Yes – most of us would probably prefer money, but this simply isn’t feasible for many companies. Luckily, the employee benefits experts at Veritas Gift have come up with ten ways you can reward your staff if you’re unable to offer them a raise.
(1) A vacation day
One good way to reward your staff is to offer one or two days holiday on top of their current holiday allowance, this allows them to book longer holidays, or for them to have the flexibility to take a break and do something they love, whether that be lazing at home or enjoying a day out.
Vouchers have become quite a popular way to reward your staff, why not figure out what they love to do and get them something along those lines, whether it’s a Spa day or a supercar experience, they are bound to be over the moon.
(3) Give them a new improved job title
For many people it’s not just about the money, it’s also about the promotion, or progression with many employees simply looking to work their way up, and a great way to allow them to do this is to give them a better job title, for example if someone’s an account executive, why not 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 moral and keep them loyal to the company.
(5) Take them out
Sometimes a good old-fashioned knees up is a great way to reward your staff, 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.
(6) Award them
Another alternative to a raise is to award them and to make it known to everyone in the office, for example why not set up a company awards night, or take your team out and make a speech with the person in mind, this way they will love the feeling of accomplishment it has with it.
(7) Write a letter of thanks
A personalised letter is also a great way to thank somebody as it is much more personal, especially if it’s handwritten. Why not explain your thanks and send it to their home address, this way it comes across as much more personal than just putting it on their work desk.
(8) Upgrade the 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, why not move them to an area with more space and perhaps better equipment.
(9) Ask them how they would like to be recognised
If you’re unsure on how to reward your staff, you could always ask what they would like instead of a raise. It may be that they would like more flexible time, a gym membership, or a longer lunch break – all things that you may be able to offer.
(10) Provide them with one-on-one mentoring
If they look up to you, the chances are they will really value what you have to say about the industry you both work in. Perhaps you could arrange some one-on-one training sessions, where you can enlighten them on how you got to where you are today, and to just generally offer some personal mentorship.