How A “Swag” Company Gives Employee First-Rate Compliments?
If compensation is the motivation for employees’ performance, then how will businesses continue to retain talents when the need for money exhausts?
Emotional rewards are equally important as monetary rewards
If the cheers and compliments are their doping pills to help them score, then for employees, “emotional rewards” are the recognition and rewards at the right moment from their line managers and companies. According to a report from McKinsey, those are also perceived as the top motivator for performance, with agreements of 67% of executives, managers and employees, which are rated even higher than financial incentives.
Important as it is, in fact, 28% of employees feel like they are being taken for granted at work. While the displeasure of not being recognized may be a “small wave” in the mind of the employee, it can, and will accumulate into a “tornado” given if the company lacks an exhaustive strategy with considerate approaches to motivate their employees.
Sometimes, recognition and reward in the company do not require any “subliminal plan” or grand prizes. A sincere encouragement or timely complimentary activities may be enough to provide practical value for employees, which further contributes to solving the employee management puzzle. According to research by Watson Wyatt, businesses that effectively adopt and utilize employee appreciation programs are likely to experience up to 109% three-year median return. Whereas, those lacking said the program only achieve a 52% return.
Ms. Nguyen Thi Thanh Huong - Deputy CEO of Talentnet commented: “Aside from the usual financial incentives, the employees need to be mentally motivated more than ever. By giving a diverse range of rewards and praises at the right time to the right employee that leaders can help their employees feel appreciated, which in turn improves their emotional-attachment to the company”.
Practical compliments to give employees a psychology boost
As motivation comes in many different shapes and sizes, a company that knows the secret to managing employees’ emotion through compliments can highlight the value and impact of compliments. According to Ms. Huong: “Compliments have immense value. Companies can start with maintaining their usual way of effective rewarding employees, and gradually inventing new methods to recognize them, “make a mark” in employees’ heart”.
- Oldies but Goodies – Traditional methods that still yield valuable results:
The ordinary way of recognizing employees such as giving certificates, medals, and honor cups for employees are “oldies but goodies” methods to “win employees’ hearts”. The effectiveness of these methods can be doubled if the leaders or managers show affection and recognize the employees’ effort sincerely, or directly write a letter to express their encouragement, giving employees compliments in internal group using platforms such as Gmail, Facebook,...
Besides, receiving recognition from line managers on a daily basis can boost employee mentality at work. Those encouragements can help employees become mentally attached and bonding with the company.
- Surprising and innovative activities to reward employee
On the other hand, innovative methods of the compliments will also serve as great motivators. For example, surprising activities to compliments and rewards sent to their families using postal service, hand-writing letters for their family. Although these tactics are simple, yet the emotional value achieved is immense.
On the other hand, with the development of technology, rewarding activities are also digitized. Businesses can explore and utilize UrStaff - Digitalized employee benefits program – a product within UrBox ecosystem, to create new activities to recognize the effort of employees. Businesses can opt for sending their employees a surprise gift kit, awarding points for employees to freely exchange to other vouchers from UrStaff physical gift shop or digital voucher shop. The experience of receiving compliments and rewards of employees is also personalized with interactive activities, helping employees to feel happy and become more attached to the companies.
With that in mind, compliments come with constructive feedback. With the principle of “Praise in public and criticize in private”, employees who are inquisitive can learn from their experience and thrive. At the same time, companies will have the chance to filter, hone and develop their talent network.
Employees are valuable assets, creating revenue and supporting the growth of their company. Recognition and rewards are important factors to boost employee mentality and talent retention.