options for businesses to offer when actual cash assets aren't available. These can be worthwhile for the business to provide and valued by the employee.
The necessity of recognition
Rewards are undoubtedly important and appreciated. But workers may also appreciate seeing their achievements recognized. Recognize, a social employee recognition platform, recommendedestablishing a nomination program on a monthly, quarterly, or yearly basis to publicly celebrate a high-performing employee.
You can make these announcements by putting photos on the wall, including them in the company newsletter or intranet, or even making posts on your social media platforms, like Facebook®, LinkedIn®
and Twitter®. Giving public recognition has the multifaceted benefit of celebrating workers' successes and promoting positive company culture to prospective new hires.
