Psychological paychecks have always been important, but never more important than now. Their cost is next to nothing, yet the value is inestimable. Right now, you may not be in a position to give your team members more in terms of tangible rewards. Increases in pay or benefits may not be possible.
But there’s no limit to the intangible rewards you can provide your coworkers. These psychological paychecks require little effort on your part (unless you’re not used to handing them out) and cost your organization nothing.
They represent an excellent way to compensate your people for the extra effort required of them during difficult times such as now.
Don’t underestimate the value employees place on simple things such as a word of encouragement or compliment from you. Give them a listening ear, and show empathy. Ask their opinions about things. Call them by their name, ask how their family is surviving the pandemic, say positive things when they demonstrate the right attitude and effort, express appreciated for quality work, timeliness, and initiative.
When you huddle online single out individuals and give them a word of praise or commendation for good job performance.
This kind of recognition has many far-reaching benefits, particularly during periods of transitions. There’s a real payoff for you, your team member, and your company.