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The Best Ways to Reward Your Top Performers - Finnegan Pierson - Blog

The Best Ways to Reward Your Top Performers

Every company relies on good teamwork and strong contributions from each individual team member. Recognizing your employees’ outstanding work is a great motivating force and can help inspire more outstanding work in the future. Not only will the individuals being recognized feel motivated, their colleagues will feel inspired to emulate them. Furthermore, it will benefit both your workforce and the company if people feel that their contributions are valued. It will foster positive sentiment and good employee retention. Here are some of the best ways that you can work your hardest working employees.

Present Employees With Awards

Honoring employees with corporate awards is a fantastic way to express gratitude and commemorate achievements. You might give awards for sales, leadership, and even tenure with the company. People can display their awards with pride, and it can also impress your company’s clients. When a client sits down to work with someone and observes one or more awards in that person’s office, it sends a message to the client that the person helping him or her is one of your company’s most important and valued employees. In turn, the client feels valued and reassured to be receiving the attention of someone who is capable of producing great results.

Promote Employees Who Exhibit a Strong Work Ethic

People who consistently work hard and step up when extra help is needed should be given the opportunity to take on a more challenging job role. Promoting your top performers creates a company culture in which people work hard to advance themselves. Moreover, it puts your best workers in leadership roles that can help guide other employees in the right direction.

Offer Compelling Performance-Based Pay Incentives

Rewarding individual efforts with pay incentives is a great way to encourage your personnel to meet and exceed goals. Employees who work in sales are especially receptive to incentives driven by good performance. In addition to their base pay, you should offer appreciably-sized commissions that should be a percentage of the total value of a sale or flat fee commissions for each individual sale. You can also structure incentives to be tiered. After an employee has achieved a certain number of sales, their commission can be bumped up higher. In the case of employees who don’t work in sales, you can offer performance-based incentives that can be attained after specific milestones in the completion of a project or a set volume of work produced. While it’s great to find ways to reward employees who go above and beyond in performing their job duties, you have to be careful about making the criteria for giving performance-based incentives seem arbitrary. If people can’t readily understand a system by which some individuals’ efforts are rewarded and some aren’t, they may feel as though they’re being treated unfairly. Disparity in pay could in fact serve as the basis of a discrimination claim, so it’s important that you have some form of methodology in how you give bonuses and incentives.

Provide Revenue-Based Pay Increases and Bonuses

Not all big wins for the company correlate with big wins for individual employees. For example, landing a big new account can be a significant financial boon for the company. If the new account means a lot more work for employees but doesn’t give them any benefit, it’s hard for them to perceive it positively. Resentments form when employees feel that their labor benefits the company much more than it benefits them individually. When your company is developing, you should share the benefits of growth with your workforce. It shows them that you care about how they contribute to development, and they stand to gain from continued growth.

Rewarding your company’s top performers can build a strong company culture and a team-driven environment in which people always strive to do their best possible work. People will appreciate knowing that they have the potential to earn more, advance in their job roles, and be commended for a job well done.

Publish Date: October 5, 2020 3:16 AM

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