Are you a small business owner seeking ways to appreciate your employees?

According to a survey carried out by Harris Interactive on behalf of the American Psychological Association (APA), 93% of employees who felt appreciated in the workplace said they were motivated to excel and do their best each day.

Celebrating your top team members satisfies the deep need for employee recognition and it doesn’t have to be expensive.

Sincere, honest appreciation leads to higher motivation, job gratification, and employee engagement.

Taking time to recognize and reward hard-working employees will improve morale, boost profitability, and encourage top talent to stay.

So, what are some of the most effective practices small business owners can adopt to honor team members?

1. Provide a financial reward

Few things trump receiving a financial reward for hard work. A survey on preferred incentives by Genesis Associates found that 85% of respondents placed monetary rewards as their top preference.

Financial incentives can be in the form of

-   cash rewards such as bonuses or gift cards,  

-   profit sharing

-   allowances

-   shares in the company

2. Personal recognition letter by the founder/CEO/manager

American author and entrepreneur, George Foreman once said, “Without appreciation and respect for other people, true leadership becomes ineffective, if not impossible.”

Appreciating others will make you a better leader while also satisfying the deep need team members have for employee recognition.

So profound is this desire for appreciation that 50% of employees who report feeling undervalued and unappreciated at work often change jobs within a year.

A sincere, heartfelt letter of recognition from the CEO of the company detailing how much they value, respect, and admire the work being done by that person can be the biggest ego-booster for an employee.

3. Offer a subsidized recreation experience

Celebrations don’t have to be limited to the office only. Employees appreciate external experiences too, especially those that can be done with their family or loved ones. 

If you’re looking for innovative employee recognition ideas, consider recreation gifts such as season tickets to games, festivals, movies, or concerts.

Dinner at a fine-dining local establishment is another great option or tours to a brewery or wine estate.

4. Present employees with access to free services

When it comes to celebrating people and rewarding them, it’s imperative that you personalize and tailor any recognition you’re giving.

This means actively evaluating peoples’ needs so you can provide relevant employee recognition rewards that will actually be beneficial to the recipient.

For example, if your employees have children, free house cleaning or laundry services may be very welcome.

5. Give additional paid time-off

While most companies in the U.S. offer at least 10 days of paid time-off, you might want to revise this for your top workers and give them more vacation time.

Being able to take off, rest, relax, and recharge is in everyone’s best interests. They will feel refreshed and subsequently perform better. 

Celebrating your employees is a sure-fire way to attract and retain talent, win people’s loyalty, and improve the overall workplace environment.