Rewarding Employees - Doing it Without Money

Not all employee rewards require a large bump in pay. With budgets under tight control as a result of the downturn in the economy finding ways to motivate and reward employees while watching the bottom line has never been more important. There are a number of ways to reward employees that go beyond money.

Many employees crave more responsibility so why not give it to them. If you have a high-performing staff member, why not give them more decision-making ability and responsibility. For many people this empowerment is highly inspirational. They thrive on growing in their job and get bored without it. This type of reward helps companies succeed and won't cost anything.

Recognizing an employee publicly is another option. In meetings, recognize great performances. If a team member has had a particularly productive month, make sure you mention it enthusiastically. You could also make the recognition more formal by instituting a recognition policy where there is an employee of the month or a salesperson of the month. Whatever program you adopt make sure that the same person isn't winning the recognition every single month or it will de-motivate some employees.

Publicly praise your employees. If you see someone doing something right - recognize it. As with all praise, do it enthusiastically and authentically. People can smell a fraud so it needs to be real. Once again take care to not praise the same person or persons over and over again. This public praise should be done often, but don't make it over the top or the praise loses its meaning and effectiveness.

Another great method is to make a team goal and have a joint prize if the goal is met. For instance: taking a Friday afternoon off or a party where everyone brings a dessert or appetizer. Another way to celebrate a goal is to bring something in yourself. Maybe you make an incredible banana bread. Tell everyone that you will bring a couple of loaves of banana bread if the goal is met. Because you are taking the time yourself to make the reward, its more powerful than just buying something at the store on the way to work. Working together and enjoying the success together is highly motivational.

As a result of the downturn in the economy pay raises are few and far between, but that doesn't mean you can't find ways to motivate your employees. Follow any or all of these ideas and motivate your staff better productivity and efficiency without spending any money.