Let’s be honest, when it comes to bonuses, nothing feels sweeter to staff than a significant pay rise. However, if your cash flow can’t handle it, there are ways to reward high performers without breaking the bank.
Smart business owners know that modern day employees can also alternative rewards, nearly as much as cold hard cash. Here are four ways you can motivate your team more ‘creatively’.
Growth and promotions
Career progression is an excellent way to recognise employees.
High performing employees should be given the chance to develop their careers and their professional skills.
Most employees are happy to be recognised for their efforts and very much value the autonomy, authority and training that come with growth and promotion.
Verbal and public recognition
A genuine pat on the back, a public ‘well done’. It allows people to feel more connected to their work and their employer.
“In today’s boiler pot economy, time is just as good as money.”
A simple acknowledgement of a job well done can mean a lot. To know they are doing meaningful work is profoundly important to people.
While some companies publicly acknowledge great work through company emails, others use internal events to shout-out the employees who have made a significant impact.
Some companies run points programs that employees can collect over time for meeting various goals, which can be redeemed instantly or saved up for bigger and better rewards. Points can be traded in for gift certificates, weekends away or to buy more days off.
Volunteering for cross-functional projects, working overtime and mentoring graduates can be good ways for people to gather points.
Time off and flexible hours
As the old saying goes ‘time is money’. However, in today’s boiler pot economy, ‘time is just as good as money’.
Employees with children value more time with their families. Flexibility is also an extremely welcome, non-financial reward for most workers.
Be your own king
Don’t be afraid to think differently. Talk to your employees to find out what motivates them – apart from money. With a few simple tweaks to your performance rewards package, you could get the best reward: a motivated and engaged workforce.
Article by Niamh Linehan.