“Congratulations, you got the raise!”
Definitely a phrase that all employees yearn to hear, especially if they’ve contributed outstanding results for their team and the company. But as a manager, handing out pay increases shouldn’t be your only option when praising or rewarding your employees. Remember, you’re rewarding their great performance so that you motivate them to continue doing great. And while it’s definitely true that monetary rewards have a large influence on any employee’s motivation for work, underestimating the value of non-monetary recognition can have a negative effect on their overall performance and retention.
So how do you give rewards and recognition if not with cash? Here are some examples:
SAY THANK YOU
Let’s start with one of the simplest ways to show recognition: by saying it. Whether that means sending a company wide email or printing out a simple certificate, personally call out the employee and say that they did a great job. When a manager gives their personal praise, employees notice. Having said all that, a manager needs to take care to be timely with their praise . If their praise is given too late, the impact has less of an effect on the employee. Furthermore, if a manager gives their praise too often, the same thing takes place.
CREATIVE COMPENSATIONS
Now saying thank you can go a long way, but showing your thanks can go even further. Going back to our original question: How can you give someone a reward that isn’t money? This is a manager’s chance to try and be creative with their rewarding. Let’s say an employee was able to finish a particularly difficult project by doing overtime, why not reward them by working from home the next day? Or maybe your salespeople went beyond their quota, treat them out for a team dinner.
DEVELOPMENTAL OPPORTUNITIES
Alright, giving them more difficult work hardly seems like a reward, and sounds incredibly contradicting. But think about it for a minute: if an employee was able to demonstrate great results, that means he’s ready to receive what industry leaders call Developmental Opportunities. And as a manager, that also means you’re recognizing that your employee is ready for a new opportunity, showing that you have trust in their abilities. This kind of reward can also add variety to an employee’s work life and give them a chance to learn something new.
Ultimately, remember that giving rewards or recognition may seem like a simple task for managers, but it is priceless for employees to receive.