When exploring incentives to offer your employees, there’s always that worry about how to give meaningful rewards without breaking the bank. Not everyone has a million-dollar budget. But showing appreciation doesn’t have to cost a lot or bring the finance department knocking on your office door to offer real value to employees. Just simple rewards that cost you nearly nothing out of pocket have tremendous results with 80% harder working employees that also report 37% more engagement.
Consider these:
- Job Titles
People take pride in their job titles. A job title does not always need to be followed by a pay raise. Granting employees a title to reflect their performance is a no-cost reward that motivates employees to continue striving to do more.
- Learning Opportunities
People don’t just come to work for a paycheck. They are often looking to learn something new that will better themselves as a person and help with their career development. Offering opportunities where they can learn a new program or a skill is a great reward, and you, too, can benefit from the knowledge they acquire.
- E-Cards
Sending e-cards is as easy and as inexpensive as sending an email. A thoughtful and whimsical e-card can be directly forwarded to the recipient and, without delay, immediately address the performance you wish to recognize.
- Handwritten “Thank you” Notes
There is a personal touch to handwritten notes, and they only cost the time to write one. The paper can be as simple as post-its or from the company stationary. The idea behind this cost-saving reward is that it comes from the heart.
- Allow for Flexible Hours
If plausible, allowing employees to come at different times than scheduled has no price tag and substantial reward benefits for those who need stress-reducing accommodations or want to adjust their time to attend special events.
- Prime Parking Place
We have all seen it—reserved parking for employees of the month. Granting the prime parking place next to the front door costs nothing but paint on the curb or a sign posting for the reward it offers. For the person pulling into that parking place, there is the thrill and sense of pride.
- Company “Wall of Fame”
Displaying rewards certificates on company walls is a great way to show recognition publicly. Employees can feel pride when a coworker comes along, sees the reward, and asks about it.
- One-on-One Mentoring
Not only do employees like to learn from seminars or books, but they like to learn from predecessors who have seen it before or done it before and can offer guidance to those on different levels of their career. Rewarding employees with the opportunity to sit with a senior colleague and receive advice is an inexpensive and powerful reward.
- Time to Work on Own Projects
You may recall the employee with a notebook full of company improvement ideas they would like to try. Rewarding those employees with the “go ahead” to take time out of their work schedule to start on the project is a great reward, giving them a sense of excitement and a feeling of trust.
- Social Gatherings
Nothing is more beneficial and lower on cost than inviting the employee to a social gathering as a reward. The meeting can be at a restaurant, an outing, or at your home, where you can encourage connections and introduce them to career-changing individuals.
Final Thought
Money is not always a motivator. Many employees leave jobs not because the pay is higher elsewhere but because they do not receive appreciation. Employee recognition does so much for employee engagement, and spending lots of money is not always necessary. Companies see an 85% RIO for their rewards programs. So even simple, low-cost rewards can accomplish the same objective of letting your employees know you care and appreciate all their hard work. Ready to recognize your employees today? Contact us for more information on what options would work great for you.
