10 Ways to Reward Your Staff Without Giving a Pay-Rise
Every business owner wants their employees to be happy at work and in their positions. Because when we are happy at work, we are more motivated, work harder, perform better and feel productive. Productivity drives business results and helps a company achieve its goals. So if you have employees who are doing a sterling job, you undoubtedly want to recongise their efforts and contribution, and thank them in some way. But what if you are lacking the resources to offer a pay-rise? Well, worry not as there are many other ways you can reward them. Yes – many of us would probably prefer money, but for some companies this just isn’t feasible yet. We teamed up with the experts over at Veritas Gifts who have come up with 10 ways you can reward your staff without offering a raise.
1) A vacation day
One good way to thank them is to offer one or two days holiday on top of their current holiday allowance, this allows them to book longer holidays, or for them to have the flexibility to take a break and do something they love whether that be lazing at home or enjoying a day out.
2) Vouchers
Vouchers are quite a popular way for employers to reward their staff, why not figure out what they love to do and get them something along those lines, whether it’s a Spa day or a supercar experience, they are bound to be over the moon.
3) Give them a new improved job title
For many people it’s not just about the money, it’s also about the promotion, or progression with many employees simply looking to work their way up, and a great way to allow them to do this is to give them a better job title, for example if someone’s an Account Executive, why not promote them to Senior Account Executive.
4) Training
Offering an employee some training courses out of work is a great alternative to a pay rise, as you are essentially helping them progress at a much faster speed. It will also help retain staff moral and keep them loyal to the company.
5) Take them out
Sometimes a good old-fashioned knees up is a great way to show your thanks, whether it be out to restaurant, a bar or something more extravagant, it shows them you care and you want to spend time with them.
6) Award them
Another alternative to a raise is to award them with corporate plaques and to make it known to everyone in the office, for example why not set up a company awards night, or take your team out and make a speech with the person in mind, this way they will love the feeling of accomplishment it has with it.
7) Write a letter of thanks
A personalised letter is also a great way to thank somebody as it is much more personal, especially it’s handwritten. Why not explain your thanks and send it to their home address, this way it comes across as much more personal than just putting it on their work desk.
8) Upgrade the desk space
Offering your employee a better desk space is something that can easily be done and shows that you believe they are ready to move up. If you can’t give them their own office, why not move them to an area with more space and perhaps better equipment.
9) Ask them how they would like to be recognised
If you’re unsure on how to show your employee that they are valued, you could always ask what they would like instead of a raise, as it may be that they would like more flexi time, a gym membership, or a longer lunch break which are things that you are able to offer.
10) Provide them with one on one mentoring
If they look up to you chances are, they will really value what you have to say on the industry you both work in. Perhaps you could arrange some one on one training sessions where you can enlighten them on how you got to where you are today, and to just generally offer some personal mentorship.
Recognition in the workplace is a powerful tool. It creates a positive work environment where employees challenge themselves to reach new levels of success. It motivates high performance and encourages employees to go above and beyond. And it increases morale.