How to Reward Your Staff Members While Saving Money

Sun, Feb 12, 2017

Financial Advice

Despite global economic tumult, businesses are showcasing robust levels of sentiment at the beginning of 2017. According to findings recorded by PricewaterhouseCoopers (PwC), 38% of more than 1,300 respondents claiming that they are confident about their businesses prospects for the year ahead, up from just 35% during the same period last year.

How to Save Money While Rewarding Your Employees

Of course, it may be that modern-day entrepreneurs have developed a sense of immunity to economic hardship, particularly those who survived the Great Recession. This would certainly account for the level of sentiment that exists in the current business market, even allowing for the potential uncertainty that lies ahead in 2017.

While it is generally good news that businesses are showcasing such confidence, however, this should not cross the line into exuberance. After all, difficult economic times undoubtedly lie ahead during the next 12 months, so while businesses should certainly look to grow they should refrain from investing huge amounts of capital in the process.

While this may sound like an impossible challenge, there are ways in which you can expand and develop your venture without significant investment. One of the best examples is to seek out creative (but effective) rewards for your employees, which do not involve a significant, up-front commitment of cash. Here are some of the most viable options: –

Benefit-Rich Bonus Packages

Employees are increasingly self-aware in the modern age, meaning that they understand how cash bonuses are quickly diminished by the tax-man and overspending. This also means that they are increasingly receptive to diverse bonus packages, specifically those include features that translate into direct benefits for employees.

So rather than hand out generic cash payments to employees, you should consider creating benefit-rich packages that can be tailored to suit specific needs. You could forge partnerships with local gyms, for example, before securing discounted memberships and sharing these with your staff. You could also make financial contributions towards your employee’s daily commute, whether you issue a company fuel card or account for a fixed percentage of their petrol costs.

Regardless of how you approach this challenge, however, be sure to choose bonus options that are affordable, diverse and relevant to your business model.

Invest in the Long-term Development of your Employees

As you can probably already tell, employees are increasingly motivated by factors such as responsibility, empowerment and personal growth. You can capitalise on this as an employer, primarily by investing in the long-term development of staff members and equipping them with the skills to advance within the company.

This serves two important purposes. Firstly, it enables you spend your businesses capital more strategically, primarily by rewarding staff while also expanding the skill-set that exists within the company’s infrastructure. Beyond this, it also creates an emotional connection between you and your employees, increasing your chances of retaining (and potentially acquiring) top talent in the future.

If you want to think outside of the box, you can even offer discretionary courses that are not relevant to an employees job role. This can be as a reward for their service, or simply to ensure that staff members are more engaged in the workplace.

Create Your Own Currency

This is a relatively unusual approach to rewarding staff members, but it can cost as little or as much as you would like it to. By creating your own, unique currency, you can engage the interest of staff members while offering them fun rewards in exchange for their achievements.

To make this work, you will need a viable system and plan of action. You can create and replicate a simulated currency (such as Monopoly money or an alternative to Bitcoin), for example, before offering employees the opportunity to redeem these for predetermined prizes. This establishes a working system in which staff members are genuinely rewarded on a regular basis, depending on their output and efforts.

If you wanted to take this concept further, why not create a leader board that highlights the best performers within the company? You can then close the year out in style with an awards’ ceremony, where relevant prizes are handed out to the most deserving recipients.

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