Fun and Interesting Ways to Reward Innovative Employees.
The pinnacle of reward used to be the quarterly or year end bonuses that were given out to exceptional employees. Today however, reward programs are unique and often reflect on the culture and
creativity of a company. Rewards can also be used as a means to express gratitude that can inspire and motivate employees just as we mentioned in our article last week.
Every company has a different approach to rewarding employees. The best ones usually employ a program that has a mix of monetary rewards and recognition but there are some companies that like to go above and beyond to ensure that employees feel rewarded and are happy.
Are you in the midst of designing your rewards program? We have some unique ideas that will help you.
Various hotels tend to reward exceptional employees with a 3-5 day trip to an exotic location. Now, not every company can do this, instead you could set up a reward program with “Company branded money” aka fake money that could be redeemed against bunch of gifts at the end of the quarter.
Even little gifts like Starbucks gift cards or movie tickets can make a huge difference.
Upgrade the Environment
Now this could be seen as a perk of working at your organization. Touting these perks and creating such an environment is a great way to show your employees that you care and want them to have a fantastic workplace. 500px, a photography sharing website has its HQ in Toronto. They have touted perks like Flexible Hours, Herman Miller chairs and more.
A lot of companies go for the front row parking for the “Salesman of the Month” or an exceptional employee, that is just one way to recognize a great employee. Alternatively, you could get a big trophy and hand it to the employee of the week, at the end of that week the trophy will have to be returned but they will have to add one thing to it. At the end of the year you will have ONE big trophy with lots of memories and it will be great fun. Set that trophy aside in a common area at the end of the year.
Regular pay and bonuses aside, one creative way to compensate employees is by giving them a share in the company stock. This achieves what is commonly known as the “owner’s mentality”. A lot of companies in the tech industry have adopted this method to reward employees; this improves employee loyalty and ensures that employees work toward the betterment of something they own.
These are just some simple ideas to get you started but remember that in order for your rewards program to be effective all employees must be aware of them. Employee handbooks are a great way of introducing your new employees to this system. Always ensure that the reward system is fair, i.e. if the winning idea was proposed by one person then the reward must be given to the individual however for successes that cannot be attributed to a single person but a group of people, then the entire team must be rewarded.
Often and consistent rewards are a great way to keep these reward programs functioning and a means to gain feedback should the reward program need any changes.