Often in the day-to-day grind of running a business, we focus so much on all of the things that we haven't done, and don't take the time to recognize all that we have accomplished. Maybe this has to do with the entrepreneurial mind, which is ever reaching forward for the next thing. While you may not feel the need to celebrate your accomplishments perhaps thinking this is a waste of time, your staff will feel seen and respected if you can integrate rewards and recognition into the work environment.
There are primarily two different methods for giving rewards to staff: individual rewards and collective rewards. Your unique work environment will determine which of these is most appropriate. Individual rewards are usually what we think of when we think of rewards. One staff member works harder or sells more than all the rest, so they receive something special. Generally individual rewards increase competition among staff. Collective rewards work a little differently and instead of rewarding a single person, they reward all of the staff, or all of the staff in a department. Collective rewards generally have the affect of bringing teams together.
Recognition works a little differently from rewards. Recognition is when the business owner or manager gives public praise to staff who have gone above and beyond. This can happen as part of a regular meeting, where staff recognize each other's efforts in the previous week. It can also be part of regular feedback given to staff from their superiors. Additionally, some companies give out annual or monthly awards in recognition of their staff. When done genuinely, recognition give employees positive feedback on their work, and brings teams together.
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