Having a well-thought-out executive compensation package is vital to making your employees happy and engendering long-term loyalty among them. Its most important component, without doubt, is remuneration that is commensurate with the work they perform.
For some companies, raising salaries is an easy decision to make when they need a quick way to boost employee morale. For other enterprises, however, going this route may not be an ideal option simply because their state of finances doesn’t currently allow it.
If you’re running an organization, you would know how important it is to be able to keep the people who are of most value to your enterprise. If you’re unable to raise salaries at the moment, don’t worry.
We’re providing you with a list of alternative rewards that you can offer to your employees.
1. Give Cash Bonuses.
If you’re still thinking of cash incentives but your company can’t afford across-the-board salary raises annually, you may want to look into giving bonuses instead.
Bonuses are a variable expense that can be given to employees based on their performance or as reward for achieving goals as specified in management-by-objectives agreements between them and the management.
To simplify the management of your bonus program, consider employing a smart incentive compensation management platform.
2. Allow Telecommuting.
If the nature of your business permits your employees to work outside of your business premises, then consider allowing your best employees to work remotely.
This can help spare productive individuals from the hassle and stress of daily drive or commute by public transportation.
Just make certain that you set the right boundaries when it comes to allowing people to work from home or another location. For instance, your employee should be responsible for making sure that they have continuous internet connection, that their communication lines are always open, and that they meet their deadlines every time.
3. Throw a Bash.
Another simple way of showing employees your appreciation is by holding a special lunch, dinner, or party every now and then.
Not only is this a great way of incentivizing your workers, it’s also a good way of bringing your people together.
4. Allow Your People to De-stress.
Don’t simply move on to the next big project; allow your people to de-stress and celebrate their success first! Treat your employees to a special gift—be it a spa visit, a mani-pedi session, or a trip to your local national park.
5. Arrange a Job Swap.
A job swap scheme is an arrangement where you have different departments or branch locations interchange employees. This is not only an opportunity for employees to develop and share skills with their colleagues, it’s also a way to improve interdepartmental relationships.
If your business has branch locations in other cities, this arrangement can also resemble something like a working holiday for your employees.
6. Offer Training.
Finally, there’s also the option of providing additional training to your employees. This is important because aside from their financial goals, working individuals also typically want to fulfill their professional development goals. Have your employees choose the kind of training that they want to receive, or which seminars or workshops they want to attend.
Clearly, there are many creative ways to incentivize employees other than simply raising their salaries. When you are yet unable to commit to blanket salary raises for your organization, consider the options above when thinking of ideas to motivate your team.