The importance of rewarding employees throughout the year

At the end of a successful year, we can breathe a sigh of relief and reflect on a year of growth and goals achieved.

However some people can go into the festive break feeling stressed, with the weight of work hanging heavily on the shoulders of those who feel unappreciated.

It’s no secret that when employees are not happy in their place of work, they’re more likely to jump ship. And this is the time of year when the most people start to look for new opportunities. So when employees do a good job, it is key they are recognised for this and rewarded for their efforts.

Hitting targets and retaining valued employees are two main goals for management. To aid recruitment and retention the team needs to feel seen, appreciated, and rewarded.

The end of the year is the perfect time to reflect on the accomplishments made throughout and reward those who made the year a success.

For many the new year is a time for reflection and reset. It’s a time to step back and reset goals and opportunities for the year ahead, looking to optimise both personal and professional growth. Sadly, many employees come to the realisation that their current role is not fulfilling all their goals, and they start to look elsewhere.

The need to feel appreciated motivates us to work to the best of our ability. Appreciation can take many forms, for example, a compliment, a promotion, or a bonus. These are all tried and tested motivational techniques.

I like to use the three R’s when training our managers to outline their responsibilities - Recognise, Reward, and Retain. If you get these right, then employees will in turn repay you with loyalty and hard work.  

Rewarding employees serves as more than a retention technique; it also reinforces a positive and supportive culture within an organisation. When a positive culture runs throughout a business, clients and customers can sense it from their interactions with your employees. When employees are happy they perform better, which only serves your clients better.

When employees see that they are appreciated and part of the bigger plan and overall goals of the organisation, they’re driven to work with you towards these common goals.

It’s common for businesses to recognise and reward employees who have been particularly successful at the end of each year. But why wait until then? If someone is going above and beyond consistently throughout the year, then recognise that. Say thank you and let them know that they are appreciated and valued.

Do this consistently throughout the year and you’re likely to reap the benefits in retention, culture,  recruitment, success, and growth.