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How To Reward Your Team in 2020

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How To Reward Your Team in 2020

Rewarding your team as a leader is one of the best ways to keep them motivated and working to the best of their ability. Many employees who are not rewarded on a regular basis might find themselves looking at other roles that come with more rewards and chances to progress. While the most obvious way to reward your employees is to offer a bonus, this is not the only way to do it.

In this article, we are going to give you some of our tips to help you reward your team in 2020. This will include everything from giving out bonuses when you can to hosting team days to get everyone together. Keep reading if you are thinking about making some changes to the way that you do things.

Give Out Bonuses

One of the most common ways that employers reward their teams is by giving out bonuses at various points in the year. Many employers might offer a Christmas bonus or one to mark the end of a certain quarter. This is something that is often very well-received by employees as they will appreciate the extra money on top of their wages. Often, employees will work efficiently in order to make sure that they are going to get their bonus.

When giving out bonuses, be careful not to do this too much. Employees can come to expect bonuses and this can mean that they are not as appreciated in the future. You should reward with bonuses when it is deserved. Of course, there are other ways to reward your employees without having to give out cash bonuses every year.

 

 

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Offer Promotions

Another great way to reward your team in 2020 is to show them that you are invested in them. Do you have any positions that are opening up within your team? Why not hire from within instead of hiring an outside employee? You might find that there is a member of your team who is hoping to get promoted and if you overlook them, they won’t feel rewarded.

If you don’t have any positions coming up, then it might be time to start reassessing this. You might be able to create a new position that rewards an employee that has been working really hard recently. This is relatively common so make sure to consider it.

Update Employee Benefits

If you already have employee benefits in place, you will already be rewarding your team regularly. The type of rewards on offer in this package differ from company to company so it might be worth checking out what you are offering if you haven’t in a few years. When you do this, you should make sure to get some feedback from your team. You might find that there is a benefit that they would really like and that you could add to the package to reward them.

In 2020, one of the best ways to update your benefits scheme is to use a benefits package. Zest’s benefits system is a great example that lets you adjust your benefits and tailor them to your employees. If this is something that you have never considered before, make sure to look into it a bit more.

Host Team Days

Our final tip for those who want to reward their team in 2020 is to host team building days that are fun. Many employers think that a team day needs to involve training and a corporate meeting, but this is not the case at all. You should be rewarding your team when you can and hosting a fun day where everyone can get out of the office is a great way to do that.

When planning your team day, make sure that it involves something that everyone will enjoy. If a member of staff cannot make it along, consider how else you can reward them. Some of the best ideas for team days include kayaking, rock climbing or even a few drinks in the pub. Your team will have a good time and enjoy spending time together. 

Final Verdict

If you are hoping to reward your team in 2020 then you should make sure that you take on board all of the tips that we have given you in this article. Think about hosting some team days every month or two and adjust your employee benefits if you haven’t done so in a few years. A team that feels valued and rewarded is one that is going to stick around for a long time.

Use our tips and tricks to reward your team this year. Hopefully, it makes all of the difference to how your individual staff members feel about the company and the work that they do there.

 

 

Read more Leadership related stories in The Weekly Trends magazine.

 

 

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  1. Pingback: 8 Leadership Styles and How It Can It Fit In An Organizational Structure - The Weekly Trends

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