Ways to Reward Employees Without Compromising Company Profit
Your company's employees work hard and in a world where businesses are finding it necessary to run "lean and mean," it may seem nearly impossible to compensate employees for doing good work without breaking the budget, but here are some great ways to reward them without cutting into profits!
Flex those hours. If there's one free reward that rises above the rest, it's flexible work schedules. Nearly every expert will suggest flex time as a perk that offers the most gain with the least pain.
Send a handwritten note. Supervisors should ask top management to write a personal note to employees who deserve recognition, which has always been on the top of the list of what employees feel they get too little of.
Make work fun. As costs are cut and there are fewer employees than before, it's even more important than ever to boost morale. Play with the dress code, have a crazy hat day, your customers will love it too! Or run a "guess the baby" contest, where the staff brings in baby photos and the customers and staff try to guess who goes with whom. There are more ideas in our Summer 2004 edition of "The Advantage."
Give them a free pass. It's always a welcome perk for employees to receive paid days off to use as they see fit. Everyone enjoys a day off, especially if it's an unexpected one!
Pass the bucks. Handing out monopoly type money that can be redeemed for gifts and other goodies may not be exactly free, but it pays off handsomely in the long run. Pass the bucks for efforts as well as results, for sales, customer service, excellent book keeping and problem solving as well as working well with other employees.
Create your own "Club Med." Set aside a quiet space or unused office in your building where employees can meditate, chill out, nap or otherwise re-center and charge themselves. This is so beneficial, it should be mandatory!
Blow out the candles. Have the owner or top manger host a monthly hour-long birthday breakfast or lunch for any employee with a birthday that month. During the meal, invite the employees to ask him anything. It's a great way to build camaraderie.
Always remember the secret words. The two most underused words in corporate America that get the highest ROI are still the simple words "Thank you!"