(HINT: They aren't cash.) We know cash may be an easy way for companies to reward their employees, but the easy way isn't always the best way. If you want your employees to remember the recognition you are giving them, there are better reward options out there which will be more personal and memorable to your employees.
3 Ways to Reward Employees (Hint: They aren't cash.)
If you're looking to increase employee performance and boost morale, then gift giving a good place to start. While cash may seem to be the gift everyone wants, it leaves out the personal touch that creates a lasting memory for your employees. Here are some gift suggestions that will beat cash every time:
1. Brand Name Merchandise
Giving the gift of merchandise provides an option for your employees to choose a gift that fits their own lifestyle. Your gift will be perceived with an even higher value if you reward employees with the selection of brand name merchandise awards, instead of with a generic or promotional type product.
Brand name merchandise as an employee reward will end up being the gift that your employee truly wants, as it may likely be something the employee would not have purchased otherwise. These gifts carry a trophy value with them that will give your employees bragging rights among friends and co-workers.
2. Trips and Vacations
Giving employees the opportunity to choose a vacation or trip as a reward will be a gift that leaves a lasting impression on your employees. A planned vacation also gives your employees something to look forward to and provides an incentive to stay loyal to your company.
A variety of vacations and trips will appeal to all types of employees. The best part about vacations as employee rewards is that your employees will come back inspired and with the motivation to be more productive in their work.
3. Tickets and Experiences
Tickets to sporting events, amusement parks, or other excursions generate excitement among your employees. New experiences will create special memories for employees and even their families, which results in a positive outlook on your company for awarding them this experience. Participating in new experiences and seeing new things will help give employees additional motivation at work and provides an outlet to reduce their stress.
We always encourage awarding employees with brand name merchandise, vacations, and experiences over cash. This is because cash gifts are frequently spent on employees' needs (such as on bills), instead of on gifts that desire or normally wouldn’t purchase on their own. Cash makes your reward much less likely to be remembered by employees. By showing your appreciation with awards that are practical and unique, you can rest assured that your employees will remember your gift for many years to come!
- 80% percent of companies using merchandise awards agree that tangible merchandise items effectively motivate their employees.
- 43% percent of companies that run awards programs use incentive travel to recognize employees.
- 81% percent of businesses now use more than one type of non-cash reward to recognize their employees, sales people, channel partners, and customers.