{"id":214134,"date":"2022-02-22T14:19:31","date_gmt":"2022-02-22T01:19:31","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=214134"},"modified":"2025-02-18T16:54:30","modified_gmt":"2025-02-18T03:54:30","slug":"how-reward-employees-nz-startup","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/startups\/how-reward-employees-nz-startup\/","title":{"rendered":"How Can I Reward My Employees in an NZ Startup?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">It is vital that, as an employer, you reward your startup employees and recognise them for their hard work and efforts. Employee rewards can come in a variety of forms. Rewarding employees through ways they will appreciate is a way to motivate, satisfy and retain them. This article will outline ways to reward your startup employees, including financial and non-financial rewards.<\/span><\/p>\n<h2>How Rewards Can Be Beneficial<\/h2>\n<p><span style=\"font-weight: 400\">You should create a company culture that recognises employee performance and efforts. Without rewards and recognition, employees may be undervalued and demotivated, pushing them to be unproductive. Therefore, rewarding them is the easiest and most effective way to show appreciation for their hard work. Rewards motivate employees, and the happier the employees, the better the workplace environment. Thus, you need to reward employees to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">retain employees;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">increase job satisfaction;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">form a positive team and company culture;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">decrease absenteeism from employees;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">increase customer service;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">increase employee engagement, productivity; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">encourage high and above-average performance.<\/span><\/li>\n<\/ul>\n<div class=\"box box--icon box--idea\">\n<p><span style=\"font-weight: 400\">If other employees see one employee receiving recognition, it will incentivise them to work to a higher standard. By showing that you appreciate your employees through rewards, employees will receive higher job satisfaction and be less inclined to leave your company.\u00a0<\/span><\/p>\n<\/div>\n<h2>Financial Rewards<\/h2>\n<p><span style=\"font-weight: 400\">Financial rewards are a common way to reward and motivate employees for their efforts. It inspires employee loyalty and can increase productivity if employees know what they work towards. As a startup, your business may be small and therefore have limited ability to compete with market-rate salaries to attract talent. However, there are several ways to structure your financial rewards to be attractive. For instance, some examples of financial rewards include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/legalvision.co.nz\/employment\/wages-protection-act\/\"><span style=\"font-weight: 400\">wages or salary raises<\/span><\/a><span style=\"font-weight: 400\">;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">commission based incentives;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">bonuses;<\/span><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/legalvision.co.nz\/employment\/summary-of-leave-entitlements-new-zealand\/\"><span style=\"font-weight: 400\">paid time off<\/span><\/a><span style=\"font-weight: 400\">;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">share options;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">retirement benefits or plans; or<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">profit-sharing arrangements.<\/span><\/li>\n<\/ul>\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/21140438\/NZ-Startup-Manual-251x360-2.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">NZ Startup Manual: A Legal Handbook For Founders<\/div>\n            <div class=\"body-text\">\n                <p>Essential reading for anyone building their startup. This free guide includes practical advice and seven real-life case studies.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/NZ-Startup-Manual.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 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However, there are still several non-financial rewards you can offer. Non-financial rewards often cost little money, but employees may appreciate them more than a financial reward. You can also ask your employees what rewards they would prefer so that the reward given is appreciated and can have a positive impact. Some examples of a non-financial reward include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">paid lunch;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">team events such as a BBQ, lunch, or bowling &#8211; the options are endless;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">professional development and training &#8211; invest in employees who are willing to learn;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">one-on-one mentoring;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">vouchers or discounts for coffee, gym membership, etc.;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">movie tickets;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">flowers;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">free parking or covering transportation costs;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">positive feedback;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">saying thank you;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">social media recognition &#8211; posting online about the employee of the month, for example;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">recognising employees at a staff meeting; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">promotions.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">You can establish employee recognition programs with a defined process for recognising employees who have gone above and beyond. For example, the program may identify the employee of the month through their previous work.<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">Having an employee reward program is also an option with an automatic reward system. For example, if an employee makes a certain number of sales, they will receive a gift voucher. Having such programs can be beneficial as the system is automated and standardised so all employees can receive the same rewards.<\/span><\/p>\n<\/div>\n<h2>Which Employees Should I Reward?<\/h2>\n<p><span style=\"font-weight: 400\">It is not sustainable to reward employees for simple tasks such as showing up on time. Giving rewards too freely may become costly and cause employees to feel entitled to a reward whenever they have completed a task. Therefore, you must recognise which employees truly deserve recognition for their extra work. By identifying such employees and rewarding them, other employees may feel motivated to work to the same standard, which can increase your startup\u2019s output and productivity in the long run. Accordingly, you can identify these employees by looking out for behaviours such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">being always ready to help even if it means they have to do extra work;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">working overtime or giving up their own time to work or help colleagues;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">regularly hitting or exceeding goals and objectives; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">working at your company for an extended time, demonstrating employee loyalty.