What decides the success of your business?  Most owners and managers agree that business success depends on catching and keeping quality employees.  After all, a business’ workforce is its most unique and important asset, so it must be carefully cultivated and managed.  And as we at YES! Your Human Resources Solution have blogged about many times before, the key to keeping a workforce happy is proper employee appreciation and recognition.  But this time there’s a surprise twist.

To get the most out of rewarding an employee for a job well done, you’ll want to look past the business’ bank accounts.  Why?  Because cash rewards aren’t the best way to make an impact on employees.  While it’s true most employees won’t sneeze at a monetary reward, a non-financial reward is more likely to leave the lasting impression that will keep your human resources thriving.

Wait—doesn’t money make employees happy?  Well of course it does.  But the thing is, cash by itself is common.  It’s constantly flowing in and out of people’s lives for things like mortgages, groceries, and travel.  This means that a cash bonus will likely get lumped together with other cash as living expenses or as savings.  Unless employees spend that cash bonus on something significant in their lives, this type of reward won’t offer any lasting, special reminder of appreciation for a job well done.

So if cash isn’t the best way to motivate employees in the long-term, what is?  Here is where you can get creative in implementing a rewards program or two. 

• Points reward system.  Some companies have abolished cash bonuses in favor of a reward system that allows employees to collect “points” awarded for good work, and to convert them into tangible rewards such as tablets or gift cards.
• Special parking space.  For the cost of a sign or some paint, that close-to-the-entrance parking spot can become the coveted “employee of the month” parking space.  Not only will the employee of the month enjoy this up-close parking privilege for the entire month, but every time they pull into that prominent parking space, they will be reminded of the appreciation for their good work—and so will everyone else.
• Time off.  More than a tablet, gift card, or a great parking spot, what many employees want is more time away from work.  Time off is a great way to reward employees.  Letting an employee leave work early or offering an entire day off can serve as a powerful motivator.  Another great time-related reward?  A flexible schedule.

Don’t forget, non-cash rewards can also be used to recognize groups of employees, such as with a catered lunch or a special company outing.  And if you absolutely, positively want to give a cash reward, consider giving it alongside a certificate or a handwritten note nodding to the job well done.  This free token of appreciation will continue to make an impression long after the money has been spent.

Not sure what type of rewards system would work best for your business?  Let the HR professionals at YES! Your Human Resources Solution lend a hand.  As Orange County’s premier Human Resources consulting firm, we’ll work to identify the rewards and recognition programs that will best benefit your unique business and its employees.  Just look at this real-life example of our team in action:

A medical device company wasn’t sure the money spent on benefits and recognition programs was appreciated and appropriate.

YES! Solution: We identified differentiators by surveying the local and regional business communities about commonly offered benefits and perks.  We analyzed the survey data on benefits needs and use, then used the results to propose changes in benefit offerings.  Finally, we communicated with the employees about the value of these benefits and the overall changes.

With an effective rewards program in place, employees will feel appreciated and valued.  And when employees feel appreciated and valued, your business’ bottom line will enjoy reduced employee turnover, absence, and health-care costs.  Let YES! increase returns on your most critical investment—your workforce—so you can focus on driving business results!  When you’re ready to harness the power of saying YES!, visit our website or contact us for a free consultation.