Employee recognition programs may be more productive than annual bonus plans. The new year or any time of the year, is a great time to recognize your hardworking employees for their efforts.
Forbes magazine suggests: (Source: http://www.forbes.com/sites/forbesleadershipforum/2011/12/23/is-it-time-to-ditch-the-annual-bonus-in-favor-of-recognition-programs/)
1. Don’t wait until the end of the year to reward a job well done. Year-long employee recognition programs are ideal.
2. Make it memorable – cash is easily forgotten, mementos are remembered.
3. Don’t just reward your top performers – reach all workers who make a difference
4. Recognize performance and behaviours that embody your values to build a strong work culture.
5. Show employees how much you value their efforts, including progress they have made this past year.