It is not news that businesses around the country are financially struggling for the most part. As unemployment remains high, so do the number of businesses that are either closing their doors or are looking for ways to reduce their overhead and hang on during such a turbulent time. Millions of companies simply cannot afford to give their employees raises or bonuses at this time, regardless of how much they may deserve one. But, that doesn’t mean you can’t show those employees that you care and appreciate their services.
“Not giving out raises can have a real negative impact on employee morale and motivation. You may even lose some talented individuals,” explains Dr. K. Habib Khan, Chief Academic Officer and acting Dean of the School of Business at Stratford University. “But if you still take the time to show that you appreciate them during this rough economic time, they will be more likely to hang in there and remain dedicated and loyal employees.”
Companies are finding many different ways to reward their employees, without having the added expense of giving everyone a raise. Here are 10 ways you can reward your employees that will show them your gratitude, but will also cost you a fraction of what it would to give out raises:
- Provide additional paid time off. Even if it is just one or two days out of the year, it will be appreciated.
- Give them the ability to have a flexible schedule. Many people would appreciate being able to work four 10-hour days per week, or working one day per week at home.
- Allow a casual dress code, even if it is just one day per week (like casual Friday).
- Provide a catered lunch or pizza party once a month.
- Celebrate each employee’s birthday with a cake and gift card.
- Once a month have everyone’s car washed on-site by a mobile wash company.