10 Ways To Reward Your Employees Without Breaking the bank

10 cost-effective ways of rewarding employees

Your employees spend most of their productive hours in the office and work really hard. Needless to say, the hard work demands certain expectations. Employees are expectant of rewards usually in the form of promotions or appraisals for the hard work and dedicated work hours that they pump it on a daily basis. While it’s fair and acceptable that employees must be rewarded, it is not always possible to offer a raise or promotion. Hence it is important to use rewards as motivational tools to engage employees. Powerful ammo that comes in handy when engaging employees becomes challenging! Recognizing and rewarding your employees effectively is crucial for retaining top talent and keeping employees happy.

The key to successful employee rewards is being creative and thoughtful. Many companies have even begun to use rewards for recruiting as they’ve become a part of their company culture. We often think that rewarding employees means big bonuses, which can cut into organizational budgets. But recognition for a job well-done can come in all shapes and sizes.

Small tokens of appreciation given at the right moment not only provide well-deserved acknowledgement — they can keep your employees motivated. Let’s explore the art of saying “thank you” in new and innovative ways.

1.Get flexible:

Reward dedicated employees by offering flexible hours at work. Start with flex Monday and Friday schedules or find a way to accommodate it broadly in a weekly or monthly format. This vote of confidence in your employees’ ability to self-manage and get things done is a great acknowledgement and motivator.

2. Go remote

If your business can leverage from off-site employees, go ahead and do it! It’s a great motivator for employees and they are keen on sticking around. Offer telecommunication arrangements for your best and brightest. Working from remote locations the ultimate benefit, especially in busy metropolitan. Remote workers can skip the hassle of long commutes, tolls, parking hassles and overall the stress that comes with it. One energetic and happy employee in jammies can do better than two frazzled commuters in suits!

Kevin Shandarin — in his study “The Business Case for Remote Workmentioned that according to a Harvard Business Review, 40% of the existing worldwide workforce are virtual workers (people who work remotely). This is trending upward and will continue for several important reasons.

3.Reward effort despite failure

In our bottom-line world, we tend to focus on end results and not realize the effort involved in simply trying. The best way to keep employees trying hard and working toward success is to reward effort. Take a moment to discover who’s giving their all and find a small way to acknowledge those efforts personally.

4. Give a freebie

Recognize and reward a well-done job by offering a day or two of discretionary time off. Coordinate with HR to add the bonus as no-strings-attached vacation time. Once it’s on the books, send a card to your employee letting them know how they earned it. You can also allow employees to decompress by gifting them a spa voucher or an afternoon off- just to indulge in some comforting activities that will loosen them up!

5.Throw a party

If a group of employees or an entire department continues to do an amazing job and show great consistency, throw them a party. knock your socks off, have a party. Have your employees clear their schedules for an hour or two in the afternoon to prepare for a company or departmental meeting that’s really a party. Without pressing appointments, waiting clients and calls to return, employees can relax for a bit and enjoy themselves and each other.

6. Treat a lunch/bunch

Reward an entire department by treating everyone to lunch. Acknowledge a single employee by making a group reservation for her and five of her good friends or colleagues. Leisurely lunches are the best lunches — give your staff at least two hours to relax and enjoy themselves.

7. Make them a member:

Consider covering the cost of a year’s membership in the trade or professional association of your employee’s choice. Offer to make them a guild member or any professional or collaborative groups that align with their work. This sort of reward not only expresses your gratitude towards the employee but also creates valuable business connections down the road and helps them level up their skills.

8. Charitable giving:

Many of your employees are likely making charitable donations already. You can help them to amplify the impact they’re making by making a donation on their behalf, or matching a donation, as a meaningful reward.

9.Website or newsletter feature (internal communication) Feature:

Getting a public shout out never gets old. If you have a company newsletter or blog, writing up a small feature on an indispensable team member is sure to make them feel recognized and appreciated.

10. Say the magic words

A simple and heartfelt “thank you” goes a long way. Taking the time to call an employee into your office for the sole purpose of thanking them or sending a handwritten note in the mail is a personal and profound gesture. In our hectic, abbreviated and automated world, don’t forget the more human connections that make employees feel valued.

Whatever method of acknowledgement you choose, be specific about why you’re thanking your employee. What impressed you the most? What set this employee apart from peers in the office? What small detail or effort made all the difference in the project? Ultimately, your thank you should reflect what you’d like to see more of in all your employees.

Welcome! My blogs are mainly centered around employee engagement, satisfaction & health. Hope you like my content. Cheers!