With news that the majority of UK employees will not be getting a pay rise this year, according to research from recruitment specialist Robert Half UK, it’s important employers look for other ways to boost morale.
As the blame for a lack of wage raises points toward financial pressures, it can be hard to make the business case for monetary rewards. However, there is always a business case for benefits - employees feel gratitude for the hard work they do, whilst employers can enjoy productivity boosts, spurred by happy, engaged staff.
But when the purse strings are tight, it requires some creativity. Fortunately, the experts over at Veritas Gift have come up with 10 ways you can reward your staff without offering a raise…
1. A vacation day
An excellent way to thank staff is to offer one or two days holiday on top of their current holiday allowance. In fact, according to research from Joblift, there has been a 26% monthly increase in the number of people in Britain searching for jobs offering unlimited holidays. It’s clear that time matters to your staff, so make sure you value it too.
2. Give them a shiny new job title
According to the Veritas team, for many people it’s not just about the money, it’s also about the promotion, or progression. However, be sure not to dish out these promotions without firstly investing in…
3. Training
Offering employees training courses can be a great alternative to a pay rise – upskilling your workforce is crucial, especially as digital transformation gets underway. In turn, your employee gets a number of new skills they might not have achieved without you.
4. Take them out
Sometimes a good old-fashioned knees up is a great way to show your thanks. Whether you take the company out for a slap up meal or put some money behind the bar in the local pub, it will show employees you care.
5. Award them
Another alternative is to set up a company awards night. You could have an 'employee of the year' award, or maybe a best in each region or department if your firm is big enough.
6. Write a letter of thanks
A personalised letter is also a great way show staff you appreciate their work. PepsiCo CEO Indra Nooyi has taken employee gratitude more than a few steps further, writing over 400 letters a year to the parents of her high-performing senior executives. She explains that she wants her employees to know her as a person, not just as a CEO. With a Glassdoor rating of 75%, the tactic seems to be working. Read more about that here.
7. Upgrade the desk space
Offering your employee a better desk space is something that can easily be done. According to research from IDC and Cornerstone, the main barriers to digital transforming your organisation, included legacy IT systems (34%). So why not invest in better technology? Not only will it make your employee’s workday’s easier, it could bring a productivity boost too.
8. Ask staff how they would like to be recognised
If you’re unsure on what your staff really want, you could always ask what they would like instead of a raise, as it may be that they would like more flexi time, a gym membership, or a longer lunch break.
9. Provide mentoring
Arranging some one on one training sessions between staff and someone in the organisation they can learn from, is a great way to help their careers. As Fiona McDonnell, the Director of Beer, Wines and Spirits for Amazon EU previously told us, at Amazon, there are a range of community groups where like-minded employees can connect and support each other.
McDonnell explains: “Networking is not something everyone likes, but it is also easier to connect with someone while doing something you like. People work with people and I think it is important to learn to connect with others,” she says. “Internal networks are valuable, as getting things done in any large organisation, is easier when you know how to reach out to people.”
Boris
I'd rather have the money, and i know that those i work with think the same thing!