Businesses constantly contend with rewarding employees while keeping within budget. It doesn't need to be difficult or complicated.
Most importantly, a tight budget doesn’t need to limit you.
Here are three tips for rewarding employees on any budget:
Reward Achievements
Major milestones, such as when your employee or team complete a long-term project, are worth acknowledging. When rewarding an employee on a budget, use big moments to offer material rewards.
This type of reward cycle helps align the employee goals and rewards with those of the company. Associating these two cycles boosts employee engagement and loyalty at the same time.
According to a recent Kronos study, 29 percent of employees see no clear connection from their role to company goals. Narrowing the gap through achievement rewards will minimize employee burnout, while increasing engagement.
Need help choosing the right reward for your gift card program?
Train & Develop Your Talent
Learning should be at the core of your company’s human resources practices. Sometimes, offering training or professional development opportunities with internal subject matter experts costs your company next to nothing, but has material value for your employees.
However, there are times when external training is warranted. More than 30 million people in the US have college credit but no degree. If your company provides a path to a degree for employees, while it may be a high cost for an individual family, it could be an employee reward that still works within your company’s budget.
Millennials are prone to job-hopping, with 42 percent of the workplace’s most prevalent generation switching jobs every 1-to-3 years, according to Jobvite’s 2016 Job Seeker Nation Study.
Providing the reward of education and internal advancement can help curb employee turnover, improve retention and build loyalty.
Incentivize Referrals
Employee referrals help your applicant pipeline and often reduce the vetting process for a candidate.
Referrals are a great way to reward employees who participate in your program. This may seem like a minor gesture; however, employees are going out of their way in their personal lives for the health of your business.
Worker referral rewards also don’t have to break the bank. Small spot rewards, such as gift cards, are an effective, budget-conscious way to say thank-you to a referring employee.
Your budget doesn’t have to be a limiting factor in employee rewards. Any business can reward employees on a budget with tact, timeliness and unique reward options.
Want to celebrate a successful project completion? Buy name-brand gift cards at a discount for your team. You can start your order by filling out a brief form.
