Increasing the salaries of your employees is still the best way to reward them for their excellent performance and productivity. However, this is a very difficult option if you are running a bootstrapped business wherein every dollar in your coffers needs to be re-injected into your cash flow to keep the business afloat. This basically means that increasing the salaries of your employees is out of consideration. In this case, you need to find other options in rewarding your employees. So check out these ways that allow you to show how grateful you are for their hard work.
- Show your appreciation.
There are several ways on how you can extend a hand of appreciation. A written note commending the employees would go a long way in boosting office morale. However, it’s highly recommended that you approach the employees and thank them personally. This creates the honest impression that you truly care about the extra efforts they are doing to help grow your business.
2. Give out awards to deserving employees.
The best way to do this is to put up an “employee of the month” policy. This promotes confidence and healthy competition in the workplace. To make things more interesting, you should set up a wall where previous winners are posted with tallies of how many they have won the award.
3. Celebrate personal milestones like birthdays, weddings, graduations, and anniversaries.
This injects some form of social life in the workplace. A simple surprise birthday cake can make an employee’s day memorable. Celebrating personal milestones among your employees also promotes camaraderie which helps in easing tension if there’s any.
4. Provide business-related outings like team-building activities.
Think of this as a paid vacation for your employees but it’s still geared towards growing and making your business better. Sure, you are going out for fun but you should also use it to drive the point that teamwork in the workplace is very important. That said, your outings should include interactive activities wherein your employees have to divide themselves in teams and compete against each other.
A lot of entrepreneurs who manage bootstrapped companies often make the mistake of assuming that monetary incentives are the only way to reward employees. Nothing is further from the truth. There are alternative ways on how you can show your appreciation. These include the strategies discussed above or apply these employee engagement strategies.