Types of employee rewards
Employee rewards are an excellent tool to recognise good performance and make the employee feel valued and appreciated. There are many ways to reward employees that involve both monetary and non-monetary efforts. At times a simple "thank you" can go a long way.
The important thing about employee rewards is that they must be fair to all employees and given in appropriate situations. The company policy on employee rewards should be specific and clearly defined.
Monetary rewards are given for a variety of reasons. Some examples are meeting sales goals, achieving quality, outstanding performance in a given situation, or delivering a special project. Typical rewards are money in a form of a bonus, trips paid for by the company, gifts from a rewards catalogue, or services such as cell phone or paid cable.
Non-monetary rewards are given for going above and beyond as a team player, perfect attendance, or learning a new skills. Examples of non-monetary rewards are movie tickets, restaurant coupons, certificates, thanks from the bosses, flexible schedules, a day off, picnics, recognition of birthdays, and free lunches.
Other types of rewards can also be given to employees. Some examples are a parking space, outstanding employee plaque, corner office space, personalised items (brief cases, day planners), shirts, jackets, and employee discounts. Regardless of the type of rewards given, be consistent and fair in delivering the rewards program.