3 Ways To Reward Employees Without Salary Increases
The daily life of a CEO isn't nearly as easy as a lot of people like to make it seem. I know that, from the moment I get to the office to when it's finally time to go home, I'm not going to have more than a few moments to myself that aren't associated with work. One thing that I've learned over the years, however, is to never overlook how hard my employees are working. Even if I were to put in 80 hour weeks, there's no way I'd be successful without them. Any successful CEO understands the importance of rewarding their employees and ensuring that they feel appreciated. The fact is, however, many believe that the only means to this end is to increase an employee's salary. This can, of course, be an effective strategy to improve employee productivity, but it can also cost you a small fortune. There are better ways of going about improving employee happiness, and it doesn't have to put your books in the red. Here are just a few ways that I've found to reward employees without salary increases:
1. Surprise Them With Sports TicketsBack when I was working in Chicago, I had a way of rewarding employees that I still consider to be one of the most effective I've seen so far - giving them sports or entertainment tickets. In this case, it was free Bulls tickets. It's difficult to understand just how much those living and working in Chicago love their NBA time unless you've lived there, but trust me - anyone who gets a free pair of tickets out of the blue is ecstatic. Rewarding your employees with a free pair of tickets to one of their favorite team's home games is a great way to show them that you're not only happy with their work, but that you understand what interests them. If sports aren't their thing, you might want to consider concert or theater tickets. Try to determine what makes each one of your employees tick, and use this information to help mold your approach.
2. Give Them An Extra Paid Day OffWhen a project is approaching its deadline and there's still a lot to be done, it's not uncommon for employees to have to work outside of their typical hours. While this is, of course, part of being salaried, too much "overtime" can be enough to really turn an employee off from their job. One strategy that I always try to employ is giving these individuals an extra paid day off outside of their actual vacation time. It's quite a bit different than increasing their salary, yet it serves a similar purpose. A great strategy is to do this early on in an employee's career with your company. If they know you're willing to recognize the extra work they put in, they'll be far more likely to do so without question in the future.
3. Don't Skimp On Holiday BonusesWhen the holidays come around, there's nothing more pertinent to most employees than how large their bonus is going to be (or whether or not they'll even get one). Skimping on an employee's bonus may seem like a quick way to save your company some money, but it's going to hurt their morale immensely. My employees work hard for their money and deserve a solid bonus at the end of the year, which is why I always make a point to avoid being cheap for cheap's sake. Give your employees generous bonuses, and you'll be amazed how productive they'll be at the start of the new year. Take it from me - rewarding your employees' productivity is more than worth the effort. Enjoy this article? You've got time for another! Check out these related articles:
- 5 Ways To Attract (And Keep!) The Best Employees
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- Why Improving Your Employees = Improving Your Company