It’s true that money is a motivator, and we all know the boost to morale that a pay rise can bring. However, that boost, and the associated increase in motivation and productivity, is usually short-lived. For the employee that is. For the employer, it represents a permanent and ongoing increase in cost that can spiral once you factor in the associated increases to pension contributions (and potentially bonuses) that an increase in base salary can bring.
Sometimes you have no choice, and you know that increasing someone’s salary is the right, and necessary, thing to do. But if you are looking for ways to give employees a boost, recognise their efforts, and differentiate yourself as an employer, then consider these ten low cost/no cost ways to reward and motivate your employees:
- Saying ‘thank you’.
- Letting them leave early on birthdays.
- Public recognition via team meetings/company blog/ Twitter/Facebook.
- Providing interesting work.
- Giving feedback (not just during the annual appraisal).
- Giving magazine subscriptions to your employees (to a relevant industry/professional magazine).
- Sharing business information and involving employees in decisions.
- Celebrating achievements – company anniversary, winning a new customer, meeting a significant deadline.
- Flexibility over hours/work location.
- Providing free fruit in the office.
All of these are ways of recognising and rewarding the efforts of your employees. Whilst low cost, in a business where budgets are tight, they can all help to create an environment where staff morale, motivation and productivity is high.
For more information and advice on creating an environment where your people and your business will thrive, please contact email@example.com or call 07929 021850.