National Active and Retired Federal Employees Association (NARFE) Budget Cut Threats
Managing on a Budget: How to Reward Employees
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Small business owners generally don’t have big bucks to retain employees with pricey perks. But never fear—you can reward employees without sacrificing your sanity or your profit. Check out these creative ways to reward employees effectively and affordably:
Transcript of Managing on a Budget: How to Reward Employees
Easy Small Business HR 1
Managing on a Budget:
How to Reward Employees
Special Report From: EasySmallBusinessHR.com
Small business owners generally don’t have big bucks to
retain employees with pricey perks. But never fear—you can
reward employees without sacrificing your sanity or your
profit.
Check out these creative ways to reward employees
effectively and affordably:
Easy Small Business HR 2
Rewarding employees by improving their work/life
balance
Provide telecommuting options.
Devise a flexible schedule plan. Offer a 4-day
workweek—some companies allow this type of
schedule year-round while others offer it only
during the summer months. Also consider
allowing flex-scheduling, which allows
employees to, for example, adjust their work
hours so they start and leave later in the day.
Plan team-building, morale-boosting activities
that take place away from the office.
Rewarding employees by making gestures of gratitude
Give an unannounced half-day off on a holiday
staffers don’t typically receive time off for, such
as New Year’s Eve or President’s Day.
Easy Small Business HR 3
Provide the opportunity to work on a high-
profile project, such as a task force or
committee. This is one of the more creative
ways to reward employees because it not only
gives the employee more visibility within the
organization it also provides him or her with
valuable work experience.
Award gift cards to grocery stores or gas
stations.
Offer extra incentives for excellent performance
during quality checks.
Recognize employee accomplishments publicly.
You might publish it in the company newsletter,
announce it over the intercom system, or
applaud it at a corporate gathering.
Enter a recognition letter into the employee’s
personnel file.
Host a home-cooked meal for staffers.
Easy Small Business HR 4
Treat employees and their spouses to a lunch or
dinner.
Be a good leader (this one, of course, is a smart
way to retain employees no matter what your
budget!)
As a small business owner or manager wondering how to
reward employees, don’t fall into the trap of thinking you’re
limited by a less-than-ideal budget. Retain your most
valuable asset—your employees—by recognizing their hard
work and boosting morale. Start finding ways to reward
employees.
Recommended Resource: Make Their Day: Employee
Recognition That Works
