How To Give Employees The Right Rewards
In a workplace of large to-do lists, strict deadlines, and constant meetings, it’s more important than ever for employers to maintain a healthy, happy and motivated workforce. Respect, open-communication and recognition are three key essentials to that. However, with up to five generations working side by side in today’s workforce, finding the perfect way to reward employees for their efforts can be a tricky task. Here, we discuss 3 tips to help you choose the rewards employees want to receive.
1. Give something they value
Trying to please a multi-generational workforce with a single reward won’t work. Instead, offer plenty of choice. Platforms like Achievers are a great way to do this as employers can create catalogues advertising different rewards which employees can choose from. These could be multi-store gift cards like the One4all, tech/gaming gadgets, or beauty treatments. Offering choice empowers employees to be rewarded in a way that they value.
2. Make the reward memorable
Cash works great for quarterly or yearly bonuses but if employers plan to reward staff more regularly, the reward should be more engaging. Research by One4all Rewards recently found that individual non-cash rewards such as treats or gifts at regular intervals would increase company attractiveness for 56% of workers and 67% of those surveyed said they would be likely to switch to a different company if they offered a reward or an incentive. Make rewards memorable; salary bonuses shouldn’t be treated as a reward for going above and beyond, keep rewards for going above and beyond separate as it instils a sense of appreciation and recognition.
3. Make rewards tax-efficient
Under the Irish Government’s Small Benefits Exemption tax policy, employers can gift their staff a tax-free gift of up to €500 in value once per year. It must be rewarded in a non-cash format – any cash payments or cash benefits are fully taxable – and the gift cannot be exchanged for cash, in part or in full. With this type of reward, neither the company nor the employee will pay PAYE, PRSI, or USC, resulting in a potential saving of €653.65 in tax!