If you want to drive performance, engage employees and drive results…non-cash rewards are the most effective tools in your toolbox.
~Kimberly Abel-Lanier of Maritz Motivation Solutions
Underlying the theories of motivation comes the idea that rewarding your employees in meaningful ways can lead to higher satisfaction. These meaningful rewards are driven by the internal currencies of each individual. For instance, your senior employee may consider flexible hours as more valuable than merit pay.
On that note, here are 6 budget-friendly ways to reward your beloved employees:
1. FLEXIBLE HOURS
One key feature that Singapore employees possess is that most of our time revolve around work. My first job followed a 44-48 hours of work each week (including overtime) similar to how most companies operate. Due to the relatively long and stressful shifting hours at the office, my days off work were precious. After walking away from the office set-up and transitioning to freelancing, I realized that flexibility in time weighs more than any cash incentives I received. Being able to have a flexible timetable gives you the opportunity to do more of what you love.
So if your company works on a fixed schedule, perhaps you can incorporate a flexitime incentive whereby excellent employees can control their working hours for the following month.
2. RECOGNITION AND CERTIFICATE
A simple act of recognition goes a long way. As David Ciccarelli, co-founder of Voices.com, once said: “Something all bosses can do that doesn’t cost anything but means the world to people is recognition for their contributions to the organization.”
You can personally acknowledge the achievements and efforts of your employees thru group memos, writing an email, handing a personal note, or awarding a certificate.
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Remember how proud you were in primary school when your teacher proudly bestowed you with a certificate for performing well in class? Replicate those emotions by presenting a special signed certificate to your best employees once a month. The amount of effort you put on the presentation assembly will make it all worth it.
3. EXTRA PAID VACATION DAYS
Without the slightest doubt, having extra paid vacation days are some of the most wonderful rewards an employee can receive. Award your best performing employees with additional vacation days each year by turning it as a friendly competition. For example, the employee that acquires the highest sales on a quarter will receive extra 2 paid vacation days for the year.
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This may increase the productivity, satisfaction, and morale of your team.