Money is not always the answer when incentivizing your employees. In fact, monetary stimuli aren’t that effective at oiling your workforce’s engine than you think. True, cash can impact employee performance, but there’s no direct causation between the two.
According to the Incentive Research Foundation, corporate juggernauts like Google are increasingly leaning towards non-financial strategies to promote employee engagement. These include recognition, rewards, flexibilities, and opportunities. Sometimes, something as simple as appreciating your employee’s work can go a long way in improving overall performance.
If you’re looking for something fancier yet affordable, you can also invest in a travel incentive cruise. Travel incentive cruises are a very luxurious and cost-effective way of driving sales and motivating personnel.
In addition to these, here are some other great budget-friendly ways you can explore to give your employees that extra push:
1. Offer Professional Development.
Furnishing opportunities to facilitate personal and professional growth can have a significant impact on employee motivation. Companies that care about employee development enjoy 34% higher retention rates.
This holds especially true for Millennials. Millennials are known to go out of their way to work in professional settings where learning and skills development are integral components.
Moreover, you don’t have to dig out entire departments to cater to employee growth. Many budget-easy options, such as books, short courses, workshops, and internships, also effectively yield results.
2. Show Recognition With Small, Personalized Gifts.
Even something as simple as a bouquet can make things happen– a small gesture of gratitude for a job well done can significantly boost employee morale and recognition.
To take things up a level, you can even personalize your gifts to make a particular employee feel even more valued and heard. Some examples you can use are:
- Book with a little heartfelt nugget on the opening page
- Movie tickets for a cinephile
- For a sports enthusiast, sports gloves and other similar cost-effective equipment
As long as you’re willing to know your workforce’s interests, the possibilities are endless.
3. Consider Online Appreciation.
In today’s digital world, giving recognition to a good performing employee can be done as simple as posting their picture on social media platforms with a nice uplifting caption. This way, you don’t have to wait for the next staff meeting to start a round of applause nor do you have to depend on the quarterly newsletter. Your social media accounts and blogs provide a more suitable and convenient channel to recognize and value employee performance.
Moreover, online displays of affection pack a punch. Not only can colleagues’ comment on posts, but also friends and loved ones can join in and produce a lot of congratulatory buzzes.
4. Invest In Food Supplies.
Working on an empty stomach makes people lethargic and irritable. Instead of focusing on their work, they have one eye on the door so they can get home and satiate their hunger.
According to Staples Advantage Research, 83% of employees consider a well-equipped kitchen an important driver of employee satisfaction.
Thus, make sure your office fridge is stocked so there’s no need to take a long lunch break. Some cheap options to have are:
- Coffee and other beverages
- Energy bars
- Some tea on the shelf
Also, the office kitchen isn’t just a place to make a good and refreshing cup of coffee. It’s also a place where people talk and replenish their minds.
5. Offer Flexibility.
Employees love taking control of their work schedules.
When an employee is offered flexible hours, it helps them balance professional growth and mental health, owing to which their productivity notches up a gear. In fact, according to a survey conducted by PwC that spanned 40,000 of their global workforces, 15% and 25% male and female employees preferred flexible hours over income raises. This is also one of the reasons why the majority of Americans choose to earn part-time so that they can free up time to invest in their personal lives.
6. Arrange A Lunch with A Top Executive.
For special performers, you can arrange a special lunch with a top executive or a CEO. This easy-on-the-pockets reward might create a ripple effect and set a competition for the top spot.
All you have to do is approach this person on their work desk and invite them out for a quick lunch. You can also take this opportunity to get to know them.
Do they see a future in your company? What is their long-term objective? Keep it low-key and friendly to ease nerves and drive reward and recognition.
Huge cash bonuses aren’t the only way to boost employee engagement and morale. Financially convenient reward and recognition tactics, such as personalized gifts and skill development drives, are just as effective, if not more.
As long as you’re willing to open your mind to different possibilities, the only limit is the sky.