• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • RECOMMENDED BOOKS
  • FREE TOOLS
  • CONTACT US
  • ABOUT

The Fortunate Investor

Investing, Business & Personal Finance For Wealth Builders

  • Save Money
  • Invest Your Money
  • Get Out of Debt
  • Making Money Online
  • Family & Money
  • Taxes
  • Business
  • Retirement
    • Retirement Calculator
Home » Why You Should Always Reward Your Staff

Why You Should Always Reward Your Staff

October 9, 2020 By Bobby | This article may contain affiliate links. For more information visit our Disclosure

Tweet
Share
Pin
Share
Share

If you own a business and you have people working for you, you’ll know just how difficult it is to get the balance of caring and corporate just right. You want your staff to do their jobs, but you also want them to feel happy and comfortable at work, so they stay for longer and you don’t have to think about hiring anyone to replace them (which, of course, takes time, effort, and money). 

There are many different ways of working you can put into practice that will help you get this balance just right, but one that always works well is the idea of rewarding your staff for a job well done. Not only will others see that you are appreciative of hard work and will therefore work harder to gain their reward, but you will also be showing them that you value them and care for them, making them happier. Here are some of the reasons why rewarding your staff works so well for businesses. 

Better Productivity 

No matter what kind of reward you want to offer a hard-working employee, whether it’s a raise or promotion, tickets to something they love, an extra vacation day or two, or even an actual trophy for ‘employee of the month’, or something that helps them with their jobs, like how Barr-Nunn Transportation is changing the way truck drivers get paid with Shift + Load Pay, those rewards are going to give you a boost in your employees’ productivity. 

The team you have in place, knowing about what rewards are on offer, are going to be keen to win them, so they will do what it takes to get a reward. They will work harder, faster, and maybe even go above and beyond what you’re expecting. Your employees will get their rewards, and you’ll get better profits as a result; it has to be worth considering. 

Job Satisfaction 

Your happiest workers are the most productive workers, and the workers who have the best job satisfaction are the ones who won’t even entertain the thought of leaving to work somewhere else. Rewards can give your employees that feeling of job satisfaction they need to be utterly content while working for you and to provide you with their total loyalty. It’s far easier to retain staff than if it to find new members of your team, especially if the position that needs to be filled is a highly technical one. If all it takes is you acknowledging their excellent work, then it shouldn’t be something you even really need to think about. 

As a bonus, workers who have good levels of job satisfaction are great for your business in other ways. They will champion you even when they’re not at work, and others will know you offer a safe, comfortable space to work in with many benefits. If you do need to hire staff, you will get a lot of candidates to choose from. 

Feedback

Finally, we’re going to mention feedback. This is an unusual reason for rewarding your staff, but it can be a beneficial one. If your team knows you appreciate them enough to set up a reward or bonus scheme of some kind for them, they will be confident when it comes to talking to you about the business; this can result in some extremely valuable feedback that can help you make important changes. This feedback might have been kept back if your staff weren’t rewarded and therefore didn’t feel you wanted to hear from them. 

  • About
  • Latest Posts
Bobby
Latest posts by Bobby (see all)
  • Cut the Cost of Running Your Business By Going Green - July 5, 2022
  • 4 Office Services Every Business Should Have - July 5, 2022
  • Start Growing Your Small Business Right Now - July 4, 2022

Primary Sidebar

Popular Articles

save business money go green

Cut the Cost of Running Your Business By Going Green

Unless you have been living under a rock for the past five years you will know just how important … Read More about Cut the Cost of Running Your Business By Going Green

4 Office Services Every Business Should Have

Successful businesses are built on the quality of the office. Without a productive environment, … Read More about 4 Office Services Every Business Should Have

Start Growing Your Small Business Right Now

Start Growing Your Small Business Right Now

Start Growing Your Small Business Right Now If you feel like you’re running out of time with your … Read More about Start Growing Your Small Business Right Now

How To Make Your Real Estate Ventures A Lot Smoother

How To Make Your Real Estate Ventures A Lot Smoother

Anyone who has entered the property world will know that it’s a pretty lucrative business if you get … Read More about How To Make Your Real Estate Ventures A Lot Smoother

every investor

7 Current Economic Policies Every Investor Should Know About

The rate at which the U.S. economy has grown over the past decade has been unprecedented. However, … Read More about 7 Current Economic Policies Every Investor Should Know About

Footer

TOPICS

SAVE MONEY
INVEST MONEY
REDUCE DEBT
MAKE MONEY
FAMILY & MONEY
TAXES
START A BUSINESS
RETIREMENT

THE FORTUNATE INVESTOR

ABOUT US
ADVERTISE
CONTACT US

The Fortunate Investor focuses on personal finance topics to build wealth. Topics include saving money, investing, managing debt, family and money, taxes, making money, college planning, starting a business, coupons and retirement.

SOCIAL MEDIA

FACEBOOK
TWITTER
PINTEREST
INSTAGRAM
YOUTUBE

Copyright © 2022 Fortunate Investor. All Rights Reserved. | Disclaimer & Disclosure | Privacy Policy | Terms of Service