One of the most effective ways to keep your company thriving is by keeping your employees happy. Rampant negativity costs the U.S. economy between $250 and $300 billion every year in lost productivity, according to Gallup. Moreover, a workplace survey conducted by the American Psychological Association shows that employees “who do not feel valued are significantly more likely to report that they intend to seek employment outside of their company.” One thing is for sure: a positive company culture and how employers reward their employees is important. The following are some ideas CEOs can implement to help their employees and boost their business in the process.
Telecommuting
It behooves employers to provide their best employees with the option to telecommute. Data compiled by Global Workplace Analytics shows that 80 to 90 percent of the American workforce would like some level of telecommuting with their job. Furthermore, a recent Gallup Poll found that remote workers log more hours and are more engaged in their jobs. Use it as a perk or make it a staple of your company, and watch your business thrive.
Travel
Utilize the points you earn from your corporate credit cards to give employees weekend excursions. If you don’t get points, pull the money from the company’s coffers. Either way, it’s an exceptionally effective perk that helps your employees relax and recharge. They’ll come back to work rested and with a new-found respect for the company.
Catered Lunch
Breaking bread with your employees helps pull the team together. Hire and pay for a food truck or have a local deli deliver a nice spread for a casual dining experience. This also helps promote camaraderie in the workplace. If you are lucky, it might even motivate some of the lower performing employees to step it up.
Cash
Nearly everybody loves cold hard cash. Pair cash rewards with certificates of appreciation or achievement to get the most bang for your buck. Be careful not to overdo cash incentives or they will lose their effectiveness. Be aware of the other downside to cash; the IRS will want to get a piece of the action, too.
A Night Out
It’s best to ask your employees what kinds of perks they would like to receive. When you do, you’ll probably find that an evening out is always appreciated. Pair a gift certificate to a nice restaurant with a show or event to give your hardworking employee a free night out on the company’s dime. While this might sound like it will take a lot of time to arrange, sites like Telecharge make it easy to buy show tickets and make reservations at several world-famous New York restaurants.
Praise
Sometimes it’s easy to forget that a little praise from the CEO goes a long way. Everybody wants their hard work to be acknowledged. Tell your employees how much you appreciate them. You can send a private email or, better yet, acknowledge them in front of their peers. It’s a simple, cheap and effective way to maintain a positive company culture. And more importantly, it’s the right thing to do.