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Gift card to a local shop they love or voucher for an experience is usually well received. I try to avoid materialistic gifts.
Hosted events or meals, awards or bonuses are always a nice way to show employee appreciation.
I like my employees to feel valuable to the company, so I usually congratulate them and motivate them with gifts when they do a good job.
When one of my employees does wrong I first get very angry and call him to the office, and when he comes in I immediately change my face and tell him that I understand his mistake (as long as it is acceptable), then I show him those moments when he did well and not to be discouraged, anyone can make a mistake.
Every last Friday of the month I invite them to lunch at a good restaurant, we do that during working hours and 2 hours before finishing, that is to say, we go to lunch and everyone goes home or we stay for a drink.
When I find out that someone has a family problem or a sick relative, I give them a hand, talk to them, advise them and tell them that the company is open for whatever they need. I have workers that have been with me for more than 20 years and I feel that their loyalty comes from there.
Every 3 months we have a theme party, the last party was a party about Charlie, Charlie is one of my employees but he had been very sick, so everyone came dressed up as Charlie, it was a very entertaining party and it was a beautiful welcome for our colleague.
In our company, we manage the employee of the month strategy, but apart from that I have a small bonus for each employee who does well, not everyone can stand out, every 6 months we do an Oscar-type award ceremony and there we give out diplomas with the bonuses and everyone attends dressed as if they were attending the Oscar awards.
I find that gift cards and time are most appreciated. If you have the ability to offer paid half days off and things like that, do it. Staff that aren't burned out work much better.