Rewarding your employees for a job well done is more than a touchy-feely exercise. It goes a long way toward demonstrating your commitment to recognizing excellence in the workplace. Plus, rewards and recognition show you’re dedicated to employees’ professional development. They’re not just worker bees — they’re people whose contributions make a difference to their peers, superiors, and the company’s progress.
Of course, not every organization can pay out substantial bonuses. And even if your company does, extra cash isn’t the only way to recognize employees. A well-rounded rewards and recognition program also uses non-financial incentives to show appreciation. Interested in learning how to implement cost-effective ways to reward employees? Read on.
1. Start a Discount Program
It goes without saying that your team members have lives outside of the office. They have homes and families to take care of. While each of their personal lives may look different, there are certain universal lifestyle needs among them. Your probably employees want to travel, upgrade their home appliances, and mitigate future risks with long-term care insurance. Other everyday necessities, such as internet and wireless phone service, take a bite out of their take-home pay.
A corporate discount program is a low-cost way to provide your team with more economic solutions to household expenses. These programs are another way besides annual raises to recognize people who work hard. No matter what salary they earn, they’ve got a budget to stretch. And with the rising costs of routine expenses, access to discounts means their paychecks stretch further.
Team members can budget for the big (and fun) stuff, too. Being able to take a family vacation to a world-renowned resort and buy a new home computer makes a difference. Discount programs rarely cost employers much in time or financial resources. However, these incentives add to an employee’s overall compensation package by helping them save. Discount programs are a streamlined way to say thanks while letting workers personalize their rewards.
2. Shine the Light on Exceptional Performance
Gallup’s data says one in three U.S. employees strongly agree they received recognition or praise for doing a good job. That’s within the past seven days. Now imagine toiling away at your job and crushing expectations without getting any positive feedback for weeks on end. Would you lose your motivation to keep going? Probably.
Employees want to know what they’re doing is making a difference. They want their work (and the recognition that comes from it) to be meaningful. Non-financial recognition can easily outshine cash rewards in the meaningful category. For example, employee spotlights summarize someone’s outstanding achievements while sharing them with the team.
Employee spotlights show the person behind the job title and their contributions. This form of recognition can go on the company’s blog, website, and social media sites. If you have internal newsletters, employee spotlights can also be in those communications. Peers and leaders have an opportunity to say how an individual contributor makes an impact while inspiring others to achieve.
3. Give Employees Flex Time
There are times when putting in extra hours at the office is necessary. You’ve got a looming project deadline. The week’s workload demands are higher than usual. Or the team needs to get a jump start on tasks with fewer interruptions. Whatever the case, putting in additional time can lead to burnout.
While employees might cross additional items off their to-do lists, they may need to recoup. If they’re salaried, they may also feel taken advantage of. The desire to balance the scales between extra effort and downtime will surface. This is true even if someone is paid overtime. Recognizing an employee’s hard work with flex time is a way to give them balance.
Flex time can come in the form of an additional paid day off or a late start. Employees could also wrap up early and take a longer lunch. They can use the time to run errands, spend time with their families, or simply recoup. Letting your team choose how they want to take their flex time allows them to individualize it. This approach acknowledges the additional time they’ve put in while trusting them to manage their workloads.
Also read: Trending Presentation Topics For Employees
4. Put Small Gifts Together
A simple thank you can do wonders. It shows you’ve noticed a team member’s work and value it. A thank you lets employees know they’re not invisible and just another cog in the corporate wheel. Less grandiose tokens of appreciation can boost morale, becoming the fuel a contributor needs to keep going.
Of course, constantly saying you appreciate what someone is doing may not be enough. But another cost-effective way to extend your appreciation is to put together gift baskets with personalized thank-you notes. For instance, maybe someone on the team recently adopted a new pet. A thoughtful basket could include gift cards to a pet store for the essentials and a puppy training class.
Your note might reiterate what value the person brings to the team. Simultaneously, your words could acknowledge the new challenges they might now face outside the office. You’re showing your support of an employee as a whole person. Gift baskets could also include nods to a team member’s interests and hobbies, such as indoor rock climbing. If a team member is recovering from an illness, a get well gift can demonstrate your care and concern. Putting them together doesn’t cost much and showing you know who your employees are as individuals.
5. Cost-Effective Recognition
Recognizing employees with more than a paycheck is a vital part of retention. It encourages good work and can add meaning to a team’s contributions. Although financial rewards can boost performance, more cost-effective forms of recognition may have a longer impact. These rewards supplement income, make employees feel seen, and support their reasons for enjoying their work.
