Whether you are a serial entrepreneur building your latest startup or a small business owner trying to stay within budget, rewarding and motivating your best workers can be a real challenge. No business owner can afford to ignore their best employees or take their hard work for granted, but with money tight, handing out bonuses is not always in the cards.
So what can you do to reward your best workers and keep them motivated even when cash is tight? Here are five money-smart employee motivation tips that will not break the bank or make you look cheap.
Give the Gift of Recognition
Everyone loves a sincere thank you for a job well done, so give the gift of recognition. Holding an awards ceremony for team members who routinely go above and beyond the call of duty or gifting successful project managers with a plaque are both great ways to take employee motivation to the next level.
Provide Flexible Work Schedules
Employees are increasingly looking for a positive work/life balance, and many workers value flexibility and time with family far more than money. Rewarding your best workers with flexible work schedules and other perks is a great source of employee motivation – one that can encourage fellow employees to work even harder.
Host a Thank You Luncheon
If big bonuses are simply not in the cards, think about hosting a thank you luncheon or a gourmet dinner at your home. Your team members will appreciate the extra face time with the boss, and the wonderful food you are providing.
Implement a Profit Sharing Program
No matter what kind of business you own, the people you hire will be integral to your success. Your employees are the public face of your company, and the hard workers behind the scenes. Implementing a profit sharing plan is a wonderful employee motivation technique – one that allows your dedicated team members to enjoy the fruits of their labor.
Seek Out Low-Cost Enrichment Opportunities
Your best workers are probably anxious to better themselves, so look for low-cost enrichment opportunities. This form of employee motivation can be very effective – and good for your business. From online classes to team-building exercises, these motivational endeavors can help you reward your top performers without hurting the bottom line.
Running a business is never easy, and it is rarely inexpensive. From keeping the lights on and buying office supplies to paying the tax man and dealing with red tape and regulations, small business owners face budgetary challenges every single day. In this tough environment, it is important to seek out employee motivation ideas that will not break the bank.