The way you treat your employees determines how they attend to your customers and more importantly, if they will serve you in the long term. One of the ways to retain your best talents is by recognizing and rewarding exemplary performance. Many small businesses and startups find this difficult especially when they are operating on a small budget.
However, employee recognition doesn’t have to be financially straining for your company. The goals is to make the employee feel that their contribution to the business has been noticed and is valued by the management. While bonuses and salary increment are great ways to appreciate your employees, they are not the only means for employee recognition.
Here are other ways to reward employees on a budget.
Don’t underestimate the power of “Good job” on your employee.” Sometimes that’s all they need to stay motivated and have a high morale at the work place. It may seem like an insignificant compliment but it shows that you have taken notice of their efforts and appreciated it.
The best employees want to feel that they are adding value to your business and it doesn’t always have to take the form of monetary compensation. Verbal praise could be all they need to feel important and valued.
Being generous with your compliments doesn’t cost a penny but could greatly improve the morale at your workplace.
Opportunities for career growth
Chances are your best-performing employees are ambitious and want to grow their careers. You can recognize and reward your best talents with opportunities for career growth. Give them that leave they have been asking for to advance their education.
Additionally, you can offer to carter for their professional development training and courses which is often a one-off payment as opposed to a salary increment that calls for the adjustment of the payroll. You can also partner with sites like Usascholarships.Com and get scholarships for your best-performing employees.
Employee of the month
Having an employee of the month is a low-cost way to reward employees to recognize and reward your hard working employees and also put a face to the success of your company. The reward should come with a small token like lunch treats, better parking, a feature on the company magazine and social media platforms.
This also makes for a good way to engage with your customers and get their feedback.
This is one of the best ways instantaneously reward an individual or a team that has been working hard on a project and have executed it successfully. This can be anything as simple as a surprise pizza takeout or a lunch treat for the team to something more elaborate like a day off or extended leave days.
This shows your employees that you have noticed the work they have put into making the project a success. Treats like these go a long way into motivating your employees to put their best efforts into their work.