Every company wants to reward employees by addressing these four areas: compensation, employee benefits, recognition and appreciation. However, it’s not always that exorbitant raises, splendid bonuses, and lavish gifts can make your employees feel valued. The thing about pecuniary motivation is that after the initial handful of times they turn into a routine rather than a pleasant surprise. For you, these trivial amounts tot up to permanent spots on your budget, enumerating zero significance. Believe it or not, the first thing that comes to most leaders' minds is that big rewards are useful rewards.
Meaningful motivation comes from truly investing in your employees’ current and future potential growth. In other words, the best way to show appreciation for your employees’ top-notch contribution is by fostering their career growth. No amount of slack-off hour, comp time, free donuts or happy hour or rotating rewards will make up for the interest you show in their careers. This kind of perks may sound like an interesting thing in the confined walls of a dorm room, but on a more professional setting, they’re nothing more than C-H-E-E-S-Y.
If you’re appreciative of your employees work, take them out for bagels and coffee and talk about future projects and how they can add value to them. Give them the opportunity to chip in during management-level discussions or attractive opportunities such as job shadowing. It demonstrates that you are deeply interested in their future by taking simple steps towards a long-term investment.
Autonomy - you will be stunned how motivated employees turn out to be under autonomy. It helps them feel responsible and accountable in various aspects of work such as functions, processes and areas where there is a room for improvement
Nothing is more rewarding than the idea of being acknowledged by senior management with a chance to learn and grow more. This will help them tailor their personality. Email them links to professional development online courses (sponsored by your company) that would personally add value to their skills, which would in turn rebound towards the growth of the company. Giving them the right tools and training to gain skills can be used for the benefit of the company – say for example, a Microsoft BUILD conference or the Google IO.
Create a culture where every employee at some point of time is given an opportunity to be a stakeholder. You will be amazed at the transformation it can bring on so many levels.
Lastly, don’t forget a sincere public appreciation goes a long way!