How to reward your employees without increasing their pay
A workplace can quickly become a home away from home. With so many hours spent in the office, maintaining a healthy professional environment is imperative for employees and employers alike.
Creating this fine-tuned equilibrium takes some tender love and care. In the same way as taking care of your living quarters, a happy business space depends on the time and effort put into cultivating it. Staff satisfaction is a vital piece of this pie with many possible ingredients.
While increasing your employees’ pay is always great reward, sometimes it’s not always financially possible. So, how can you reward your employees without doing that?
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Mental health is wealth
Members of staff use their mental abilities during every waking hour of their working day. Just as the body is prone to sickness, the mind is susceptible to becoming unwell. Unmanaged and unacknowledged stress can quickly manifest into physical and psychological discomfort, impacting performance and overall wellness.
According to Mind, stress is directly influenced by staff dissatisfaction, which causes disengagement. This has a knock-on effect that can easily lead to a higher turnover of staff, an increase in absences and lowered productivity rates. If you’re not in a position to make their pay packet bigger, find new ways to improve their mental health.
The gift that gives gratitude
Employee discounts are a simple token of appreciation to offer. They can come in the form of gift cards, reduced costs when purchasing either in-store or online and even direct cashback. This type of reward has the added benefit of allowing the business to impact its employees’ daily lives. In a nutshell, it’s another way to create a supportive, stress-free and happy home from home.
These rewards offer you the chance to help out with workers’ important purchases such as buying a home, purchasing a car or booking a family holiday. They also allow you to extend a helping hand with their everyday purchases. For a handy way to get this process started click here to view the perks calculator from LifeWorks.
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Mind your mindfulness
In addition to external reward schemes, perks offered internally have a significant impact on staff morale. On-site gyms, evening workout classes or even yoga and meditation spaces could help your staff to manage their stress in a safe space.
Mindfulness has roots in Buddhism and meditation, but you don’t have to be spiritual to benefit from it. Regularly practicing mindfulness can help you see a change in performance in managers and staff members alike. By promoting this, your employees will be feel rewarded both mentally and spiritually.
Time off is time well spent
Sometimes employees don’t want money; they just want to know that you care. If you are not in a position to offer a pay rise, why not suggest that a deserving employee takes some paid time off? It could be a week, a day, or even a half-day…
By suggesting they reward themselves with some valuable time to do whatever they want, they will see that you care for their wellbeing and, as a result this time off, their productivity will dramatically increase when they return.