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Executive Leaders: Learn 3 Ways To Reward Your Employees
As an Executive Leader, you will often be faced with tough decisions. Sometimes, you may need to let a staff member go; at other times, you will be required to deal with the fallout from problems like shipping delays or server crashes. At other times, when the economy is flagging and your company’s budget is tight, you may be in the unenviable position of trying to reward standout employees without the benefit of promotions or cash incentives. Here are a few options you can explore that don’t require a large payout and shouldn’t run you in the red:
- 1. Better job titles: All employees want to be recognized for their hard work and feel like they are advancing in a company. Providing them with a title bump—especially if they have been doing increased work with more responsibilities—gives them a sense of job security, in addition to helping them show advancement on their resume. While you don’t have to give them an extreme title bump (especially if it doesn’t come with a raise), like from coordinator to manager to director, you can still increase the scope of their position, e.g. removing the “junior” or “assistant” from their title. Be sure to check with Human Resources first before promising them a title bump, just to ensure that the title change doesn’t push them into a higher earning bracket with a different benefits package.
- 2. Educational development: Most employees want to increase their skillset and have a wish list of skills they would like to learn. The more abilities and training they have, the more their earning potential. Consider rewarding hardworking employees by sending them to classes that will either teach them new skills or take their current ones to the next level. Examples include classes on the Adobe Suite, marketing, leadership, and writing, among numerous others. Many courses will be held via webinar or be just single day in-person trainings that should not be too disruptive to their work output. Talk with your employee before registering them for a class to determine what skill(s) they would like to target; in many cases, you’ll find that he or she will be able to use this new ability at your company to fill a need or even provide additional support to other departments. This reward in particular is a win-win for both you and your employee.
- 3. Recognition: This is often the easiest and most overlooked reward. Examples of this can include recognizing the employee in a company-wide email, thanking them during a staff meeting or in front of coworkers and high-level managers, giving them a thank you card with a gift certificate inside, offering them comp time, or sending them a gift basket.
Regardless of how you choose to reward an outstanding employee, he or she will be generally appreciative of the effort and will continue their good work. Just be sure to consider them once more when company sales increase and you are able to provide compensation. Remember that hard workers directly impact a company’s competitive edge and that every employee appreciates incentives for their continued above-and-beyond performance.
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