5 Ways to Reward Employee Performance Without Spending a Lot of Money

Boost morale and reduce turnover by making your staff feel valued.

One of the most essential things you can do to reduce workplace turnover is give your employees the recognition they so richly deserve. Too many employers are quick to point out mistakes but slow to offer praise. You can set yourself apart from other companies by creating a workplace incentive program that excites and inspires your staff.

What You Can Do to Honor Your Employees When They Go Above & Beyond

It takes very little to start a recognition program in the workplace. It’s one of the most important things you can do to keep spirits high, production levels optimal, and absences few. You’re also able to retain your best employees by simply acknowledging their contribution to your business.

Five ways to reward employee performance without spending a lot of money include:

1. Handwrite a thank you card to give to them. Make it personal and meaningful. Deliver it to them in person with a warm smile and sincerity. 
2. Include details about their contribution in the company newsletter or social media pages. Tell others why they’re outstanding. Let them bask in the glory of a job well done and distribute it where others can commend their performance, too.
3. Take them out to lunch. Pick up the tab and spend some time getting to know them better personally. If you run a large business, you may not have more than a few minutes to speak to each employee each day.
4. Give them an afternoon off with pay. Let them leave early without having them use PTO or vacation time. Offer one paid afternoon off as a reward for being excellent.
5. Buy them a gift certificate for their favorite restaurant. Allow them to enjoy a meal with their family on you. Many employees don’t get to spend enough time with their loved ones, so this is one of the greatest gifts you can give them.

There are many ways to applaud a job well done. Ask your employees for suggestions and add them to the list you’ve created for yourself. Make it a point to explore new incentives every few months to maintain momentum and interest in the program.

Workplace Incentive Programs Work!

Give your employees the credit they deserve. There are many ways to reward performance without spending a lot of money. Giving the people that work for you an incentive to do their jobs well benefits you. It’s worth all the time, money, and energy you put into developing a workplace incentive program.