You’re eager to show your highest achievers that their contributions are valued. But if you don’t have the budget or resources to reward your star employee, figuring out how you can keep them engaged and motivated can be a struggle. Fortunately, there are many ways to thank them and keep them motivated without breaking the bank.
Extra Paid Time Off
Too many of us have had to cut a dream vacation short or take a cramped, red-eye flight to make it back to the office on Monday. Why not give your awesome employee a few extra days of paid vacation time? Your employee will feel appreciated and your business will benefit when they return feeling refreshed, re-energized and ready to take on the world.
Gift Cards & Vouchers
Vouchers are a great way for employers to reward their staff. Figure out what they love to do and get them something along those lines, whether it’s a Spa day or tickets to a show, they are bound to be over the moon.
Give them a new improved job title
For many people it’s not just about the money, it’s also about the promotion. A great way to allow them to work their way up the ladder is to give them a better job title, for example if someone’s an Account Executive, promote them to Senior Account Executive.
Offering an employee some training courses out of work is a great alternative to a pay rise, as you are essentially helping them progress at a much faster speed. It will also help retain staff morale and keep them loyal to the company.
Take them out
Sometimes a good old fashioned night out is a great way to show your thanks, whether it be out to a restaurant, a bar or something more extravagant, it shows them you care and you want to spend time with them.
Another alternative to a raise is to award them and to make it known to everyone in the office. Setting up a company awards night, for instance, or taking your team out and making a speech with the person in mind, will give them a sense of accomplishment. However, if you are looking to celebrate an end of the year holiday award night, make sure to have an inclusive event for all cultures. To learn more, check out our article on celebrating the holiday season at the workplace.
Upgrade their desk space
Offering your employee a better desk space is something that can easily be done and shows that you believe they are ready to move up. If you can’t give them their own office, try moving them to an area with more space and perhaps better equipment.
You may not be able to offer a permanent salary bump, but a one-time bonus will provide a big boost to your employee’s bank account and their morale. Plus, it lets them know you’re serious about compensating them even more as soon as you can.
Provide them with mentoring
If they look up to you, chances are they will really value what you have to say regarding the industry you both work in. Arranging some one-on-one sessions where you can enlighten them on how you got to where you are today, and offer some personal mentorship, can be a great way to keep your employee inspired and driven.
However you go about thanking your employee, it is best to just be honest and explain the situation. Your employee will appreciate your honesty and be much more understanding if there’s a valid reason behind it. It’s also important that you give them an idea of when a raise might be possible and schedule a date to revisit the conversation.