Your company is doing well, and while you certainly consider your employees a crucial part of its success – heck, without them your company likely couldn’t exist – but you simply can’t reward them with additional cash as often as you may want. This is especially true if you’re a small business. Still, you do want to create and sustain a motivated, efficient, and productive work environment, which means regular rewards of some kind. With that in mind, here are some employee rewards strategies that don’t require cash to consider.
Personally Praise Them
When a top exec takes the time to personally let a high performer, or an employee who recently pulled off an important assignment, know that they’re crushing it, that one-on-one time could go a long way toward encouraging that employee to keep it up — and do even better. Such a gesture takes minimum effort, but could reap great reward.
Beyond the occasional, albeit effective, times an employee gets accolades from one of the higher-ups, the company should have a built-in system wherein employees are frequently recognized. Maybe that means recognizing employees at meetings, hosting an Employee Appreciation Day, or carving out a section in the company’s newsletter for individual achievements. In this kind of milieu, employees will go the extra mile to get things done together.
Change Their Titles
One way to reward employees who have been busting their tails to gain new heights is to suggest a new job title. Maybe an employee who has been taking on additional tasks might like a new job title that’s more commensurate with their recent performance. It doesn’t have to be anything drastic; just something that could give that employee more confidence and motivation.
Give Them More Work
What’s that, you say? Exactly. Sometimes employee rewards come in the form of more responsibility. Why? Because that shows that you trust him or her and appreciate their efforts. Take the time to meet with the employee and figure out what that person envisions themselves doing – or would like to do – within the company and see what you can to prepare the employee to grow toward that goal.
You can reward employees with opportunities to attend classes or workshops that can help them learn how other parts of the company works. This is conducive to growth and lets the employee know that you appreciate their workplace contributions. Such opportunities also keep the employees engaged and invested in the company’s success.
There are times when the most seemingly insignificant of efforts are just as meaningful as the big, grand ones. Small perks or gestures interspersed throughout the day are a sure-fire way to make certain your employees feel valued and rewarded, day and day out. Whether it’s reserved parking spots, a surprise catered lunch or bespoke uniforms, again, you’re keeping your employees motivated and “into” the company.
Who couldn’t use a little unexpected time off now and then? You can reward your employee at the conclusion of a tough assignment by letting them kick off for a day or two, which not only communicates to them your appreciation, but gives them time to rejuvenate and chill. They’ll surely appreciate you for it.
Now that you’re aware of employee rewards strategies that don’t require cash, you can go about fostering a motivated workforce through means that won’t torpedo the bottom line. It’s important to let team members know that you appreciate what they contribute to the company, and now you have a variety of ways to go about it. They just might even value those ways more – and show it by sticking with you.