2 years ago
Low Cost Workplace Reward Ideas (Part 1) Uncategorized
Rewards play an important role in organizations. Not only are they key drivers of productivity and performance, they also promote a healthier and positive work environment. However, many managers do not reward their employees as much as they should.
According to a recent research by the Aberdeen Group, only 14% of organizations give their managers the required resources to reward and recognize employees. Therefore, many managers refrain from rewarding their employees as they believe rewarding is expensive and costly. Not anymore!
It is a common misconception that corporate rewards always have to be expensive. This is certainly not the case. You, as a responsible manager, can reward your employees in very cost effective ways and still gain the required benefits from those rewards. All you need to do is to keep your eyes open for opportunities to reward and recognize good performers.
Here are some basic and low cost ideas for rewarding and recognizing good performance and boosting employee morale.
Be Generous with Compliments
No one says you need to flatter your employees with compliments. But compliments are free and you can dish them out to those who truly deserve them. Simple compliments like “Good Job” or “Well Done” to a team or individual employees can work wonders for their motivation and morale. They do not cost anything but have a greater return than you can imagine. It gives employees a sense of pride and accomplishment to receive compliments from their managers as they look up to you for support and approval.
If you usually have charged parking in your office building, you can pay a month’s parking fee for an employee with a good performance, but make sure they drive themselves to the office. This is a reasonable reward and will not cost the organization much. If you cannot reward an outstanding employee with a car, a parking fee will do just fine to delight the employee and make them feel appreciated for their hard work.
For more low cost reward ideas, read Part 2.