10 Effective but Inexpensive Ways to Incentivize Employees
Giving every employee a raise and providing lavish company lunches each month isn’t really possible for companies. The good news is though if you’re looking for ways to recognize and acknowledge your employees it doesn’t require breaking your bank account. While it may be cliche, it is true that it’s “the thought that counts” and straightforward, thoughtful gestures have been proven to do wonders when it comes to expressing your gratitude.
So, with that in mind, here are a few effective ways your company can possibly reward your employees:
- Openly Recognize Employees
Public recognition of an employee’s efforts is one of the easiest and most effective ways to boost morale and productivity. By publicly recognizing them, you not only acknowledge them but also make them, and by extension everyone else. realize that they truly are valued.
- Have A Party
Order some meals or host a potluck for the office at regular intervals. If you want to have some extra fun, throw a surprise party where you’re cutting cakes and hanging balloons for fun things like birthdays or to let off some steam for completing big projects. It will give everyone a break, let them relax and get to know everyone else on the various teams.
- Say a Private “Thank You”
It does not cost a company much to say “thank you” to an employee with a card, a handwritten note, some flowers, or a gift card to their favorite restaurant. It’s a quiet way to build loyalty.
- Invest in the Best Equipment
Provide your teams with a better desk or chair and give them the most updated computers and monitors you can afford. By providing them with the best equipment, and asking them to inform you when they need an upgrade or for them to tell you about any equipment or tech that would simplify their jobs, you’ll make their work life easier and more enjoyable.
- Give a Day Off
Give your hardest working employee a paid day off and don’t make it count against their regular vacation days. Also, give them the freedom to use this day off when they want to, but encourage them to do something fun and relaxing with it. They will be grateful and come back recharged.
- Provide Flexibility
If it’s feasible, allow your employees a flexible work schedule or allow them to work from home on occasion. After evaluating workflow and such, some companies have realized they really only physically need everyone in the office one or two days a week, so they are able to give them the freedom to be flexible for the remaining days. Can you?
- Provide Extra Services
Investing in professional services such as a nutritionist, a yoga specialist, a professional masseuse, a life coach, a personal trainer or something along those lines you will help your team become healthier mentally and physically and productivity and employee retention will both usually increase quite a bit.
- Give Them a Break
Above it was mentioned about providing an extra day off. Perhaps this isn’t possible, but what about providing your people with a day when they can get their breaks, like lunch, doubled? Could an extra 30 minutes or an hour really make a difference for them? Perhaps and if so, it will be appreciated.
- Vouchers and Gift Cards
While a bit more costly, don’t overlook the value of providing the occasional amazing coupon or gift card. While some ideas can be one-time larger gifts, others can be more affordable. Some ideas to try are:
- Pay for a college class or and e-course subscription (Udemy, Skillshare, etc.)
- Car wash and detail coupon.
- Movie tickets
- Concert tickets
- Maid service for their homes
- Observe the “Little Things”
If your organization has employees who are performing well and not complaining, despite great workloads, take out time to celebrate their accomplishments. It doesn’t have to be a specific event and it’s probably best if it isn’t, but instead let them know their amazing work speaks on its own. Take them out to lunch, give a thank you note here and there, by doing so, you’ll make these employees realize that you value their dedication and the hard work they put in.
So, there are a few effective but inexpensive ways to reward your employees. Incorporating some of these ideas will raise morale and help your business grow.