How to Reward Your Employees Without Breaking The Budget?
If you own a company, you can see that employees use most of their working hours meeting the client deadlines and bringing more business to your company. They work very hard with full dedication to ensure the growth of the company. Thus, needless to say, such a kind of hard work demands some expectations be fulfilled. Your team expects rewards in form of appraisals, promotions, or a team lunch for the hard work they do daily.
No doubt, all the employees must be rewarded, but sometimes, it is not always possible to provide appraisals. Thus, rewarding small efforts can keep the employees engaged and motivated at work. Many companies conduct employee reward and recognition programs to retain top talents and encourage new members.
When it comes to rewarding the employees without breaking the budget, you should be thoughtful and creative. Rewarding does not mean offering big bonuses in festive seasons, but you can reward them in various amazing ways. Let's be grateful as an employer for certain innovative and new ideas.
Be Flexible with Your Employees:
If you want to reward your employees while keeping them happy, you should be flexible with the working hours. Allow them to work in their flexible schedule so that they can have enough time to self-manage and complete the tasks efficiently. Sometimes, employees want to work late in the morning as not everyone is a morning person. If your company can manage the day to be started late, then you can allow your employees to join the office late.
Remote Working is a Great Idea:
If your company can manage remote working with the employees, then it is a great idea to use it as a reward for employees. Working remotely offers various benefits to both employees and employers. Employees can save their productive hours from the long tolls, commutes, and parking hassles. This is highly effective especially in busy metro cities as employees have to deal with a lot of traffic stress to reach the workplace.
Reward Efforts Too!
Usually, when it comes to rewards and recognition, companies focus on the outcome regardless of the efforts. Sometimes, a team puts every possible effort into achieving their targets but fails due to certain factors. You should reward them for just simply trying their best. You should keep an eye on who is giving their 100% and then acknowledge their efforts and hard work personally.
Offer a Freebie:
You can reward a dedicated employee by offering a freebie. That means you can give a gift a spa voucher, a movie ticket, an amazon voucher, or even a day of discretionary time off. This will help them to spend a little more time with their family and friends, which makes them ready to work with full dedication.
Rewarding your team through a team lunch for delivering a project successfully is a great idea. You can treat them to a leisurely lunch. This will work as a great get-together, offering your team to get interacted better and enjoy themselves.
Don't Forget to Throw a Party:
If your employees are diligently working to make your clients happy, then don't forget to throw a party as a reward. A party with co-workers, friends, and colleagues from other departments will be memorable and will allow them to get relaxed after a long tiring month.
Most of your employees may be involved in charitable giving already or even indulged in women empowerment organizations. You can help them and boost the impact by making a donation on their behalf and motivate them for such a great work. This will be a thoughtful reward that your employees will appreciate.
Say a Few Words:
Sometimes, a heartfelt and simple "Thank You" works as a reward for your team who worked hard to meet the expectations of the clients. You can say ‘Thank You’ by sending a handwritten note through an email or appreciating any particular employee while conducting a team meeting. In short, don't forget to make your employees feel appreciated through such a profound gesture in this hectic world.
Appreciate Via Newsletter:
Getting appreciation in public can never get old. If your company's website has a section for a newsletter, success story or blog, you can write a small paragraph about your employees and mention how your team acts as a valuable asset to the company. Such a small internal communication feature will make your team members feel appreciated and recognized.
No matter what idea you choose to reward your team of employees, it is important to be specific about the reason you are thankful and what did you find most engaging? What small efforts brought a positive twist to the project and became the reason for success?
Your rewards and gratitude towards your team should show what you would like to see in your team- be it dedication, meeting the deadline, effective communication, conflict management, client communication, or anything that leads the company's growth.