How to Reward Employees on a Tight Budget

Whether you’re just starting and trying to grow your business or trying to save up for an upcoming event, there comes a time where you need to go on a budget and limit spendings.  

On the other hand, recognizing the effort your team members put into their work and rewarding them when credit is due is one of the top-viewed strategies to motivate your employees. 

Being appreciated and needed in a team setting gives most of us a sense of belonging and boosts our overall productivity. 

But when the budget is tight, and resources are scarce, how can you still show your staff that you care and want to reward them for their hard work? 

Here are six tips on how to reward employees on a tight budget without needing to dip that hard into the company savings account. 

1. Express Gratitude 

It may seem obvious, but a genuine ‘thank you’ to a team member can be highly appreciated and motivating. 

There are numerous ways to express your gratitude. A formal letter, a one-on-one meeting, or a team email that recognizes a certain employee are all great ways to go about it. 

Offering words of gratitude to an employee for their efforts and appreciating the value they’ve added to the team or organization, regardless of the technique you use, demonstrates you’ve not only observed their accomplishment but also respect their work. Further, it indicates that you value and appreciate their efforts.

2. Give time off

After finishing a hard project, another way to reward your employees is to grant them time off. Nothing is more refreshing to see when your team is well-rested and ready to face new challenges. 

You will see that when your employees are motivated to return to work after a good day’s worth of rest, their performance will be enhanced, and the team’s overall morale will increase with it. 

3. Use office social platforms to thank your team

Every office or company has its own platform for internal affairs and communications. 

Taking to these platforms to acknowledge the hard work of a staff member is a perfect choice. It is especially useful since other managers and employees on the organization’s social channels can also recognize it. 

4. Gift them custom challenge coins 

An amazing way to honour a team member and make them feel like they’re part of something important is gifting challenge coins. These coins are great reminders that you and your employee have a strong bond and that they’re a crucial member of your company/organization. 

Challenge Coins Ltd has a great variety of custom challenge coins, and every staff member will be thrilled to receive such an amazing keepsake. 

5. Offer more flexibility

After experiencing remote working during the covid-19 pandemic and seeing the benefits it entails, many can find it difficult to go back to their routine office lives. 

You can offer more flexibility to employees as a reward by granting them flexible hours and more leave options. 

6. Introduce new opportunities for advancement

Your employees want to learn something new every time they face a challenge. In fact, among the top reasons for work dissatisfaction among workers is not being challenged enough. 

After your team successfully completes a challenge, look for newer ways to develop their skills and take their work to another level. A challenged employee is a happy one.

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