Money may be an important factor, but research shows many people are driven as much, or even more by other, non-monetary incentives.
As small business owners, this is music to our ears!
It can often be very difficult to find extra cash for raises or bonuses, but motivating employees in other ways will help you retain your best team members and save you resources.
Here are 3 easy ways to incentivize your staff, without giving a pay raise:
1. Recognize Hard Work & Give Gifts
It doesn’t take a research team to know that people love recognition and tangible gifts. That’s why birthdays and holidays are so fun 🙂 Your employee will associate receiving a gift with positivity and will feel the gift is coming from a place of appreciation and generosity.
A high qualify, thoughtful gift is a great way to say thank you. No matter the size, it provides the staff with a token of your appreciation.
2. Increase Autonomy & Flexibility
Your employees will be intrinsically motivated if they feel they are part of a team that values satisfaction and growth. With more autonomy and flexibility team members will feel ownership over their work and their performance, will increase their wellbeing and morale, and will lead to a sense of purpose at work.
Try not micromanage their work, include them in the company decision making process, and allow them to provide feedback. Supporting your staff in this way doesn’t require any financial obligation.
What better way to celebrate a milestone at work than an end of the quarter gathering or thank you lunch? Celebrating your organization’s successes will deepen the relationship among staff members and boost overall morale.
Successful business are run by successful teams. To ensure your staff stays motivated and fulfilled, without increasing payroll, apply the advice above. They’ll make a huge difference without costing you much.