The Entrepreneurs’ Organization (EO) has several unique and innovative ways to reward their well deserving employees and have agreed to share some of their proven methods. Here are some examples of ways you can reward employees for their commitment and great job performance.
Giving verbal recognition is a great way to reward an employee. Making a point to acknowledge someone’s contributions at work can help employees function better as a team. Whether the praise comes from management or fellow co workers, it can boost company morale and inspire long lasting loyalty.
Tejune Kang, EO New York
Founder and CEO; Six Dimensions
Sending a personal email at the end of the week is a great way to thank an employee who has made a difference in the company or improved their skills at work. It only takes a few minutes to write and send an email, and the employee will appreciate the personal acknowledgement.
Kusal Goonewardena, EO Australia-Victoria
Director; Elite Akademy Sports Medicine
Send thoughtful gifts
A small personal gift is an excellent way of rewarding an employee who has gone beyond the normal expectations of their job. Whether it is staying late to ensure everything is done or finishing a project ahead of schedule, a small gift will let your employee know that their hard work is noticed and appreciated.
Keith Roberts, EO Colorado
Start a “points” system
A points system is a fun and motivational way to encourage employees to do their best, and recognize the efforts of their co-workers. Distributing points once a month can give your employees something fun to look forward to, and encourage them to continue to uphold a strong work effort. These points can be redeemed in a catalogue that is specific to your company.
Chris Carey, EO Minnesota
President; Modern Automotive Performance
Meeting a specific goal every quarter and rewarding your hardworking team with a party is a great way to inspire loyalty, and let your staff blow off some steam. It can be anything from leaving work early for a fun afternoon party at a local park to simply relaxing with a great meal in the break room.
Ben Sayers, EO Western New York
CEO; VoIP Supply
Provide “learning” money
Helping your employees learn new skills or simply try something new is rewarding for you and them. Once or twice a year select an individual who has gone out of their way to be a “team player” or made significant improvements and reward them with the funds needed for them to try something that will help them grow into a better person or simply blow off some excess steam.
Jeff Martin, EO Minnesota
CEO and Founder; Collective Genius
A contest can help motivate employees to do their personal best, and provide a fun work environment. The prize can be anything that seems appropriate to you, though it should be something that your employees will want to work for and win.
Craig Fluty, EO Albany
Principle; Pinnacle Recruiting and Staffing LLC
Split company profits
Allowing employees to share in a percentage of the quarterly profits is a quick and easy way to motivate your team to do its best. When employees share in the financial success of the business it can help inspire loyalty, along with a desire to see the company turn a large profit every quarter.