Analysis

Tips for Recognizing and Rewarding Employees so That Your Startup Thrives

When you create a start-up and bring on a team to help you launch, then grow your business, it’s critically important not to end up with a high staff turnover. When you’re flat out trying to build a venture and navigate the entrepreneurial highs and lows, you need to have people around who you can rely on and who will help you achieve all the goals you have set. If, by not managing your staff well, you end up having to continually replace workers, this can have a dramatic, and negative, effect on your business.

To help ensure you keep your team happy, engaged, motivated, and inspired, it is necessary to regularly recognize and reward them. Read on for some ways you can go about doing this effectively today  –  even if you don’t have a huge budget to do so.

Thank Your Workers and Hand Out Awards

To begin with, be aware that a significant way to recognize your staff members, and which doesn’t have to cost you a cent, is through a heartfelt thank you. Workers want to know they have done their job well and that their hard work has been noted and appreciated. Some words of thanks and appreciation can go a long way in doing this.

There are different ways you can thank your employees, starting with a personal conversation where you chat about how a person’s contributions have made a difference to the company and/or your working life. You might also decide to write a handwritten note, or send an email or pick up the phone if your employee is not in your same location as you.

For something more public, you can mention your thanks in a company newsletter, at an event, or via social media. In addition, make sure you pass on any positive feedback that you have received about your team from customers, suppliers, and other business contacts, as this can give people a good boost.

Another good way to recognize and reward your employees is to hand out awards. Public validation, through the use of Employee of the Month awards and the like, presented in front of the team, is a great way to show people you have noticed their efforts. Consider presenting some type of certificate, award, or trophy every month or quarter in a more formal way, or just hand out acknowledgements as you feel they are worthy.

Give Out Gifts and Perks

Lots of employees are keen to receive gifts and perks when they’ve been putting in the hard work to achieve top results. As such, you might like to consider using this avenue to recognize and reward staff members. If you have a tight budget, keep in mind that there are lots of ways you can feel like Santa for a day, without it having to cost you thousands of dollars.

For example, perks such as bonus time off, a parking spot at the office, or sending a worker off to a key business event don’t have to cost you much at all. You might also like to reward people with free lunches, a movie voucher, bottle of wine, gift basket, free massage, or a gift voucher to their favorite store.

There are all sorts of executive gifts you can buy online or locally, so it just depends on how much you want to spend and what you think the person you want to reward might appreciate most. Wherever possible, try to personalize gifts to show your employees you have actually taken an interest in their lives, hobbies, and interests outside of the workplace.

Promote Employees and Give Them Additional Responsibilities

It’s also important to be aware that many workers feel most validated when their career goals are helped along by their bosses. As such, another alternative you might want to think about when it comes to recognizing your employees is to promote them or give them additional responsibilities.

After all, you’ll find that many team members are putting in the extra hours and effort because they’re willing to keep moving up the ranks within the business, and because they want to learn to handle new tasks which they can add to their resumes. To make this happen, then, it pays to conduct employee reviews every quarter, or at a minimum annually, to discuss each person’s career goals for the coming months and years.

For many people, having their employers invest in training and development is also key. Millennials, in particular, are very keen to keep learning new skills and have the chance to get some experience in different areas. As such, try to find ways to bring in speakers, run training and mentoring programs, and move workers around the company so that they continually develop while feeling supported.

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