<\/span><\/li>\n<\/ul>\n<h2>Key Takeaways<\/h2>\n<p><span style=\"font-weight: 400\">Rewarding your employees is a pivotal step to motivate, retain and satisfy your employees. When employees receive rewards for their hard work, they feel recognised and are more inclined to keep working hard while motivating others around them to do the same. Your employee turnover may be high without a reward and recognition system, directly impacting customer service quality. Rewards can be financial or non-financial. However, you must reward employees in a way that they will appreciate. It is also essential to recognise the right employees who deserve to be rewarded rather than rewarding every employee just to motivate them.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you need help with rewarding your employees, our <\/span><a href=\"https:\/\/legalvision.co.nz\/startup-lawyers-lp\"><span style=\"font-weight: 400\">experienced startup lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.nz\/membership\/\"><span style=\"font-weight: 400\">membership page.<\/span><\/a><\/p>\n<h2>Frequently Asked Questions<\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1645492048144\"><h3 class=\"schema-faq-question\">Should I use a financial or non-financial rewarding method?<\/h3> <p class=\"schema-faq-answer\">This depends on what your employees may prefer. For instance, you can send out a survey to all your employees asking them how they would like to be rewarded. In recent years, employees have tended to be more motivated by non-financial rewards; however, some employees are only motivated by money, which is vital to recognise.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1645492055000\"><h3 class=\"schema-faq-question\">How can I give rewards as a small-scale startup?<\/h3> <p class=\"schema-faq-answer\">Understandably, you may not have a large budget to spend on rewards as a small-scale startup. Therefore, in cases like this, internal and non-financial rewards are the best way to go. For example, you can reward employees through promotions, posting about their hard work on social media, or congratulating them in a team meeting. Social recognitions such as these will significantly motivate employees and help them feel seen and recognised.\u00a0<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>It is vital that, as an employer, you reward your startup employees and recognise them for their hard work and efforts. Employee rewards can come in a variety of forms. Rewarding employees through ways they will appreciate is a way to motivate, satisfy and retain them. This article will outline ways to reward your startup<a href=\"https:\/\/legalvision.co.nz\/startups\/how-reward-employees-nz-startup\/\">Continue reading <span class=\"sr-only\">&#8220;How Can I Reward My Employees in an NZ Startup?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":201696,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"209086,213469,204021,203489,209787,206939","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[10],"tags":[24,1366,1381,1389,1390],"class_list":["post-214134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-startup","tag-startup-founder","tag-startup-employees","tag-rewarding-employees","tag-employee-benefits"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Can I Reward My Employees in an NZ Startup? | LegalVision NZ<\/title>\n<meta name=\"description\" content=\"Are you a startup founder wondering how to reward your employees to retain top talent? 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This article sets out some useful ideas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/legalvision.co.nz\/startups\/how-reward-employees-nz-startup\/\" \/>\n<meta property=\"og:site_name\" content=\"LegalVision New Zealand\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalVision\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-22T01:19:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-18T03:54:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/01\/11151113\/mimi-thian-VHQ0cw2euA-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1772\" \/>\n\t<meta property=\"og:image:height\" content=\"1329\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zaakirah Nabi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LegalVision_law\" \/>\n<meta name=\"twitter:site\" content=\"@LegalVision_law\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zaakirah Nabi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/\"},\"author\":{\"name\":\"Zaakirah Nabi\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#\\\/schema\\\/person\\\/e2c5d60479c8fa82bd33c2862cc394d1\"},\"headline\":\"How Can I Reward My Employees in an NZ Startup?\",\"datePublished\":\"2022-02-22T01:19:31+00:00\",\"dateModified\":\"2025-02-18T03:54:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/\"},\"wordCount\":997,\"publisher\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/img.legalvision.com.au\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/01\\\/11151113\\\/mimi-thian-VHQ0cw2euA-unsplash.jpg\",\"keywords\":[\"startup\",\"startup founder\",\"startup employees\",\"rewarding employees\",\"employee benefits\"],\"articleSection\":[\"Startup Articles\"],\"inLanguage\":\"en-NZ\"},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/\",\"url\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/\",\"name\":\"How Can I Reward My Employees in an NZ Startup? | LegalVision NZ\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/startups\\\/how-reward-employees-nz-startup\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/img.legalvision.com.au\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/01\\\/11151113\\\/mimi-thian-VHQ0cw2euA-unsplash.jpg\",\"datePublished\":\"2022-02-22T01:19:31+00:00\",\"dateModified\":\"2025-02-18T03:54:30+00:00\",\"description\":\"Are you a startup founder wondering how to reward your employees to retain top talent? 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For instance, you can send out a survey to all your employees asking them how they would like to be rewarded. In recent years, employees have tended to be more motivated by non-financial rewards; however, some employees are only motivated by money, which is vital to recognise.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/startups\/how-reward-employees-nz-startup\/#faq-question-1645492055000","name":"How can I give rewards as a small-scale startup?","acceptedAnswer":{"@type":"Answer","text":"Understandably, you may not have a large budget to spend on rewards as a small-scale startup. Therefore, in cases like this, internal and non-financial rewards are the best way to go. For example, you can reward employees through promotions, posting about their hard work on social media, or congratulating them in a team meeting. 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