Rewarding your team is an important aspect of company culture that should be a year-long focus for your firm. If you create a great culture where people are challenged, learning a lot and having fun, they will stay with you regardless and within reason of the base salary. Team recognition and incentives help drive motivation, engagement, innovation and productivity within your business.
When it comes to rewarding your team, many think cash is king. While yes, everyone would love a salary raise, money isn’t a long-term motivator. In terms of engagement and motivation, it’s proven profit-share systems and commissions don’t work for anyone other than salespeople. While money is important, remember it’s more than that. It’s about the work environment and experience. Finding other ways to engage and reward your team rather than paying them off will result in more loyal, hardworking and long-term employees.
So, how can you reward your team to best nurture team engagement and productivity? Well, rewards come in many formats that don’t require breaking the budget. The following incentives will demonstrate to your team that you acknowledge, appreciate and value them as well as their work and dedication to your business.
The list of rewards, incentives and recognition goes on and on. It’s up to you to test some out and determine which work best for motivating your team. As you commit to team recognition year-round, you’ll notice a more engaged, cohesive, competent and accountable team. After all, recognized team members are happier team members, appreciative leaders are appreciated leaders and acknowledged team members are loyal team members.
About the Author
Colin DunnDirector & Co-founder at PANALITIX
Colin is a Chartered Accountant who, having spent almost 10 years with one of the fastest growing and most innovative firms in the UK, has since invested over 20 years helping business owners to improve their businesses with a focus on attracting new clients, better managing existing clients, developing new products, building an engaged team and strengthening internal business processes.
Colin's primary focus at PANALITIX is on product development and business improvement content. He is the author of the bestselling book “Accountants: The Natural Trusted Advisors".