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How To Reward Employees Without Breaking The Bank

How To Reward Employees Without Breaking The Bank

It doesn’t have to be expensive when rewarding your employees

Whether you are managing three personnel or a team of thirty, recognizing and rewarding the accomplishments of your employees is critically important. Taking the time so say “job well done” will not only help boost morale, it can also prevent turnover.

However, while reward vouchers and bonus schemes are the norm, the recent economic challenges dictate small business owners to seek more cost-effective alternatives to reward employees.

So how do you generate that same level of satisfaction, motivation and loyalty without busting the budget? Here are effective, low-cost ideas that will boost morale:

Dinner Certificates

Whether it is a certificate for dinner for two or for a group of four, employees can look forward to enjoying the company of loved ones and friends. Make sure not to pay for alcohol but make the necessary arrangements for the restaurant to send the bill to your office.

Event Tickets

Are there any special events in town? Your employees may want some time off and enjoy a free pass to the symphony or go to a theatre show.  Your company can acquire special promotional tickets, which are often offered free, such as preview events of movies.

Start Traditions

Even in managing small organizations, starting traditions is a great and effective way to bring people together. A community within a workplace is certainly no different. Consider hosting annual holiday parties as well as schedule regular outings with employees. This will make your employees feel like a team and create that sense of camaraderie outside of work; this will help people work more efficiently while on the job.

Make It Public

There are a myriad of ways you can say “thank you” or “good job” to your employees. However, do not just do it behind closed doors, do it publicly. People in general love being acknowledged for their hard work and effort, especially in front of their peers. Designing a corner for a “Wall of Fame” for the top performers of the month is also a great idea.

Non-Monetary Perks

Whether you are a small business owner or an office manager, you have likely enjoyed certain perks, whether it is an executive parking spot or an office with a view. Instead of digging into the company funds to reward an employee, consider granting some exclusive benefits for the top performers every month, all without compromising productivity. This could include granting a few days to work from home or a “free” day off.

Flexible Hours

Flex-time is easily one of the most popular and widely preferred rewards that does not cost a fortune. Consider granting deserving employees flexibility of work time and even the reward of taking long lunches or an afternoon off so they can attend their kid’s soccer game or visit the dentist. This may not mean much to the company, but it can make the lives of employees less stressful and their work hours significantly more productive.

When it comes to rewarding employees, it does not have to be expensive. In fact, it doesn’t even have to come with a monetary value. The key here is to be creative and constantly think of ways to offer incentives and rewards that your employees will actually look forward to and appreciate.

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