Yet, most companies don’t have an employee recognition or feedback program in place. However, culture starts at the top, so managers must first embody their company’s values to reward employees with a supportive workplace.Įmployees who receive words of appreciation from management or their coworkers are 2.5 times more engaged than those who go unrecognized, and 90% of employees believe that receiving recognition will boost their motivation to work harder at their job. Workers who feel a sense of meaning or purpose in their work make more effort to drive success with customers and coworkers. The alignment of values between employees and the company also impacts how they embrace organizational culture. One study shows that companies with positive cultures can generate a 33% increase in revenue because they attract top talent and see improved job performance. When employees feel valued and celebrated by their coworkers, they have more intrinsic motivation to excel at their jobs and reciprocate. The feeling of belonging is a powerful emotion associated with inclusive and supportive workplace cultures. Both extrinsic and intrinsic rewards have vast benefits when used correctly, so here are examples of rewards to offer at work.Įxamples of intrinsic rewards in the workplaceĢ. Extrinsic rewards are more tangible and are usually related to an employee’s status or hold financial value, such as promotions or gifts. On the other hand, extrinsically motivated people respond better to rewards given by an outside source, which is typically management. People also succeed more at work when their values align with their company’s ethos. These types of employees may be driven by the satisfaction of finishing a project, developing strong relationships with coworkers, or deepening their knowledge about a topic. Intrinsic rewards cater to people who find motivation within themselves. Ultimately, choosing the right rewards can increase employee engagement, enhance productivity, and reduce unwanted turnover. But there are many different ways to reward your employees based on their preferences, personal interests, goals, and career aspirations.
When you think about getting rewarded at work, a raise or holiday bonus may come to mind.
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