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Tips for Rewarding Employees When You’re On A Tight Budget

 

A lot of companies make the mistake of believing that employee happiness can, or should be bought—so they don’t make worker satisfaction a top priority.

Fortunately, money isn’t the only motivating factor, and often, it’s not even the best. There are plenty of inexpensive and free ways you can reward your employees for their hard work:

1. Say thank you. Never underestimate the power of gratitude. A simple thanks can make someone’s day, and help them feel that what they do at work matters. But don’t just say thank you and walk away—make it personal. Thank your employees for something specific, and tell them why you appreciate it.

2. Write it down. A handwritten thank-you note, or even a personalized email, can mean a lot to employees. Putting down your appreciation in writing gives employees something tangible they can show to others—which both increases their satisfaction, and motivates other employees to strive for better performance so they can receive thank-you notes.

3. Ask for—and use—employee feedback. The happiest employees are those who feel they have a real impact on the company they work for. What’s more, your employees have insights into your customers and the day-to-day activities of the business that you may be removed from. An employee feedback program that actually implements suggestions is a positive motivator for everyone.

4. Celebrate successes. When an employee, a team, or the whole company accomplishes a great goal, it’s the perfect time to celebrate. There are plenty of inexpensive ways to do this: order lunch for everyone (pizzas are a good, non-budget-breaking choice), have an afternoon dessert break, declare a casual day, or let everyone leave a few hours early on a Friday.

Offering small, inexpensive, but meaningful rewards to your employees keeps them happy and motivated to continue doing a great job. It’s worth your time and effort for improved productivity, a better workplace culture, and increased profits.

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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