April 18, 2024

Business Bib

Business & Finance Blog

5 Reasons to Reward Your Employees for Excellent Job Performance

3 min read

You should recognize and reward your employees for their job performance. Here’s how it benefits your employees to congratulate them on their achievements.

 

At least 66% of workers say they’d quit their job if they felt under-appreciated. For millennials, the percentage is even higher.

Employee appreciation can take many forms from office awards and bonuses to special parking spots and promotions. The reward itself is beside the point.

The real takeaway is that rewarding excellent job performance needs to be one of your priorities as a business owner.

Read on to learn why recognizing a job well done is so important and how it affects your business.

  1. It Raises Morale

Congratulating an employee when they’ve gone the extra mile or delivered a great presentation does more than make them feel good. It also makes for a happier workplace.

When that employee feels happy and valued, their positivity will spread throughout the office. Plus, your employees won’t feel like they have to compete against one another since you already acknowledge hard work.

  1. It Boosts Productivity

Once an employee feels valued, they’ll feel more inclined to put in extra effort. If you recognized their great work on a previous report, they’re more likely to put in the work next time.

Plus, when your employees see that you notice their hard work, they will want to work that much harder. They’ll want to impress you and be a valuable part of the company.

  1. It Inspires All Employees to Excel

Recognizing good work isn’t just good for that employee, it’s good for your entire staff. There’s a good chance that your staff is a mix of high performers and those who could achieve more with the right coaching.

Recognizing top employees can be a good way to improve job performance for your average employees. You can also compliment your average employees for a great presentation or a good idea.

The more you coach and encourage your employees, the more average employees you can transform into top performers.

  1. Your Talented Employees Will Stick Around

One of the best ways to scare off your top performers is to ignore their good work. When you consistently don’t show that you value their work, they’ll start looking for another job.

Your employees are a major part of your business’s success. That’s why it’s so important to keep your start players motivated. You need them to feel invested in your company so they’ll stick around.

  1. You’ll Reinforce Your Company Values

Listing your company values on your website and living by them are two different things. When an employee does something that aligns with your mission statement, reward them.

They’ll be more likely to repeat the behavior. Plus, your other employees will see that you truly care about your company values and feel more compelled to follow them.

Start Rewarding Excellent Job Performance Today

If you’re not rewarding great job performance, you could be hurting your business. When employees feel valued, they’ll want to stick around, work harder, and become the star employees you always wanted.

For more tips on running a successful business, check out our articles on management.