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10 Ways to Reward Your Employees without Breaking the Bank

Hand held medal against a stormy skyEmployees are the ones to make sure that everything in the organization is running smoothly. Therefore, it makes sense to reward them now and then for their hard work. Besides, making sure they know that you appreciate their input in the company increases their motivation, productivity, and trust. recent study found that 90% of employees who received appreciation or recognition from their boss displayed a higher level of trust in that particular employer while only 48% of those who didn’t receive recognition said that they trusted their managers.

 

Reward your employees. don't spend all the cash


But, even with the known benefits of appreciating performance among employees, just 3 out of 10 American employees stated that their good work was recognized in the last week. So, why do some employers fail to reward exemplary employees? Most fear spending too much on rewarding their workforce.

On the contrary, you don’t have to break the bank doing so. This article will show you ten employee recognition ideas you can do without straining your company resources.

 

Create Customized Employee Recognition Awards

Lots of companies have employee recognition programs that award high performance. Often, those employees who win these awards display them at their work stations to flaunt their achievement. That said, a physical award can be a very powerful reward to give to an employee and announcing to your staff that you will be giving one at the end of the year can motivate them to work even harder to obtain it.

 

Paid Gym Membership to Recognize Best Work Achievement

Fitness and overall health are becoming increasingly important to many people today. According to Statista, about two-thirds of individuals who exercise are or have been members at a gym or health club. Therefore, rewarding exceptional employees with company-paid membership at a gym shows that you care about their well-being and also acts as a great work incentive. And, it doesn’t need to be costly; many gym franchises offer low-cost membership options that start at $10 a month.

 

Dinner or Lunch with the Boss Is a Great Employees Reward

Most employees would be excited to have exclusive time with the company founders or C-level executives. Organizing a lunch or dinner with a high-level executive gives the employees a once-in-a-lifetime opportunity to connect with them on a personal level. You could decide on individual or group lunches (if you are rewarding multiple employees).

 

An Honest and Well-Designed Staff Appreciation Note

“Job appreciation is directly tied with employee morale, happiness, and satisfaction. A high five, thoughtful note to say thank you and other small gestures can show a hard worker that you see and recognize their effort. Appreciating employees is key to maintaining engagement in the workplace and highly engaged teams can bring up to 20% more profitability,” says Michael Parr, a Project Manager at Skillroads.

Believe or not, crafting a well thought out thank you note can get a better reaction than most gifts. It won’t cost you anything in terms of cash, but you will need to put in some effort to show the employee how much you appreciate them.

 

“Pet for a Day” Is a Great Idea for Funny Employee Awards

Be creative in coming up with employee appreciation gifts and see what works best for your company. You could, for instance, allow the best-performing employee of the month to bring their pet to work for a day. It will definitely make the staff member happy and will be fun for the other workers too.

 

Flex Hours Is a Brilliant Employee Reward and Recognition Idea

More than 87% of working professionals agree that a flexible job would lower their stress levels. The same survey found that 97% of respondents believe that a job that offers flexibility would positively impact their quality of life. Most employees today, especially millennials and older workers, will appreciate a bit of flexibility.

You can, therefore, reward high-performing and dedicated employees with flexible hours. Ideally, flexible days entail the staff planning out their schedule in a way that is convenient for them. That means, they can attend to a private commitment during work hours or even work from home as long as they meet their job responsibilities.

 

Gas Cards and Car Care Are Also Good Employee Appreciation Ideas

Your employees may rarely get time to care for their cars. You can, therefore, plan to have their cars washed. They will feel appreciated and have more time to concentrate on their job. Alternatively, offer them a gas card, which they can use to get free gas. This gift doesn’t need to be expensive; you can load any amount you want. Any employee would appreciate saving a few bucks.

 

Donate to a Charity in Their Name as Employee Recognition

You can make charitable donations to a cause an employee is passionate about as recognition for their good work. For this type of appreciation, let them select a charity that is most dear to them and donate in their name. Remember, your company will also benefit from supporting a charitable cause.

 

Reward Staff with Cool Company Swag They’ll Use

Reward your employees with swag, such as branded golf balls or tech accessories, that makes them think of you whenever they use it. These gifts strength the relationship between the employer and employees.

 

Give Concert or Sports Tickets as Employee Awards

Other fun recognition gifts for employees such as VIP access to favorite band concerts, sports and festival tickets, wine tasting tours, etc., are wonderful rewards. You can find out the kind of events coming up in your city or area in advance and buy a pair of tickets for your stellar employee.

It’s hard to beat a company that rewards its employees! And, as you can see, it can be pretty easy - and inexpensive - to keep your staff motivated, happy and loyal.

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About the Author: Alice Berg is a blogger and career advisor, who helps people to find their own way in life, gives career advice and guidance, and helps young people to prepare for their careers

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