Employee incentives that reward and recognise employees are nothing new. However, many companies still don’t appreciate their importance and benefits because they fear the incentives’ costs.
While some incentives may cost money, they don’t need to be so expensive that they can already hurt the company’s finances.
In fact, there are some ways in which you don’t have to spend more than a dollar because you can use your resources in the office.
Whichever you choose to recognise your employees, it’s essential to let them know you appreciate their efforts. Below are some of them.
1. Let Them Travel For Free With Corporate Incentive Travel
When you award such an incentive to your deserving employee, the others will become more competent, knowing that their efforts won’t get unnoticed.
With this reward, they can enjoy and relax, knowing that the company pays for all expenses. And, when they return to work, they’re more likely to have regained their energy, which can help them to perform better.
It may seem expensive, but the benefits you gain from it outweigh the cost.
2. Distribute Non-Monetary Rewards
Incentives aren’t all about money. If you’re grateful for your employees going the extra mile, why not give them movie tickets, scratch tickets, or gift cards from coffee shops?
They can have something to enjoy after a day’s work. They’ll also feel valued and appreciated since these small acts let them know that their efforts aren’t in vain.
And, when they enjoy that activity, they may develop more connections with the company.
As a result, they won’t think of leaving your company even if they receive a better offer from a different firm because you’ve already empowered them.
With such, you can lessen your expenses in hiring new talents. Instead of spending more on hiring new employees, you can save more by retaining your current talents since you know how to value their hard work.
3. Award Them With Certificate Of Achievement
Another non-monetary incentive is giving them a certificate of achievement. It doesn’t cost much because what you’ll need to create and print is your office supplies.
Sometimes, written words are better proof that you appreciate your employees. Your employees can also use them for applying for promotions or higher positions in your company.
They can use these certificates as proof that they’ve achieved or surpassed your company’s requirements, making them receive such documents.
The certificates can also prove that they’re responsible for their assigned tasks, and they’re ready to take on more challenging responsibilities.
Thus, you need to include your company logo and distinctive emblems, along with the personalised message of appreciation to let your employees know that they’ve done an award-winning task.
It can help reinforce the employees’ work performance since certificates can also boost their confidence.
While the certificate is cost-effective, the benefits you and the employee get from it are enormous.
4. Offer Them Paid Time Off
Hardworking employees deserve to rest, too. However, some can’t afford to take a leave of absence, especially if they’re being paid hourly. Some even consider doing paid overtime to earn more, and this can benefit the company, too.
But, the catch is that when employees get overworked, some become ineffective. They may be physically present, but their productivity levels drop, or their work outputs become low-quality.
As a result, it can cost the company wasted time and resources.
What you can do instead is to reward deserving employees a paid time off. In addition to their weekend breaks, give them one Friday so they can have three days off.
They can enjoy having longer rest days, while knowing that they don’t have to miss being paid on that day.
With such, not only are you helping hardworking employees to regain their energy, but you’re also motivating others to do quality work. They know that they can also receive such incentives if they perform better.
Recognise and reward your employees for keeping them from leaving. When talents know that the company appreciates their efforts, they’re more likely to stay.
They even become more motivated and inspired to give their best, so they can receive such incentives.
They won’t need to look for other jobs because they know that the company will recognise it when they do their best.
So, try implementing the mentioned ways above and see the results.