The Importance Of Rewarding Performance

Rewarding Performance

People respond positively to appreciation, which is one of the main benefits of rewarding performance, especially when it comes to employees in the workplace. Because of that, rewarding employees who stand out and perform well regularly can provide a variety of benefits for your overall business. Having said that, however, it’s worth noting that you should do so carefully so that other employees don’t feel unappreciated or undervalued. Done right, though, it can have a variety of different benefits in your workplace.

Having said that, you don’t need to spend a significant amount of money to reward your employees. There are a variety of employee recognition gifts that are quite affordable while still showing your employees that they’re a valued asset to your business. With that in mind, here are a few reasons why you should reward employees who outperform in your business. They can also be given out to a variety of employees who have shown themselves to be some of the nicest employees in the business and not necessarily those who made the most sales.

Increased Productivity

It’s an open secret that staff who are engaged at work are often more productive than those who aren’t. While having certain deadlines and quotas may provide an effective way to increase productivity, it’s been shown that rewarding employees who perform well also provides a significant productivity boost. If a lot of effort is going to be appreciated and rewarded, then employees will be more likely to do so to receive that recognition. This is on top of the fact that many people love the feeling of being rewarded and will actively try to seek that out, making them more productive in the process.

Better Job Satisfaction

Rewarding your employees shows them that they’re a valued part of the business and that their efforts are appreciated. It sends them the message that the work that they do is vital to the success of the business and that you notice how much time and effort they put in. The more valued an employee feels, the more job satistfaction that they’re likely to have. This also ties into productivity, as it’s repeatedly been shown that a happy employee is a more productive one. This is because they’re more willing to, and more likely to, put in that extra effort to ensure that everything is done perfectly.

Increased Retention

This is something that’s directly related to employee satisfaction, as happy employees are less likely to leave your business. Because of that, you’ll see a significant increase in your overall retention rates. This is because if employees feel valued and appreciated, then they’re more likely to view the business favorably. On the opposite side to this, if there’s low morale in your business, then employees may begin looking elsewhere for somewhere that they’ll be more appreciated and valued. In turn, this will force the business to spend more time and resources looking for new employees regularly. With that in mind, not only are you losing out on valuable and well-trained staff, but you’ll have to dedicated vital time, money and energy to finding a new hire.

Team Culture

If you involve peer to peer recommendations in your reward process, then you’ll be able to grow a positive culture in your workplace. This is because it encourages employees to value each other and see the positive side of the time and energy that they put into doing their jobs. This can also lead to employees bonding with each other more while at work and becoming better team members. There’s also the fact that peer to peer recommendations make the awards feel a lot more special, as not only does it show that the business values them but that they’re also valued by their colleagues and peers. With that in mind, it’s well worth considering involving employees throughout the entire awards process and not just the giving out of the awards.

Having said all that, this mainly comes down to employees feeling valued and appreciated in the workplace. While you may not need to go to a great expense to do so, treating your employees as a valued asset can go a long way in boosting many of the aspects we’ve mentioned above. Because of that, rewarding your employees on a regular basis can end up paying dividends for employers and the overall business. With that in mind, what’s stopping you from ensuring that your employees feel like valued and important parts of your business?