A company is people. Employees want to know…am I being listened to or am I a cog in the wheel? People want to feel wanted:-Richard Branson
2015 was a challenging year for business, stemming mostly from the poor performance of the economy that has affected a number of organizations. Some employees have been laid off and others have had to deal with the discomfort of taking up more roles. All these in the hope of cutting costs and making sure company objectives are met; notwithstanding the dwindling economy.
But even with the bad economy and challenging times, employees do have expectations from their employers. For every end month they will expect a salary, and for every target met they will want to receive something extra; a bonus to treat themselves or a gift that makes them feel appreciated.
Benefits of rewarding your employees
A more engaged workforce
If employees do not feel engaged, they do little towards meeting company objectives. Performance goes down and the organization suffers.
However, when you choose to reward your employees they will be a happy and satisfied lot. More time will be spent doing their jobs and not complaining about how unappreciated they feel. They might even forget the long hours they had to endure.
Increased productivity and profitability
When you have a happy and motivated workforce, productivity is expected to multiply since every employee is performing their best. There is also lesser people taking day offs to avoid work and even fewer people experiencing any form of stress. This then translates into positive results and you can expect to have a smooth run. There will be no need for employees to leave when they are happy, which is translation for retaining top talent and attracting new ones.
More effective feedback on company projects
With an engaged workforce that is only focused on completing their daily tasks, it becomes easier as an employer to manage your employees. There is more time to offer constructive feedback and address issues on a more personal level, which every employee will appreciate.
This then lets you know what is working and what is not, which department needs more attention and which employees need more training in a field. You are also able to recognize who your top talent is. All this provides a ground for better management and profitability in the long run.
While rewarding your employees may set you back a couple of thousands in shillings, rewarding them for good performance is only going to bring positive results. Instead of basking in the tough economic times as reason not to reward employees, these difficult times should be reason to remind employees why they should stay with the company. You do not have to offer monetary rewards (i.e. bonuses, salary increment or the 13th pay); instead, you can opt for alternative non-monetary rewards such as gifts or shopping vouchers and outdoor lunches or parties to boost teamwork.
In Richard Branson’s words, “A company is people. Employees want to know…am I being listened to or am I a cog in the wheel? People want to feel wanted.”