Many companies run on the idea that a yearly cash bonus is the best way to reward and encourage their employees—so what do you do when cash bonuses are not an option? First off it is important to point out that a yearly scheme may not be the most effective way to deliver reward. The time between an employee achieving a goal and receiving their yearly reward can mean many forget exactly what they’re being rewarded for. Secondly, cash may not be the best choice for a reward; most employees use it to pay off bills or won’t even remember what they spent it on. Here are some other options to consider when implementing a rewards program for your employees:
No Cash for Bonuses Consider These Employee Rewards Programs
Give a discount on what you do. Give employees a small discount on the products or services you sell. Encourage employees to pass the offer along to friends and family. It’s a partnership that benefits everyone involved.
Recognition Outing. Give employees a half day off and take them to an early dinner or make plans to visit a popular after-work bar for drinks and fun. The key to this recognition is scheduling the outing to occur during work hours so that the employees you are recognizing will feel free to play when they should be working.
Extra Time Off. Employees will appreciate an extra hour at lunch time or the opportunity to leave an hour early at the end of a long day, or even allow employees to accrue extra hours off until they have earned an extra day off.
Travel Vouchers. Give employees travel vouchers to use towards vacations or flights–employees will appreciate the opportunity to spend time with their families and friends. Travel is one of the areas that, despite a bad economy, most people are still willing to spend money on.
Gift cards or Gifts Offer employees gift cards to local shops or restaurants or items such as watches, clocks or jewelry. Having something to ‘show’ for their achievements helps to keep people motivated to continue doing a good job.
Offer them a service. Hire a masseuse or manicurist to come in and treat employees to a relaxing treatment, or try to set up a gym membership for employees and their families. You may even get a group rate and it is a great team building experience that will allow employees to socialize with each other.