While financial bonuses are great incentives for your employees, there are still some great methods to keep your workforce motivated, even on a shoestring budget.
For example, 1 in 4 US employees would say yes to a pay cut if that would mean having more time off.
Finding the right motivators may seem challenging, but fortunately, there are many things your staff will appreciate as much as money.
Here are a couple of ideas for you to consider.
Offer Flexible Hours and Locations
Your employees will be more motivated if they know that the company they are working for understands and acknowledges their priorities, and supports their efforts to maintain a better work-life balance.
Show them such support by offering them flexibility when it comes to their working hours, as well as the location they will be working from. This will motivate all of your employees, but it is especially important for working parents, as 84% of them value flexibility more than a higher salary.
With flextime, your employees will still be working full hours, but at the times they find more convenient. Also, consider providing them with a chance to work from home at least once a week, or to cut their workday if they have a private matter they need to attend to.
According to research, telecommuting can also boost employee productivity, so it’s a win-win situation.
Even though this may not seem easy to implement, you can determine the mode of flexibility that will work your business and your employes.
Encourage Professional and Personal Growth
Your employees will highly value any opportunities for professional growth you offer them, and it will boost their engagement and their satisfaction with their job.
Opportunities don’t have to be expensive if you identify your company’s internal resources and use them. Mentorship programs, industry conferences, panels and meetings with industry thought leaders are just some of the ideas you can use to show your employees that they are important.
Introduce a Workplace Wellness Program
Introducing workplace wellness programs can bring many benefits both to the employer and the workforce.
For a small company, losing an employee for just a single sick day can be frustrating, while a prolonged illness of an employee can really drain its resources. On the other hand, such a program will show your employees that their wellbeing is important for your company, so they will feel more empowered and happier at work.
An incentive for quitting smoking, or a 30-minute longer break once a week for a walk, are just some of the incentives you can use to promote health and motivate your employees.
Offer a Comprehensive Pension Package
Offering company pension with a more comprehensive benefits package is another way to motivate your employees and an important tool in attracting and retaining your staff.
Consider setting up the best-fitting pension scheme for your company and at the same time, make sure your employees get impartial advice on their pension contributions so that they can achieve their personal retirement funding goals.
Such a group pension package will send a signal to your employees that you care for them and their future, and that you want them to stay in the company for a longer time.
Provide Paid Time Off for Volunteering
Most of your employees have a cause that is close to their heart that they want to support.
By supporting them in their charitable efforts, and granting them certain paid time off for volunteering, your company will demonstrate that what they do is important to you. This will improve their performance, build loyalty, and at the same time, enhance your corporate image.
Create Company Traditions
To boost the team spirit in the workplace and keep your staff motivated, consider creating company traditions, that all of your employees can take part in and enjoy.
Some of the ideas that you might find useful are:
- An annual charity event,
- A monthly bowling game,
- A bring-your-pet to work day,
- Crazy hair day,
- High-five-everyone day,
- A staff picnic.
Such events don’t take much to organize, and the benefits for everyone involved are great. All the activities will empower your employees to perform well and participate more. At the same time, these traditions will enhance your workplace communication, making your staff feel happier and more relaxed.
Throw a Party
You can also make it your company’s tradition to throw a party when your team achieves a goal or finishes a project they were working on successfully. You can use the last chunk of the day for this purpose, and let your staff just hang out and socialize.
Pizza delivery is always a great and inexpensive way to celebrate the success, or you can plan the party ahead and ask each one of your employees to bring the food of their choice.
Show Your Appreciation
No matter what perks and incentives you use to motivate your employees and keep them engaged, don’t forget the power the simplest forms of appreciation can have on their performance.
Put an extra effort in recognizing individual or team accomplishments of your employees and don’t let them go unnoticed. Sometimes, even a simple thank you, a gift card, a thank-you note, or public praise can do wonders for boosting your employees’ morale.
Your employees are among the most valuable assets of your company has, so do your best to keep them.
Michael has been working in marketing for almost a decade and has worked with a huge range of clients, which has made him knowledgeable on many different subjects. He has recently rediscovered a passion for writing and hopes to make it a daily habit. You can read more of Michael’s work at Qeedle.