Tip #1: Give them a Paid Vacation
One of the best ways to reward your top performing employees is to give them paid vacation at frequent intervals. Send them on vacation on company’s expenditure.
It will not only boost the morals of top performers but also inspire others to improve their performance to get rewarded.
Tip #2: Give them Trophies and Certificates instead of Cash
Do not give cash awards to your performing employees as it is short-lived.
Instead reward them with trophies and certificates on a public platform. It remains imprinted in their mind for a long time.
Prepare HR policies for Trophies and Certificates.
Prepare a set of parameter for giving awards and trophies as per the role and goal of employees.
Write down the rewards against each goal and put it on the bulletin board.
Make ways to appreciate them publically.
Tip #3: Coffee with the CEO or Lunch with the Boss
You can reward the Star Performer of the Year by arranging a coffee with the CEO of the company or a lunch with the boss.
You can take a picture with him and frame it on the bulletin board.
This will not only pump him with delight but will also motivate others to work hard to achieve the treat.
Tip #4: Photo-Video Case Study of a Star Performer
Make a testimonial, short videos, and videos depicting the appreciation of Star Performer by all the employees. Now, club it together to make a case study.
Once done with this, share the case study in all the groups and on social media handles of the company. This will make them feel good.
They will repeat the same effort for the same or better result.
Once you start incentivizing the effort with the result, the complete culture of the office will change and speed will increase.
Tip #5: Star Performer to Represent the Company
Whenever there is any kind of reward, award, and recognition being given to your company, let the Star Performer represent your company, and
Let them take the award.
Make them shine in public meetings and social gatherings.
Let them speak on these public forums.
This will not just boost them but also the others.
Always remember, “To build a good intellectual capital and financial capital you need to have a good human capital.”
Tip #7: Loyalty and Ownership Award
If someone saves the company from any kind of money theft, betrayal, or financial damage then he/she should be awarded.
And if you start rewarding the loyalty and ownership of one person, the others will follow the suit.
This will increase the speed and enhance the performance of the other employees as well.
Tip #8: Praise in Public and Correct in Private
If someone is doing things out of the box or is giving his efforts in doing too good for the company, praise him in public.
Let everybody know about his work and his efforts.
Motivate him and help him in eradicating the problem once and for all.
Tip #9: Recognition for Improvement in Cost, Quality, & Customer Centricity
Incentivize the employees who help the company in reducing its cost and increasing its quality, customer satisfaction, and positive cash flow.
Recognize them for taking new initiatives for the growth of the company.
Tip #10: Performance Linked
Send your Star Performer on monthly party outings; send them to watch motivational movies, sports events, celebrations and much more.
These are several ways by which you can incentivize the Star Performers and influence other employees to raise their productivity.