You want to pay your people more. After all, they are the ones who make your business the success it is. However, in a recession like this, with your profits dwindling, you really need more creative ways of showing your appreciation and rewarding your employees. How do you do that? You do it by remembering that while a check certainly does fulfill certain needs, there are other needs and other ways to fulfill them.
Supporting the Work-Life Balance
Employees are often torn between the conflicting needs of their personal and professional lives. One way to reward your people is to address that issue and offer solutions that can ease the conflict.
- Telecommuting programs that offer flexible work schedules.
- On-site day-care, if possible.
- Fitness/gym memberships.
Make the Working Environment More Pleasant
There are all sorts of little things you can do to make the work environment more enjoyable. Some build up the company culture and help everyone bond, others are just fun ways to recharge.
- In-office snacks and beverages.
- Cheap "fun" gatherings—potluck lunches and other activities—that everyone can take part in.
- Casual dress
- Company games like fantasy sports, foosball or other fun things
Show You Care About Them as People
Your employees are people, after all, and they have hopes and dreams and futures all their own. One of the best way to show your appreciation for their hard work is to help them in this area.
- FSAs (flexible spending accounts) and HSAs (health savings accounts), improving an employee's ability to pay for routine medical expenses through pre-tax dollars.
- Health and wellness programs to encourage employee well-being and productivity.
- Retirement and annuity programs.
- Leadership development programs to help develop star players.
- Access to special services such as credit unions, AAA and employee assistance programs.
So, before you make any final decisions on cost-cutting, look at these ideas and see if they make sense for your company. You might be pleasantly surprised by the results.