Showing employees that the company values them is an important part of any business, but not every company can afford to hand out large cash bonuses on a regular basis. In a short piece in Forbes, Meghan Biro noted that companies with employees who felt like they were appreciated were significantly more profitable than other businesses—22.2 % more, to be exact. Biro’s list pointed to something that went far beyond the financial aspect of work: company culture. Company culture has a tremendous impact on how long you keep your employees. Money is a motivating factor, but the fact of the matter is, employees want to feel like they are contributing and that their contributions are greatly valued. Here are a few ways to help you show how much you appreciate your employees without breaking the bank.
Get to Know Them
The best way to show employees you appreciate them is to get to know them. Not only does this communicate that you value their contributions to your company, but it can also give you great insights for how to best provide rewards and incentives to them. Informal chats in the breakroom or taking employees out for lunch or coffee can provide you with the information you need. In Harvard Business Review, Tony Schwarz cited a Towers survey that showed the #1 driver of employee engagement at work was the feeling that the management valued the employee.
Recognize Accomplishments
Everyone wants to be recognized for their achievements. When an employee does particularly well on a project, send that person an email highlighting how much you appreciate what they did. Or, at the next meeting, note the employee’s accomplishment. A survey from York College showed that Millennials especially long for quick recognition, so don’t be shy about quickly pointing out—and praising—success and hard work.
Crack Open the Wallet…a Little
Gift cards or flowers are a wonderful way to show appreciation. Gift cards to local restaurants are a concrete way to show you appreciate employees’ contributions and flowers at work brighten the whole office. Forbes has a list of ways to show appreciation with small amounts of cash.
Give the Gift of Time
A simple way to show appreciation is to give some time off. For example, if an employee has done a great job, why not pull them aside before they go to lunch and let them have the rest of the day off? Another way to reward an employee might be to allow an extra-long lunch period.
Training
It can be expensive, but it doesn’t have to be. Rewarding an employee with a special seminar or conference is a great way to show appreciation while building an investment in your company. Local colleges and universities sometimes offer short courses or weekend programs that are targeted at polishing up certain skills. A yearly subscription to an online learning site is a cost-effective alternative.
Sometimes, there simply is not enough money to go around, especially if you have a small company or your business is going through a transition. There’s no need to break the bank to show appreciation. The most important part of a company’s culture is to positively engage with all of the employees. Showing them that you value their time and commitment to your company’s success allows you to build a strong relationship with employees, experience company growth, and enjoy better retention rates.