If you want to retain your employees and have happy and committed workers, you need to recognise their contribution in a significant way, over and above giving them their salary, advises the Practical Guide to Human Resources Management.
You also need to incentivise your employees to perform beyond what's expected so they don't only deliver 'what they're paid for'. Rather encourage them to stretch their capabilities.
So how can you reward your employees without paying them more?
Non-financial rewards are an excellent way to reward your employees.
Rewards of this nature should be spontaneous and be given for exceptional achievement rather than as part of an annual performance reward system or for working hard to reach the required output and delivery, says the Guide.
Here are seven ideas you can use as non-financial performance rewards
#1: Personal congratulations. You can congratulate your employee verbally or give him a handwritten note.
For example, one of your employees has achieved a record output this month. You recognise his efforts by posting a thank you note on his office door before he comes in from an early morning meeting. That way you know all your other employees will read it before he comes in. By doing this, you can make a personalised thank you note to have a much wider impact.
#2:Company-wide recognition of achievement such as recognition in your company magazine or at a formal company function.
#3:Discuss your employee's superior performance during team or departmental meetings and discuss how other employees can learn from it.
#4:Create a 'Wall of Fame' at your workplace and post photos of high achieving employees with a brief description of their achievement.
#5:Take a photo of your employee being congratulated by the senior manager and have it framed. Present it to your employee to keep in his/her office.
#6:Create an annual 'yearbook' that can be displayed in the lobby that contains every employee's photograph, along with his or her greatest achievement for that year.
#7:Cover the employee's desk with balloons and a big 'thank you' card.
Use these non-financial performance rewards to recognise your employee's good work. Remember, happy employees perform better.