Budgeting Tips for Effective Employee Appreciation
One of the most common reasons a company may have a high turnover rate in terms of their employees is because they don’t recognize their hard work enough. This is backed by various studies that show that employees yearn for some sort of recognition when they’ve gone above and beyond their duties. Understandably, smaller companies tend to have issues in terms of budgeting when it comes to recognition. Many want to provide awards but simply can not find the financial means to do so. The following list includes some of the best ways to make sure you can recognize your employees for their hard work.
What About Bonuses?
When you begin to contemplate ways to keep your employees happy and reward them for their hard work, a bonus is often the first thing that pops into one’s mind. A bonus is certainly one of the best motivators out there. However, there are pros and cons to this method. A pro of a bonus includes its tax. Fortunately for many companies, an employee bonus falls under a deductible business expense. It should be noted that this does not always apply to partnerships, sole proprietorships, and LLCs. This turns into a con for some companies as you will have to pay a tax to medicare depending on the amount given. In addition, bonuses should be something that employees actually see as an award. Someone making $60,000 a year might not be too motivated by an extra $200.
Planning for Events
Research shows that a third of employees don’t feel appreciated by their management. Often the head office won’t acknowledge the hard work put into their service by their employees. A great way to encourage not only participating but make your staff feel apart of the company is through a company event. Company events can involve team building activities such as a scavenger hunt, volleyball game, and anything that involves team communication. In addition, company events allow your employees to speak with management in a non-workspace environment. This leads to better communication, cooperation, and a better understanding of the company’s goals.
Social Media Recognition
Today most companies have a presence within the world’s social media platforms. This can be utilized to present your best employee in a good light and, at the same time, boost their reputation. You can highlight your employee and their achievements on your Facebook, Instagram, and Twitter page. This strategy will no doubt make your employees feel great about their work and their company as a whole. Note that you should always make sure that your employee is okay with your decision to place their image on the internet.
Catering Lunch
Most startups may not have the ability to provide their employees with expensive perks or monthly bonuses. However, this does not mean you should quit recognizing your employees entirely. A great way to recognize all the hard work your staff has done is to cater to their lunch every few months. You may choose to cater to your entire staff or those few who have gone above and beyond for your company. In addition, having your top stars in the same room can produce additional competition or sharing of ideas.
It cannot be stressed enough how important it is to show your appreciation for your employee’s hard work. Although financing rewards can be a hurdle, it should not end the project entirely. Adhere to the list above to begin implementing these employee recognition strategies into your own company.
