Small business owners can show appreciation to their employees in ways that do not cost lots of money. According to Harvard Business Review, even a small improvement in retail employees sense that their company treats them fairly yields significant benefits in two ways:
• The employees perform better
• Customers spend more in stores
With such huge returns, business owners should be excited to treat their employees like royalty! Valuing your retail workers will increase the top line and bottom-line.
Below you will find the TOP 6 ways to show your employees that they are appreciated and valued.
1. Tickets to events
Offering your employees tickets to sporting events, conferences to hear expert speakers, or concerts is one of the ways you can let them know they are valued. Giving your employees tickets, to events is a fun way to show appreciation. These events go a long way because employees can include their families in fun and enjoyment. While at the events, they are reminded of how great a boss they have!
2. Free Lunch
Who says there’s nothing for free? Treating the entire staff to lunch is another lo-cost way to show your employees that you appreciate them. Putting daily, or weekly targets that they can reach will give them the incentive to work hard. Once they reach their targets, they can all get a Free Lunch!
3. Take your Birthday off!
We all love celebrating our birthdays! Getting your birthday off is very special. Giving your employees their birthday off is a great way to show them that you value them. Of course, I would recommend a day off with PAY!
4. Leave early for special events or appointments
Giving them the opportunity to leave early for appointments or for family special occasions go a long way. For employees who have children, getting off early for Johnny’s recital is always appreciated.
5. Recognition and Praise
Mary Kay Ash who started and built the billion-dollar empire, Mary Kay Cosmetics, believed that there are two things people want more than sex or money…Recognition and Praise. Praise from someone in authority, who commands respect and admiration is often a stronger motivator than a pay raise.
Promotions don’t come along often, therefore rewarding an employee by simply voicing praise, when it’s deserved, goes a long way. Letting your employees know that they are doing a good job is one the best low-cost high return activity we can do. Business owners sometimes forget that human beings thrive on positive reinforcement!
6. Offer Training
Workers consider training to be as valuable as a raise. When an employer provides training, it has the same effect on job satisfaction as a 17.7% net wage increase, according to a study of nearly 5,000 workers in Spain.
In-person training on specific skills, equipment or machinery will help employees to feel more empowered at work. Online training and e-learning also help employees to retain basic information quicker.
Furthermore, when there is effective training, your employees will perform better, and there will be a decrease in the turnover rate.
7. Offer a Bonus
This may seem counter-intuitive to the first six. However, if your company is in a position to offer a bonus- Do It! For those employees who are driven by the almighty dollar, bonuses give people a reason to stay with the company longer. It is also a motivation to push for certain incentives.
Although the full appreciation of work done is considered a top priority by the average employee—Fair wages, job security, and favorable working conditions are also on the list.
“Remember if you honour and serve the people who work for you, they will honour and serve you” Mary Kay Ash.
Leave a comment below to let me know which is your favorite on the list.