11 Ways to Reward Your Employees Without Breaking the Bank

The most important asset in your business is the people in it. These are you and the individuals you have hired to handle different things in your enterprise. From time to time, it is good for you to reward performing and loyal employees. According to a Gallup survey, most employees leave their jobs because of a lack of employee appreciation. And the more talented an employee is, the faster they are likely to go.

If you are afraid of spending too much on rewarding employees, don’t worry. We’ve put together eleven different employee appreciation ideas without breaking your bank account. Check them out.

Flexible Working Days

Who doesn’t love flexibility at work? One way you can make your employees happy without actually spending is to offer them a flexible schedule. Since most employees desire flexible days so much, they can be used to show employee recongition. You can create a calendar to coordinate your workers so that critical tasks are not affected by this arrangement.

Workplace Happy Hour

Though commonplace among employees, few companies are enthusiastic about happy hours. More so in the office. But if done right, enjoying this time with employees can be a great way of rewarding them. You can choose to do it as an official organization event or just casually. However, do make sure that the professional relationship between the organization and employees is maintained. If you have this idea in mind, consult your human resource and legal affair department to get expert advice and assistance on the matter. 

Group Outings

When a team performs well, it is only right to reward it. One way to communicate your team appreciation is by taking the group for an outing. If the team likes hiking, for instance, you can organize a day hiking trip for them. You don’t need to spend much money. You could do simple things like pay for a movie. Group outings will help you not only show your appreciation to your employees but also provide an opportunity for the team to bond and become more closely connected. Do some research in advance and consult with some members of the team to know what places or activities fit the group most.

Praising Good Performance

Saying things like ‘well done’ to praise the specific actions that you found laudable, may not cost you anything but can go a long way in motivating your team. “I have always believed that the way you treat your employees is the way they will treat your customers and that people flourish when they are praised,” noted Richard Branson, founder and CEO of Virgin Group.

You could acknowledge top-performing employees during the weekly or monthly departmental meetings. In recognizing employees who have done great work, also stress on the particular actions that you would like other workers to emulate. That way, you give others directions and achievable goals.

Saying Thank You

How many times do you say thank you to your workers when they meet or exceed expectations? If you show your appreciation at work by saying thank you more often, your workers will feel valued and will be more likely to stay loyal. While a firm hand is important for a manager in the workplace, it doesn’t hurt to be polite, humane, and civil. As you show your appreciation at workplace, also remember to say please when more too.

Awarding Customized Gifts

As an employer or manager, make sure you learn a little more about your employees. Learn their backgrounds, interests, and personality. That way, you can come up with fitting employee appreciation gifts every so often. If you are on a budget, keep the gifts small. Your workers will appreciate them as they will be unique to them. Remember, it is not the amount you spend but the gesture that counts.

“Company awards are things that employees look forward to. If you want your workforce to be actively engaged at work, show that you appreciate their input by gifting them something for outstanding performance or on their special days. Even a gift voucher, paid lunch/dinner, tickets to see their favorite band, or a personalized card can go a long way,” says David Eckert, Human Resource Manager at ResumeEdge.  

Caring for Their Mental and Physical Health

Health and productivity go hand in hand. The output you get from your employees will largely depend on whether they are well, both mentally and physically. So, you should always have their physical and mental wellness in mind. Look at whether all your employees took their vacation days in the past year. And how many after-hours are they putting in? If a person isn’t feeling well, give them the rest of the day off and let them take sick leave. Make it clear that workers in your company must go for their vacation. Caring for your employees’ wellness will improve their performance and also show that you appreciate their efforts.

Desired Parking

Does your company have special parking options for executives? Or maybe you have parking spots that are preferred over others because of convenience? Using on-demand parking spaces as rewards for performance is one of the most creative employee recognition ideas when you don’t have lots of funds for awarding workers. And when your workers are aware that they can earn these convenient parking spots by putting in the effort at the office, they will be willing to work for it. So, this move can also work as an incentive.

Appealing Company Swag

Want to know how to make employees feel valued? Try awarding them with cool company swag. Gifting your workforce with swag can help bring you, as the employer, closer to your employees. That could range from tech accessories and workout gear to clothes and shoes. You can award these items based on individual interests. You could, for example, offer branded kits for your workers if they enjoy playing football in their free time.

Just make sure what you give your employees is something they can actually use, and they will think of you each time they utilize it. And, they will know you care about their lives beyond the confines of the work environment.

Membership to a Nearby Gym

More individuals today care about their fitness than ever before. According to Statista, Americans spent an average of 29 minutes on exercise, sports, and recreation in 2018. So, you can show appreciation in the workplace by awarding gym membership. That way, you will also show that you are concerned about your employees’ health.

Different gyms charge different monthly rates. Some go for even $10. Therefore, you can check among the alternatives available in your location and pick the most budget-friendly. You will be amazed at how well this simple gift can be appreciated.

Gas Vouchers

Americans spend anywhere from $400-$1,300 on average per person fueling their car. The wide variation depends on the specific State. Areas where public transportation is preferred, of course, record fewer costs. That said, if your employees mostly drive to work, rewarding them with gasoline cards will be highly appreciated. You can offer any amount. Even a $40 card as staff appreciation can go along in saving your star employee’s some valuable cash.

Now you know some creative ways to show appreciation to employees without parting with a fortune. Every workplace is different, so customize your reward for your workers. A simple thing like having a pet day can go a long way in nurturing happy and productive employees. And these ideas will be welcomed by your workforce.

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