It can be difficult to rationalize raises, even for top-performing employees, when working on a tight budget. However, there are other methods besides the fatter paycheck to express appreciation for the job well done.
Studies have revealed that workers with high job satisfaction are largely more productive, more committed and loyal to their employers. Here are five tips proved to keep employees gratified without salaries as the driving factor.
- Build Up Employees
If you thought giving an employee a raise would lead to retaining them, it might be too late already. Discover people who share the values of your firm from the very onset, testing for fit early enough and permitting growth opportunities in order to define that value.
- Foster A Positive Work Environment
Cheerful employees make for a cheerful company. Inside the office, it helps for managers to outwardly acknowledge accomplishments, offer a group lunch, reserve prime parking space, or change titles. It is also beneficial to facilitate growth and development by offering new skill courses and business trips.
- The Power of Thank You
Research has shown that employees seldom become unhappy or exit only over money. When they become dissatisfied it is mostly because they dislike their boss, do not feel engaged or feel like their learning is halted. Maintaining a positive workplace culture and environment encourages communication and teamwork; which in turn, enhances engagement, teamwork, and learning. Intermittent ‘shout-outs’ to people across different levels of the company for a job well done or recognition for lofty efforts provide significant public recognition compensates people in form of social currency and this is highly valued.
- Provide Benefits Above and Beyond the Basics
There are numerous ways to augment salary by supporting employees in other aspects of their lives. A company can offer an additional level of life insurance for employees to shield their incomes. Other auxiliary benefits, such as health and wellness, are all welcome by employees. Gym memberships are superb perks to keep employees healthy and happy. It is crucial to offer greater benefits so that your employees realize that you sincerely care for them and their families.
