In this day and age of organizations with fewer people doing far more and getting less for it, we as business leaders need to find ways to recognize their efforts. Yes, the employee is always going to migrate if offered towards recognition in the form of more compensation of some type. That being said, in times when money is tight a simple note of thanks, public pats on the back, plaques, a prime parking spot, an additional day off, are all great ways to recognize contributions without breaking the bank.
Employees want to feel appreciated. That’s understandable. What is somewhat of a mystery is why so few companies possess formal Reward and Recognition programs. Setting one up is incredibly simple. Decide what you want to recognize (usually years of service and key accomplishments). Establish a budget for the rewards you want to provide. You can do very nicely spending say $50 or more per item. Communicate in basic terms the program to your employees. Give someone ownership for tracking the awards. There are a few more logistical steps to take, but all are well worth the effort.