Nothing takes the place of a big fat raise. But if you can’t afford to offer monetary rewards to deserving staffers, it doesn’t mean you’re destined to have a bitter, unproductive team.
The key is offering something to deserving employees — whether it’s as simple as praise for a job well done, or cost-effective perks and benefits. Staffers can be motivated and perform better through alternative rewards.
In fact, 92% of employees said they’d stay put for less money if they were given proper recognition and the right work-life balance. That’s according to a study by Employee Hold’em.
Here are three alternatives to raises that can work wonders for your staff’s morale and productivity:
A break from the office. As long as your staff remains productive, offering a flexible work schedule doesn’t have to cost you a thing. There are a slew of ways to accomplish this — from allowing to employees to work remotely one day a week to completing a workload in a shorter time frame (2-3 days instead of 5).
The (figurative) pat on the back. This could make all the difference in the world when it comes to retaining your talent. Employees need recognition to thrive and feel appreciated. Anything from a thank you card or e-mail to publicly praising a staffer in front of his or her co-workers can be highly effective. If you can, modest gift cards for gas, groceries or restaurants are also well-received perks.
Personalized rewards. This option allows you to recognize a job well done and show you care about your staff’s personal time. Example: A Phoenix-based company gives extra paid time off to employees who offer a small amount of their non-work time for the firm’s employee volunteer program.
