Motivate your team through good rewards

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-Give recognition and appreciation

You should pay serious attention to recognition and appreciation, which are low-cost and high-return components in a reward system. Make sure you express gratitude to someone for his or her excellent performance. You can do this simply by stopping by the employee’s desk to convey your appreciation or make a public statement of thanks in front of the employee’s co-workers.

-Deliver a sincere Thank You

An employee who feels appreciated for her best work is likely to continue putting in extra effort. To a vast majority of employees, receiving sincere thanks is more valuable than receiving a tangible gift. Sincere praise is highly effective in encouraging your employees and helps them know that their effort is appreciated.

-Be specific with your praise

Be specific when you reward your employees. Make sure that you say things like “You fixed that problem well” or “Thank you, your ideas will help solve this problem.” When you show appreciation to your employees, be specific about what you are really comfortable with so that they not only feel appreciated, but are willing to do it again.

-Consider types of reward

Business owners typically put compensation at the top of the list when establishing reward systems since few people are willing to work for free. However, you don’t need to grant your employees costly trophies. Restaurant coupons, gift cards at popular coffee shops or paid days off can be good choices. Besides, long-term rewards for top employees in your organisation can include some form of equity ownership.

-Publicise employees’ successes

You can establish a quarterly nomination to publicly recognise someone’s outstanding performance. A Hall of Fame can be used to publicise employees who have accomplished something truly important. However, if your department is not used to giving and receiving recognition, you should increase the amount of recognition steadily and consistently.

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