6 Non-financial ways to reward employees for great work
Small business owners know that happy employees can often mean a productive, profitable company. Positive reinforcement is the best way to keep up employee productivity and morale. According to the Wall Street Journal, recognition of employee accomplishments also helps to reduce turnover. A raise or bonus is a great way to recognize good work, but it can be a challenge to reward employees when money is tight. As part of financial literacy month, here are six ways to reward employees without breaking the bank.
Reward with an extra PTO day
You can let employees choose or specify a day off. It’s a great incentive for employees, because they can use the extra day to extend a vacation or visit family for the holidays. Plus, it’s a good alternative to a financial reward because it still shows your appreciation for their hard work.
Send a company-wide email
Acknowledging individual accomplishments to the whole company has two advantages: You praise the employee who is being recognized, and you incentivize others to strive for the same recognition. Make sure the email mentions specifically what the employee did to earn the kudos.
A work from home day
Allow employees who go the extra mile to work from home on a day of their choosing. Employees can use the day if they have a medical appointment, need to go to parent teacher conferences, or just to get a break from their commute.
Send a handwritten note
Taking the time to sit down, write a note, and send it through the mail has become a rarity. Sending a note to an employee that describes how their actions or efforts benefited the company can be very meaningful.
Team volunteer project
Let the employee you want to recognize choose their favorite non-profit and schedule a team volunteer project. This is a great way to thank your employee while also building overall team morale.
Offer career development
To demonstrate how much the company values employees who go above and beyond, offer rewards that allow them to learn new skills or develop their careers. Give them the option of choosing a workshop, conference, webinar, etc. that will allow them to strengthen their skills in a subject that interests them.
Lunch is on the boss
A tried and true way to offer your thanks is to take the deserving employee out to lunch. This gives them some one-on-one time with you, the boss, and allows you to express your gratitude in person.
Keep these tips in mind
- Recognize employees when they deserve it, rather than on a set schedule.
- Employees expect to get feedback on their performance during their annual review, but praising them at random times throughout the year is more impactful.
- There’s nothing wrong with recognizing three employees in one month and none the next, if that’s what their accomplishments dictate.
Keeping your eye out for employees who deserve some recognition and using these cost-effective methods can help you boost productivity, morale, and retention while keeping costs low.