How to Reward Employees Without Creating a Cash Crunch

How to Reward Employees Without Creating a Cash Crunch

In this day and age, profit margins are slimmer than ever – meaning you’ve got to operate on a strict budget. But, at the same time, you likely have hard-working employees who have been consistently delivering positive results and you want to reward them for their efforts.

What can you do?

The good news is that expressing gratitude towards your employees doesn’t have to cost a lot of money. In fact, as a leading recruiting agency, we know it is possible to be both sincere and effective in terms of employee rewards…without costing you much of anything other than effort. It’s a win-win for all involved!

So, to help you get started, here are some ways you can show your gratitude to deserving employees, without breaking your budget in the process:

Offer flexible hours.

Many of today’s workers place greater importance on a flexible work-life balance over a bigger salary. For instance, employees who are parents may want the option to go on class field trips with their kids (which are typically scheduled during working hours) or get errands done in the middle of the week. And flexible working hours are a great way to offer them this ability, while still getting in a 40-hour work-week. It will be a reward that is most appreciated and practical for your hardest working employees…much more so than a gold watch or paperweight.

Offer thanks.

An employee just completed a huge project under budget and before the deadline. Do you a) not thank them at all; b) thank them via text or email; or c) thank them in person or through a hand-written note? “C” is clearly the most effective option; whether you drop into their cubicle to say thanks, or take the time to write a note, it will send the message to your employee that you notice and appreciate their hard work.

Offer opportunities.

You probably have someone who helped you along in your career by introducing you to the right person or the right opportunity. So pay it forward. When an employee is really standing out due to their positive performance, introduce them to key players at the company or offer them opportunities to enhance existing skills or learn new ones.

At the end of the day, the success of your company really depends on the success of your employees. And, as an experienced recruiting agency, we know that to ensure they remain engaged and productive, it’s important to reward them for a job well done.