For a new company that has just opened their office space in the Philippines, is operating with a tight budget, and still waiting to hit it big, offering raises as rewards for your top employees may not be a priority yet. But, if employees show love for their job, take pride in performing well, and know that you value them, there are actually a number of ways other than giving a bigger paycheck to reward them for doing their best.
Research reveals that majority of staff who possess satisfaction with their jobs are apparently more productive, focused, and loyal to the company they work for.
Offering positive feedback and critique and being able to understand employee concerns are very crucial, and also important factors in terms of retention. As an employer, you can be transparent by sharing what you know and taking immediate action to address the concern. You can also do a company-wide survey and share the results with the staff. By doing so, you can communicate the top areas of success, the things you need to improve on, as well as the course of action to be taken to improve these. Being transparent in communications will surely go a long way for you.
Vacations as Rewards
Treat your company’s top performers with incremental vacation days. Since these staff are your cream of the crop, you are confident that they’ll bring home the bacon. Plus, its good for them to enjoy a few extra days of R and R with the people they love.
Encourage Work-Life Balance
To make sure that your staff stays competitive and productive, it’s not enough to focus exclusively on benefits. The best employers build an environment where employees are connected to the institution and consider work as a positive part of their lives.
Turn the Workplace Into a Positive Place to Work In
A happy company consists of happy, satisfied employees. Inside the organization, acknowledge your employees and show gratitude by making sure to publicly acknowledge milestones or to treat employees to a group lunch. It is also a must to assist employees to grow and develop within and beyond the organization.
Employee Recognition Is a Must
Recognition given for achievements is one of the best ways to motivate your employees. If they do something exceptional or go beyond their call of duty, reward them. Give them gift checks for shopping or dinner, reward them with extra leave credits, treat them with tickets to a film, etc.
Employees leave not because of money, but usually because they have grown disenchanted because they are no longer engaged and feel that they are going nowhere. Building a positive environment helps a lot in encouraging teamwork and open communication, and helps increase their level of engagement. Make sure to show your gratitude to staff at all levels of the business for a job well done. These shout outs cost nothing but it provides a feeling of achievement and accomplishment that money alone cannot provide.