When it comes to employee retention, it’s important to show your staff members appreciation for a job well done. But when budgets are tight and pay rises are not on the cards, how can you reward high-performing employees without breaking the bank? Well, in this article we share some ways to demonstrate your appreciation that don’t involve bigger pay checks.
1. Offer more holidays
One way to reward high-performing staff is to offer them additional incremental leave. Every staff member will be motivated by the prospect of an extra day or two of holidays to enjoy. And the truth is that most of these star employees are so motivated that they’ll make sure they get their work completed beforehand too.
2. Prioritise work-life balance
Offering employees some control and flexibility over their schedules is also another potential reward you can give your employees. And so whether it’s flexibility in start and finish times to allow staff to attend to personal appointments or school events, or whether you actively encourage working from home arrangements, the important thing is to prioritise a better work-life balance. Employees will appreciate the important message of value and respect that this imparts.
3. Public recognition and reward
There’s no doubt about it, achievement and recognition are important motivators for employees. And so it’s important that you publicly acknowledge achievements. It could be in a formal employee recognition scheme, a feature in the staff newsletter, by providing a lunch voucher or reserving a parking space, the important thing is to give public acknowledgement of a job well done.
4. Invest in training and development
Research suggests businesses that offer a clear career pathway and which also provide continuing professional development opportunities are likely to have higher staff retention rates. You see, a perceived lack of career opportunities is a common reason for staff to look elsewhere for fulfilment. And so, make sure you have regular career planning discussions with all employees and perhaps offer additional training courses or mentoring opportunities to those high-performing ones as a reward for their hard work.
5. Offer additional benefits
It is possible to provide additional benefits to supplement salaries by assisting employees in other areas of their lives. Offering health insurance is an obvious one, but what about dental or optical assistance too? What’s more, subsidised gym membership is another popular choice. As well as being great perks in themselves, these kinds of additional benefits also help to keep your employees healthy which, of course, means less time off work with sickness.
And so, it is possible to keep employees happy without necessarily paying more in wages and salaries. Perhaps the most important thing you can do though is simply to remember to say thank you. You see, having a positive work culture and environment is just as important as any monetary incentive. Saying thank you for great work or a superior effort will go a long way to keeping team morale high in your business.