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5 Employee Rewards Programs For Small Businesses

By Erika Miller
Illustration of Carl the Yeti standing outisde a small business cheering while holding a trophy.

Let’s get something straight here: engaging your employees is NOT the same as recognizing them.

Recognition is the process of acknowledging the hard work and accomplishments of employees. Engagement is the awesome secondary product that comes from recognition. Think of them like fraternal twins: they might come from the same place and share some of the same DNA, but they’re 100% unique in form, function, and use.

image with text - Promoting recognition at work: reduces turnover by 1/3, has 12x better business outcomes, increases engagement.

Promoting recognition in the workplace comes with a lot of benefits, way more than you might think.

  • Recognition reduces voluntary turnover by a third
  • Organizational recognition programs have 12x better business outcomes
  • 84% of HR experts believe recognition increases engagement

Modern employees need a combination of engagement and recognition from leadership teams, but recognition is the factor that gets the ball rolling. So what’s the best way to make it happen? Employee rewards programs!

From milestone trackers to spot bonuses, these 5 employee reward programs for small businesses are perfect for promoting some recognition at any sized company. Just take a look for yourself!

1. Peer-to-peer recognition

image with text - And if you’re relying on management alone to provide recognition in the workplace, you might not be seeing the powerful effects of true employee engagement.

Top-down employee recognition? So last year. Quarterly awards and occasional ‘thank you’ emails aren’t going to cut it anymore—you know it. And if you’re relying on management alone to provide recognition in the workplace, you might not be seeing the powerful effects of true employee engagement.

Enter peer-to-peer recognition, an employee rewards program for small businesses that lets everyone appreciate everybody. Allow folks to send accolades, money, and public appreciation that will truly recognize the hard work of your employees.

2. Customizable rewards

Not gonna lie, customizable gifts are one of our favorite types of employee rewards programs for small businesses. Not only do they let your employees see the full extent of your gratitude, but they are allowed to enjoy it in a totally flexible way. The secret? Listening to your employees!

Implement recognition programs that offer rewards people actually want, including gift cards to local businesses, branded swag items, or custom gifts your employees can’t resist. You can even implement a ThanksMatters Card that allows for flexible cash rewards almost anywhere.

3. Spot bonuses

A pat on the back is great, but do you know what’s even better? Money! Employees love financial bonuses as a 'thank you' for their work. But why settle for quarterly or yearly bonuses when you can have spot bonuses, too?

Consider implementing a spot bonus recognition program in your workplace, making allowances for celebration all throughout the year. Your employees deserve to feel celebrated for their hard work, and a one-time cash sum is the perfect way to do this.

Oh, and a quick note: your CFO will love you for avoiding gift cards, which sometimes make it difficult to fill out year-end taxes. Employee recognition software for the win!

4. Milestone tracker

Celebration is a huge part of human culture. So when special days like work anniversaries and birthdays come calling, be sure to have a milestone recognition program in place!

Implement a program that allows you to celebrate the days that matter to your employees, inviting public comments, company-wide recognition, and plenty of monetary rewards. Best of all, tracking employee milestones makes it easy to show some love to your top performers – along with the rest of your team!

Remember: you don’t have to give your employees thousands of dollars to make them feel recognized. You just need to put forth the effort; they’ll see it a mile away!

5. Awards and badges

'Paper' programs have been around since the beginning of work history. From Employee of the Month to Rep of the Quarter, we have hundreds of names for the same slip of paper and a boring $20 gift card. That’s why we’ve proposed a different way for management to award high-value employees: awards and badges.

Award recognition programs allow employees to pin their shiny new badges in public places, harnessing the power of social networks with powerful connections. With so much to love, employees will go ga-ga in developing the organic relationships that matter. And seriously: who doesn’t like getting awards?

Create employee reward programs for small business with help from Motivosity

Noticing a trend here? Yeah, us too — because each of these employee recognition programs is offered by Motivosity! Employers can mix and match strategies in a way that works best for them, all with a transparent pricing scale that fits any business size.

Ready to start reaping the benefits of employee happiness? Thought so. With all these ideas out in front of you, you’re probably feeling pretty pumped about this whole workplace recognition thing. Team up with Motivosity to build a customized program just for your employees. With three customizable licenses and plenty of background support, your recognition program implementation is as good as done.

Shoot us a message to inquire about a demo, or give us a ring at (801) 758-7188 to chat more about what we do. Happy recognizing!

Sources:

  • https://www.netsuite.com/portal/resource/articles/human-resources/employee-recognition-statistics.shtml
  • https://action.deloitte.com/
  • https://www.quantumworkplace.com/future-of-work/what-is-employee-engagement-definition#drivers-of-employee-engagement