Best Tangible Rewards for Employee Incentives

Money, money, money

Your business is doing well, but you are looking for ways to make it even better. While you might think that doing a reward program for doing their job isn’t necessary, it is something that usually pays for itself in higher sales and better business. Okay then, what sort of incentives should you be offering? By far, a tangible reward is the best way to go, but even then there are things to keep in mind when incorporating an employee incentive program. Let’s break it down for you and give you the top tangible rewards you should offer.

What Is A Tangible Reward?

So, if something is tangible, it means that you can handle it, feel it, see it, hold it in your hands. A book, for example, is a tangible object. Intangible things are those that you can’t see, feel, or hold in your hands. For example, a compliment said by someone to you is an intangible. And while we all like and need the intangible things, like a thank you in recognition for something, having tangible items really carry a lot of weight.

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For a business, the first tangible item that comes to mind is money. People like extra money, but this isn’t the only tangible thing. A golf membership provided by the company is a tangible item as well, and it has a financial aspect to it. Same with movie passes, theater tickets, various gift certificates, a flat-screen television, or other items. We like things, and tangible rewards are things.

Why A Tangible Reward Instead of Intangible

This is really a psychology issue more than anything else. Intangible rewards, such as recognition for securing a new big contract, are quite nice, and people like those things. They are recognized in front of their colleagues for doing a good job and are praised for those efforts. We all like that, but intangible rewards are fleeting, and people’s memories fade rapidly. A tangible reward is often something that can be enjoyed for a much longer time, and even if it is money, the item bought with the money will bring back good memories of the success that brought the reward.

Tips On Using Rewards With Employees

Okay, so you’re on board with doing a tangible reward incentive for your employees. Now you need to figure out not only what tangible reward to give, but how to include all of your employees in the program. There are a few tips that you should keep in mind as you are developing this incentive program. Perhaps the most important thing to do is involve the employees, or representatives of each group, in the development, implementation, and adjustments or revisions of the program. This will ensure that everyone is involved with the program and no one is left out.

It is also important to make sure that all of the employees will be viewing the rewards as worthwhile of their effort. Seeking their input on the rewards offered will ensure that they will be participating towards the reward. Along with rewards that are viewed as worthwhile, it needs to be made very clear just how the rewards are to be earned. When they understand how rewards are earned, they will again make an effort towards earning those rewards. Finally, employees must see the rewards as obtainable, they have to believe that they have a good chance of getting the rewards. If the standards are too high, the rewards will never be obtained because employees don’t think they would make it, so they don’t try.

Cash Is Still King

Alright, on to the rewards to use for the incentive program. As much as we might like to think that money doesn’t motivate us, it really does. Cash is still king, as the saying might go, so having a reward of money is the top motivating reward. Perhaps you will literally do cash, with hundred dollar bills waving in your hand, but most businesses end up running the extra money through normal payroll.

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Reward

Gift Cards Are Next

If you want to do something other than cash, yet still have a solid, positive response from the employees, gift cards are the next top choice. Usually these gift cards are for local restaurants, perhaps a movie theater, or maybe from big retailers like Walmart or Amazon. Or you could simply leave it up to the employee(s) to decide at the time if the reward is obtained. However you do it, gift cards are an excellent choice for a reward.

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Merchandise Is A Solid Hit

The last option that you should look at for rewards is merchandise. The good part is that merchandise can include LOTS of different items, but this is also the bad part. Some top categories within the merchandise option include food or beverage items, such as Harry & David; apparel such as Old Navy or company logo wear; a watch of a decent brand; or even small electronic items or appliances. Variety is the spice of life, and merchandise provides plenty of variety.

Don’t Forget The Celebration

What can sometimes get lost in all of this talk about money rewards or gift cards or blenders and sweatshirts is the intangible aspect of things. Yes, this is about the tangible rewards, and they are the primary thing to focus on, but don’t overlook making a big deal about presenting these tangible rewards. Maybe you have a small company meeting where each person is recognized and presented with their reward. Or you might do a thank you lunch for the employees along with giving the employees their tangible reward. Whatever you do for tangible rewards, make some effort on the intangible “thanks” as well.

Champagne

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Wrap Up

Ready to start working on that incentive program to help boost your business? Not only have we talked about the most visible aspect to the incentive program – the tangible rewards – but we’ve also discussed the importance of planning the incentive program utilizing all of the employees. When you do an incentive program well, your employees will embrace the program and work to obtain the rewards, and part of that means that the rewards are worthwhile in their estimation. Yes, there is some psychology involved in implementing an incentive program, but you aren’t blindly manipulating your employees to do something that they don’t want to do; you are involving them so that they know what they are getting into, and they buy into it to make it a success. Follow these tips and suggestions to make your incentive program a success, and be sure to adjust the program as you reach new milestones.

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Your business is doing well, but you are looking for ways to make it even better. While you might think that doing a reward program for doing their job isn’t necessary, it is something that usually pays for itself in higher sales and better business. Okay then, what sort of incentives should you be offering? By far, a tangible reward is the best way to go, but even then there are things to keep in mind when incorporating an employee incentive program. Let’s break it down for you and give you the top tangible rewards you should offer.