At the very minimum, employees have to be paid a wage that keeps them arriving every day and hopefully performing to a set of expectations. However; there are a number of common employee rewards schemes that are used to give employees an extra boost in motivation.
The Periodic Cash Bonus
The first and by far the most common is the basic periodic cash bonus. Stop and think about it for a moment. If you give an employee a raise of say, one dollar. At forty hours a week, fifty two weeks a year, that one dollar pay raise adds up to well over $2000. If you are interested to know more, take a look at Employee Rewards.
The Benefits Of the Cash Bonus Employee Reward Scheme
That same $2000 dollars can be given out in four $500 bonuses that can be directly tied to performance. Also if the bonuses don't produce the desired effect they can be stopped, unlike a pay raise. So that is the theory behind cash bonuses.
Nothing Is Free In the Workplace!
Another thing to consider, as it pertains to employee rewards schemes is that anything above and beyond regular pay should be delivered to employees in the form of a performance reward. For instance if you buy a coffee pot and put it in a break room, it should be delivered to employees as a reward, even if you also plan on using it.
The Work Related Gift
Still one more employee reward scheme or tactic, is rather then giving gifts of cash in the form of bonuses, to give materials or tools that are used on the job. For instance if you are running a construction company, a nice new saw or drill might be this type of gift. You get a better equipped employee and the write off on the tool purchase.
Company outings and get-togethers are a great employee reward scheme. For instance, you might set up your backyard with an ice chest full of beer, a grill and invite high performing employees to stop by on Friday or Saturday nights. It ties them closer to you and gives you a chance to talk business on non-paid time, in a casual relaxed environment.
A Great Time to Meet Employees Families
Also it's a great time to meet and interact with their wives girlfriends and children, which promotes your business as a family oriented business that they can in turn be loyal to. At the same time, these types of events where their significant others are present would be a great time to hand out cash bonuses.
Getting the Most Bang From Your Bonus Buck
Wives can be a great motivation factor when it comes to a husbands work performance. You see, there is no guarantee that a cash bonus handed to an employee on his or her own is going to make it in the family coffer. Once their significant other sees it though, you can rest assured that it will, which means that you now have two people appreciating the bonus.
Time Off Employee Rewards Schemes Cost Nothing
Time off has got to be one of the least expensive employee rewards schemes out there. Granted, it can create scheduling problems but if it is managed correctly it sure is cheap to do. Consider letting high performance employees know that if they ever need a Friday or a Monday off for a three day weekend, to just let you know in advance, so you can schedule it in. For more info, visit Employee Rewards.