Some of the most effective, simple and low-cost ways for managers to show appreciation to their employees are through acts of recognition. Recognition can be formal or informal, and awards can be cash or noncash items.
Too often managers think the best way to reward their employees is by giving them an increase in pay. Granted, a company’s pay program must be fair, legally compliant and perceived as equitable by its employees. But pay alone is rarely a satisfier. Unfortunately, managers caught in this mindset don’t realize that true employee satisfaction is better achieved through other types of recognition.
Below are ten of the most effective ways that you, as a manager, can recognize your employees:
Recognition is a primary driver in creating satisfied employees, not what’s in their paychecks. So next time one of your employees is appearing dissatisfied, remember to think beyond pay and identify another way you can recognize that employee for his or her contribution to the work environment. You’ll show the employee he or she is truly valued by your company, and in turn you’ll be rewarded by increased employee motivation, engagement, retention and loyalty.
“1001 Ways to Reward Employees”, Bob Nelson, Workman Publishing Company, 2005
“Love ‘em or Lose ‘em: Getting Good People to Stay”, Beverly Kaye and Sharon Jordan-Evans, Berrett Koehler, 2002
“The Carrot Principle: How the Best Managers Use Recognition to Engage Their People, Retain Talent and Accelerate Performance”, Adrian Gostick and Chester Elton, Free Press, 2007