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Low Cost Ways to Reward Employees

Employee recognition is an important part of a successful engagement strategy. Unfortunately, a lot of industry leaders are still struggling on effectively implementing rewards. By understanding the things that your team truly values, you will be able to align the rewards that you provide. They do not necessarily have to be costly. Creativity is the fundamental aspect in developing the ideal set of low-cost rewards.

Low-Cost Ways to Show Your Employees That You Appreciate Them

According to a study, only 49% of the employees feel that they are appreciated in their workplace. This is due to the fact that 87% of the programs related to recognition is based on tenure and not on the employee’s performance. It seems that the benefit of reward and recognitions are often overlooked. Even on the off chance that the company is on a tight budget, it is important for you reward your employees for their work. Here are some low-cost ways to reward your employees.

Opportunities

In most cases, your employee is looking for an opportunity related to their career to keep them motivated. Take advantage of this and offer them a career advancement opportunity. You may send them as the company representative for an industry conference. You may also provide them with a mentoring opportunity or invite them to panel discussions. These are some of the most effective low-cost rewards.

Praise

A simple way is to leave a sticky note with a word of thanks to your employee can definitely create a lasting impression. You may be surprised that one of the most meaningful recognition for that employee is to receive a personal thank you note. It is a powerful method that can increase the loyalty of your employee and can increase the employee retention.

Flexibility in Their Schedule

You provide them with a flexible schedule to show that you appreciate their efforts. You need to understand that most of your employees are trying to find a work-life balance. You may allow your workers to telecommute at least once a week as an exchange for their great performance. You may also permit them to start and leave earlier for work as a low-cost reward for their commitment and dedication towards their work.

Gift Card Reward

Another great low-cost reward for the hard work of your employee comes in the form of gift card. You may provide them with a discount code, voucher or gift card at their favourite online store, book store or coffee shop. Let your employee choose the reward that they want in case they have done something noteworthy or positive.

The most important thing to remember when providing recognition is the positive work environment that you are developing. This will stimulate the interest and motivation of your employee. It doesn’t matter if it is a low-cost reward. It only requires creativity, communication and the ability to effectively express your gratitude to show that you appreciate their great contribution to the company.

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