A business is nothing without the employees who grind day in and day out to make it run. As the business owner, or manager, you need to show your team how much you appreciate their hard work. When you reward your employees for their efforts, it will also lead to increased productivity and motivation.
Especially in startups, it’s tough for business owners to allocate a budget for these rewards. Truth is, you don’t have to break the bank to show your employees your appreciation. It really comes down to being creative and connecting with them on a personal level. If you’re short on ideas, take a look at these four affordable ways to reward your employees for their hard work.
Let’s take a quick moment to reminisce on our many years at school. Remember, when a teacher would announce a field trip? The level of excitement from the students was typically through the roof. Even if the trip was months out, you better believe every student had it on their calendar.
This level of excitement can also be brought to your company. Team outings are a great way to reward your team as well as build chemistry. Whether it’s a trip to the bowling alley or a team dinner, there are plenty of cheap options that will have a huge impact on team morale.
As your organization grows, your staff will become increasingly distant from the executives who ultimately run the business. That distance will cause a naturally disconnect between the employees and their leaders.
A great way to bridge that gap is to schedule lunches with the team and the executives or founders. Lunch meetings are productive for many reasons. First and foremost, they put the attendees in a much more casual setting compared to a conference room. This will encourage discussions beyond business and allow the employees to connect with executives on a personal level.
Flexible work days.
Rewards and perks go hand in hand. One perk, that literally costs nothing, is a flexible work day (or days). Whether you allow them to work completely remote or reduced hours, they will feel like they are being given a special privilege. Not only that, working remote has actually been found to increase productivity for some employees.
The best way to leverage this policy is to leave it loose. For example at our company, being in the office on Friday is optional. If you’re able to finish your work before Friday, then you can enjoy an extended weekend. You should focus on measurable output rather than just hours worked.
Maintaining a healthy lifestyle goes hand in hand with living a happy and productive life. Odds are, most of your employees are looking to get a gym membership to say active. Nowadays, memberships at quality gyms can get quite expensive for a single member.
Luckily for the business, plenty of gyms offer corporate or group membership packages that allow you to equip your entire team with a membership. This is a small gesture that will be well-received by everyone.
Keeping your employees happy is no easy task. However, a loyal employee will stick with you through thick and thin. That said, use the four strategies above to make sure you’re rewarding your team for their efforts.
Renzo Costarella is an entrepreneur, avid learner, and startup enthusiast currently living in Silicon Valley. He consults for several startups in the Bay Area and is pursuing a few ideas of his own.