Rewarding and acknowledging employees is essential to maintain a happy and productive workforce. However, many organizations underestimate just how valuable recognition is. Or perhaps the importance is known, yet financial resources are limited. Fortunately, money is not the only means to reward employees. Check out these five cash-free ways to show appreciation.
1. "Thank You" notes
The "Thank You" note. It may sound common, but a report by Employee Benefits Magazine found that 71% of employees would actually forgo a higher salary to work for an employer who regularly said, "thank you." The only cost is a little time and a few keystrokes to send out a "thank you" message and make your employees feel recognized and special. This is an easy and budget-friendly option. Rewarding your employees without money is definitely possible and might actually be more effective in the long run. See how Fairmont Royal York, with over 1,200 employees, says thank you and appreciates hard work.
2. Personalized rewards
Rewards mean far more when they’re personalized for each employee. Consider having employees respond to a survey that covers little details like what their favorite snack is or what their hobbies are. This knowledge provides a deeper awareness of the types of rewards your employees actually desire. Tickets to a touring Broadway musical may appeal to some while others prefer passes to a sunny baseball game.
3. Paid Time off
All employees welcome a little time off. Consider offering a floating holiday as a reward. While it may be necessary to give some guidelines for when that day can be taken, let the employee choose when to use it. Maybe that extra day will let them take the 7-day cruise they’d always dreamed of. Just a little extra time off can make a huge difference in the happiness of your employees and their families.
4. Flexible hours
While many companies are offering flexible work hours as the standard, that isn’t always possible in some industries, like manufacturing. If flexible hours aren’t possible to create as a staple, offer them as a reward. Maybe an employee who went above and beyond on a project could have flexible work hours for a month. There may need to be some guidelines to ensure their co-workers aren’t burdened by this reward. But there’s also a bonus to your company with this reward: you’ll get a chance to see what flexible hours could look like for your organization and how they get used.
5. Casual Friday on Monday
Or any other day in addition to Friday. Again, this may not be ideal for every industry, but for employees who can take advantage of an extra day of casual dress, it can strengthen the culture and doesn't require any of the company's financial resources. Want to take it a step further? Allow the employee to choose the day instead of designating one.
Even if your company has cash to reward employees, try introducing intangible alternatives. According to Dave Peer in Incentive Magazine, “cash is not a motivator. It’s a compensator.” Cash does not ignite a change of behavior like special rewards do, so don’t be afraid to think outside the box to uniquely reward your employees for a job well done.
It's time to reward your employees and engage them inside your company by providing the communication tools that you and your employees are hoping for to connect and engage. Submit the form below to find out more about Beekeeper - the communication tool for teams that helps you reach and connect everyone in your organization and reduce communication costs.