Top 5 Employee Incentives that will cost you nothing
A monetary incentive is a very effective method of energizing employees. However, monetary incentives can become expensive for a business. The good news is that there are many ways you can give incentives to your employees that will not cost you a penny.
Recognition: An employee recognition program is highly effective in creating healthy competition in your workforce. The way you value your employees has a direct impact on their productivity. Recognition could be a simple group email of appreciation to your star employee highlighting his or her contribution to your business.
Privileges: Providing certain privileges like a special parking spot or the privilege of speaking in a group meeting are great opportunities to make employees feel appreciated and recognized for their hard work.
These privileges should be consistent and must be based on merit.
Special Role: Giving a special role to a star employee adds a sense of value and recognition of his or her talent. This special role should require some level of leadership and skill.
The best example is a training or coaching role. Special roles communicate that the employee has earned your attention for a promotion and/or raise.
Telecommute/Work from preferred location: A full-time employee that works 40 hours a week often spends 5-10 hours a week in traffic. This cost is influential in salary negotiation and it directly affects job satisfaction. Therefore, you are paying for hours of commute a week that has no return or employee satisfaction. Providing a telecommute option to star employees gives a sense of trust in their productivity and makes their life more enjoyable.
Telecommuting is not possible to all business, you must have a modern business communication technologies that will allow effective remote communications.
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