Posts
With economic recession in place the companies are forced to reduce their expenses as much as possible. Labor costs typically comprise a significant portion of a company’s expenses, and therefore it is no surprise that employees are usually the first ones to be affected by budgetary cuts. Bonuses, raises and other financial compensations dissipate quickly in times of financial distress. As a result many companies face a challenge of how to reward and motivate their employees while having a very limited or nonexistent budget. Research shows that money is not the only motivator, and that non-monetary rewards are also of great value to employees. They can increase the loyalty, commitment, productivity, morale and motivation of the employees at little or no cost to the employer. Giving employees an opportunity to grow, learn and develop their skills is a great way to show employees that the company appreciates them. Recognition is probably the most sought after non-monetary reward in the workplace. There is no better way to motivate an employee to sustain quality work than to praise him/her. Sometimes even simply saying “thank you” can go a long way. Giving an employee more responsibilities or more challenging tasks can be very flattering. As more and more people struggle with work-life balance, flexible schedules and additional days off can make it easier for employees to find the proper mix.
Some companies come up with even more creative ways to make their workforce happy. The Coaching Institute decided to make work more fun and asked employees to bring in a baby picture, post it on a wall and then have everyone guess who is who. According to the president of the company, productivity increased by 20 percent that week. Some companies reserve the best parking spot for employees who have done an outstanding job. Echo Media Group implemented a no-shoe policy to make their employees feel at home.
As we can see, motivating employees does not always require spending a lot of money, just a little bit of creativity.
Articles used: How to reward employees on a budget; 25 ways to reward employees
Olga,
ReplyDeleteI completely agree with the fact that motivation is a major factor in boosting employee morale.People want to feel like they belong and are part of something special. I personally know people who have chosen jobs not over money but friendly work environment and also the degree in which their position contributes the growth and success of the company.