When you manage an exceptional team, wanting to reward their effort is completely natural. However, many companies can’t afford to spend a bundle on their employees, or even just their top performers. When options like expensive gifts, generous bonuses, or raises aren’t affordable, it can be frustrating. This is especially true if you want to make sure your staff feels valued, something that is critical for retention.
Luckily, you can reward your employees without breaking the bank. If you aren’t sure where to start, here are a few options worth exploring.
When administered properly, flexible scheduling and telecommuting programs can function as rewards. If the entire team consistently meets or exceeds expectations, letting them explore alternative arrangements – like compressed work weeks, work-from-home options, or flexible hours – can actually boost overall productivity while providing greater work-life balance.
If you can support such a program, them make sure to craft a formal policy that outlines the rules. For example, if everyone needs to be available during core work hours or minimal in-office staffing levels must be maintained, make sure that is listed in the policy.
Unless your entire team has reached the peak of their career, offering opportunities that help them learn and grow in their field can serve as great rewards. Plus, the company gets to benefit from the employee’s increased skill set, which can increase productivity, help prevent skill gaps, and more.
While formal training is always an option on the table, it can be expensive. Similarly, sending workers to industry conferences can be a great approach, but might not suit your budget.
If you need to find low-cost professional development approaches, opt for alternatives like mentoring programs and job shadowing opportunities. These arrangements give your team a chance to advance their skills or explore new arenas, while other professionals get to pass down their knowledge.
Another option is to give your top performers first pick when new projects come available. This may allow them to explore areas of interest and expand their knowledge, giving them a chance to learn while simultaneously boosting engagement.
Since your team spends so much time at work, providing improvements to the environment can function as a reward, making their workspaces more comfortable and pleasant. When your staff feels good about the physical space, morale can increase.
You can improve any areas that benefit the workers. For example, adding amenities to the break room may be appreciated if it increases convenience. Providing ergonomic chairs or standup desks can enhance individual workspaces, making them more comfortable and functional.
While these items do come with a price tag, they may be more affordable than certain other rewards, so consider exploring them if you have some room in the budget.
Ultimately, all of the options above can serve as rewards, allowing you to demonstrate your appreciation without breaking the bank. If you’d like to learn about other approaches, the team at The Advance Group can help you explore options that align with your budget. Contact us to discuss your employee recognition goals today and see how our workplace management expertise can benefit you.