When you are starting out there is generally little money to spare. And this means that it can seem impossible to reward a key colleague or employee who is doing a great job.
If you find yourself in the position of wanting to thank staff members, but unable to give pay rises, then you need to come up with other ways of rewarding their work. It also may not be true that most employees would prefer money as a reward for their efforts. We have come up with some alternative ways to reward your team that are more cost effective and really show that you care:
- Extra holiday
Give them extra annual leave on top of the usual holiday allowance. Generally having individuals off on annual leave does not cost the business any money as the work is usually picked up by the team or the employee themselves. Giving employees the flexibility and time to take a break to do something that will refresh them will also boost morale and productivity.
- Reward with vouchers
Often popular with staff, vouchers can be a relatively inexpensive but personal way to thank employees. You can tailor them to the interests of the staff member you want to acknowledge, and they’re easy to administer. Whether they’ll enjoy a day at a spa or jumping out of a plane, there are lots of easily accessible vouchers available online for a one-off cost.
- Acknowledge their skills
A little acknowledgement goes a long way. It is not always about monetary rewards and pay rises, often efforts being publicly recognised or being given a promotion or additional responsibility within the company will empower and motivate staff. One way to do this is to improve a staff member’s job title, for example, promoting an account executive to a senior account executive. It’s a tangible, lasting reward for hard work.
- Offer training
Giving employees the opportunity to have professional training is a great alternative to a pay rise. It will help them progress faster and has been shown to retain employees and improve morale. It will also allow you to improve your service by using the knowledge and skills they obtain within the business without having the heavy cost of recruitment.
- Have a night out
Sometimes, the best way to thank your team is to treat them to a night out. Whether it’s a meal and a drink, or something fancier, it shows that you appreciate their work and that you like to spend time with them out of the office.
- Company awards
Consider setting up annual awards and mark outstanding employees’ contributions that way. Alternatively, take the team out of the working environment and make a speech about the person you wish to reward. This will give them a sense of accomplishment and communicate your appreciation to your team.
- Write it down
Often, a simple hand written letter of thanks goes a long way to make an employee feel valued.
- Give them an upgrade
If you can’t give them their own office, try moving their work area somewhere with more space, privacy and better equipment. If this is possible, it will show them how much you appreciate their hard work.
- Ask them
If you’re not sure how to reward your employee, ask them. People have different motivators. For example, for some being offered flexi-time would be a great reward, while others might appreciate gym membership, or a longer lunch break every day.
About Turner Little
Founded in 1998 in Yorkshire, UK, Turner Little is a specialist UK and offshore company formation, banking and corporate services provider. Our services include company formation, UK and offshore banking, asset protection, credit correction/repair, trademarking and trusts. Other services include Internet services, mail forwarding, wills and probate. Turner Little’s vision is to offer the best possible service, together with market leading products.
