Money is important, but it’s not everything, and your employees know this. A handsome salary is one of the major factors that keep your staff happy but they are humans, not robots, after all. People need more than money, such as recognition of their efforts, appreciation of their contributions, and most of all, a positive work environment.
Why Look for Alternatives to Pay Rise?
Paying a fair wage is essential, and as your team members’ skills and experience grow and they take on more responsibilities, this means increasing their salary. However, pay rises are not always possible during tough times. Furthermore, money isn’t everything, and many employees will actually appreciate other forms of compensation more, and pay rise alternatives will keep them loyal to your company and reduce employee turnover.
Rewarding your staff doesn’t have to be all about money – here are 8 ways you can show your staff your appreciation without giving them a pay rise.
1. Gifts
You can give gifts to show your appreciation for a certain employee or a whole department. To acknowledge the performance of individuals, you can give smart wearables, laptops, or home appliances. On the other hand, if you want to appreciate the whole department, think about something that adds value to the department as a whole.
For instance, if you are very happy with your security or cleaning staff, you can introduce a new uniform that is more comfortable and gives the staff a fresh look. Bright trousers are an excellent choice for the staff working the night shifts. Make sure that the gift is useful for the staff and they could use it in the long run.
2. Introduce More Facilities
The simple truth is that happy employees are more productive. You can keep your staff happy by introducing entertainment facilities they can enjoy during their breaks, such as a games room with pool tables and pinball machines. The idea is not so much about playing games, but rather team bonding. These games bring employees together and spend time together, understand each other, and enjoy a relaxed environment which is hard to find in most workplaces.
3. Always Appreciate Individual Performances
When you are running a business, you are leading an entire team of skilled individuals and what they want the most is encouragement, acknowledgment, and appreciation for their contributions. If you appreciate a good performer five times but overlook them for the sixth time, they will be discouraged. Great business leaders never let this happen. They always look for reasons to praise their employees because they know they are their strongest asset.
4. Take Care of Their Families
Even if you are running a small business and you cannot take care of the families of your entire staff, it’s a good idea to allocate some budget to reward one or two exceptional employees. You can pay the hospital bills of a family member of one of your employees. You could also offer to contribute to the education expenses of one or two of their kids. It depends on what your most deserving employees need and rewarding them accordingly.
5. Free Training
There is nothing pricier than acquiring in-demand skills. People pay a fortune to get excellent training. Training in something relevant to your career can be priceless for your employees. Free training is arguably the best reward for your staff in today’s competitive job market where a good skill-set is indispensable.
6. Camping Trip
This recreational reward will not only make your staff happy, but it will strengthen the bonds between your employees. They participate in fun, relaxing activities outdoors and get to know each other better. Such team bonding builds confidence, a sense of teamwork, and the spirit of helping each other in the long run.
7. Upgrade their Desk Space
We have already talked about improving recreational facilities. However, equally, you don’t want the desks where your employees sit for most of the day to be dull and boring. Additionally, an outdated office space with old computers, printers, and other devices gradually diminishes productivity. Upgrading your space with new devices will speed things up, have a great mental impact, and make work more convenient for your staff.
8. Have Dinner with Them
It’s important to maintain good relationships with your staff, and spending time with them is key to this. One good idea is to plan a quarterly or semi-yearly dinner with your staff. Make sure to pay attention to all staff members at the dinner and talk to them in a way that makes them feel important. If you unintentionally end up overlooking one or two employees or just talking to a few of them, you’ll miss the whole purpose of the gathering.
A happy team will always generate good results. You can make your business more productive by finding effective ways to reward your staff, not to mention the simple value in doing something nice for your team members!
