In this evolving labor market, in which traditional models have been upended and employees are increasingly, well, picky, you must do what you can to lure and keep top talent. The problem is that you don’t have the wherewithal to offer as much pay as you’d like. But that’s okay, since a fat paycheck is no longer a shoo-in when it comes to attracting and retaining the people you want. With that said, here are some inexpensive reward strategies that can serve you and your organization well.
What is a Reward Strategy?
This is an organizational approach that is utilized to promote employee loyalty and desired conduct through a package of benefits and bonuses. The strategy is established by companies and HR leaders to reward their people for achieving specific objectives.
Affordable Rewards and Incentives
Perhaps you don’t offer use of the company jet as part of your reward strategy (what’s that you say, your organization has no jet?). That’s okay, since there are an infinite number of possible rewards you can employ that won’t bankrupt you. Here are several:
- Distribute gift cards. This can be a great way to acknowledge a made deadline or participation in a special project, especially if you know where the employee dines or shops. Or you can just put cash on a prepaid MasterCard or Visa that can be used anywhere.
- Send a thank you card. Sure, it’s simple, but who doesn’t like a nice, personalized card signed by a manager or executive?
- Provide complimentary lunches. As part of your total rewards package, find out what your prized employee would desire for lunch daily then pay for delivery for a week.
- Send flowers. This is such a nice touch that is sure to be appreciated. Just make sure you pick the right type – no red roses! – for the occasion.
- Hang “employee-of-the-month” photos. This not only recognizes top employees, but it motivates others to “make the wall” as well.
- Give away branded garb. You can do this to reward employees while simultaneously advertising. Free hoodies, T-shirts, or caps emblazoned with the organization’s logo – and the employee’s name – can instill pride, both in the employee’s accomplishments as well as the organization.
- Give them a parking spot. This is another good way to recognize an employee for their diligence and hard work. In fact, produce a sign for the parking space with the person’s name on it.
- Take the employee to dinner. A sit-down dinner with a supervisor or executive not only provides a nice acknowledgment, but it gives the employee an opportunity to engage with higher-ups on a more personal level and make them feel valued. Further, the employee gets the chance to express themselves about the company or a project in which they’re involved.
- Give a gift to the employee’s child. If your prized employee has children, it would be awfully flattering to buy a gift for them. To prepare, learn the offspring’s ages and genders (if there’s more than one child). Find out what the children enjoy then buy something that’s appropriate. If you run into a snag regarding determining what the children enjoy, you can always get a gift card for an area toy store.
- Reward the spouse. It’s good to be mindful that an employee’s outstanding performance may come at great sacrifice – at home. All those long hours, or even working on off days, add up. Send a gift home for the husband or wife.
You may not realize that inexpensive reward strategies can be just as effective as those that cost a bundle. The bottom line is that employees want to feel appreciated. If you need help putting together a total rewards package, contact the leading global HR consultant Mercer.