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When people think of trophies and awards, they may have flashbacks to the days of little league baseball or their school's field day, when every player received a trophy and was made to feel like a winner. Adults in the workforce may not have a field day coming up, but they may be eyeing the end of the quarter and thinking about their performance. In the era of the Great Resignation, it's especially important for employers to make their top performers feel recognized and appreciated.
If you've skimmed LinkedIn lately, you probably have several opinions in your feed about how to reward top performers. The truth is, there is no wrong answer, per se. However, your reward system should be on-brand, sincere, and should mean something to both your company and the employee. Even if you cannot provide large raises or bonuses, there are simple and effective ways to say, "Great job!"
From crystal trophies to travel incentives, and everything in between, there are countless ways to show appreciation for the best of your workforce. The whole point of doing so is to show stellar employees that you care and to inspire their loyalty. Here are a few of the best ways to recognize top performers:
Offer remote work options.
Most Americans want either a flexible or fully remote schedule. In fact, many people are prioritizing remote work capabilities in their job search. To meet your best employees where they are, offer either a fully remote or hybrid work schedule that allows them to work from home and achieve a better work-life balance. This will help top employees feel appreciated while also communicating that you care about what is important to them.
Give a physical award.
While bonuses and raises are important to consider when rewarding top talent, some employees may also appreciate a physical reminder of how much your company appreciates them. Consider an award certificate paired with a gift card or crystal trophies at a company lunch or all hands meeting. Simply taking the time to acknowledge a job well done is crucial for employee morale.
Provide travel opportunities and rewards.
One benefit companies often neglect to think about is the quality of business and personal travel. To praise top performers, try offering them additional airline points during business travel, or upgrade their hotel accommodations. If your employee is going on a personal trip sometime soon, consider upgrading their flight class or providing a voucher for their vacation. Some companies, such as Edward Jones, treat their top performers to world-class vacation destinations each year to reward excellent client service.
Consider higher education tuition coverage.
Nothing says your company cares quite like investing in your employees' educational opportunities. With the rising price of higher education, employees are considering tuition reimbursement when applying for new jobs as well. Reward great employees with the opportunity to further their careers or learn new skills. Not only will this speak volumes to your top performers, it will also improve productivity within your company as the best employees gain more knowledge and expand their credentials.
While there are many different opinions about the best way to reward top performers, the important thing to remember is to do something that makes them feel appreciated. Performance-based incentives and benefits range greatly in type and value, but it is truly up to you to deliver the right rewards for your company. Remember that the goals of a performance rewards program are to show appreciation, retain employees, and boost morale. By finding unique ways to reward good performance, you can avoid many reward-related pitfalls and inspire great employees to continue being their best.
Mike Szczesny is the owner and vice president of EDCO Awards & Specialties, a dedicated supplier of employee recognition products, branded merchandise, and athletic awards. Szczesny takes pride in EDCO's ability to help companies go the extra mile in expressing gratitude and appreciation to their employees. He resides in Fort Lauderdale, Florida.