6 Ways to Reward Employees Without a Pay RaiseOctober 25, 2016 - By: Andrea Meyer
While receiving an annual bonus paycheck or a raise is a good incentive for your employees to work harder, it’s also important to reward employees throughout the year in other ways. Non-cash rewards play a big part in employee recognition and can go a long way.
Consider this: In a recent Appirio survey of over 650 respondents, 55% of workers said they value receiving a “thank you” from their managers for a project well done, while only 8% said they would feel disappointed if the same project didn’t result in a cash reward.
Outside of saying “thank you,” there are plenty of ways to recognize employees without spending money. Keep it simple or get creative, but no matter what, stay consistent. Here are some ideas for non-monetary rewards to help get you started.
1. Praise employees verbally. It costs you nothing and will resonate with employees in a lasting way. Providing words of encouragement frequently is a good way to boost the morale of your employees. Most employees are accustomed to hearing what they need to improve, so when they receive praise, it really stands out and lets your employees know you value them.
2. Arrange a pitch-in. A company luncheon is a great way to strengthen camaraderie within your team. Have each employee sign up to bring in a favorite dish. Use the time together to highlight employees who have been working hard or celebrate the end of a lengthy project. Also, socializing with management is a great way to connect with the team on a new level.
3. Make a company-wide announcement. Receiving public praise from the top dog will most certainly make your employees feel special and appreciated. Consider having the CEO use the company newsletter to acknowledge a job well done by teams and/or team members.
4. Write a hand-written note. Surprise your employee with a hand-written “great job” by placing it on their desk before he/she arrives for the day. The effort and thoughtfulness of a good old-fashioned, hand-written card will show the employee that hard work is noted and appreciated.
5. Create a brag board. Use your creativity to make a dedicated space on a wall that everyone can see to feature your employees who have achieved something deserving of recognition. While this may seem like an elementary idea, public recognition is a great way to make an employee feel special.
6. Trust your employees. For some people, the only reward they need is to truly feel valued and trusted. Show your employees that you notice their hard work by giving them added responsibilities or new projects that you know they can handle.
Who doesn’t like a “pat on the back” occasionally? These ideas will show your employees that you appreciate their hard work. By recognizing your employees more frequently, a stronger sense of trust will develop in your company, which in turn will result in greater employee satisfaction and retention. Your sincere “thank you” delivers a message of gratitude and recognition without the need to spend a lot of money to make your employees feel appreciated and valued.