If money is tight, there are other ways to show how much you appreciate your staff besides a bonus. Read on to find out.
Ask your employees what they want, and the answer is mostly, “more money”. However, companies may be cash-strapped during these times, and bonuses and raises simply have to be taken off the table.
However, that doesn’t mean that you can’t show appreciation and give rewards where they count. Here are 5 non-monetary benefits you can offer your employees or advertise to potential applicants to make them feel your support.
- Flexible working arrangements
Offer working arrangements outside of the traditional nine-to-five. These can include staggered hours, off days on week days, or simply the choice to take a longer lunch when they need it.
Such flexibility helps employees retain a good work-life balance, and they will appreciate the increased autonomy. This further inspires employee loyalty and engagement, increased organisational commitment, and higher job satisfaction.
- Off days
Who doesn’t like an extra off day? Offering an off day for exceptional work performance or completing a difficult project is a good way to let an employee know how much you appreciate them.
Some companies have gone a step further to offer sabbatical leave – of a month or more – to help prevent burnout and give their employees a time to relax and recharge. Employees appreciate this, and are more likely to stay with a company that puts their health at priority.
- Training plans or mentoring offers
Another powerful incentive to stay with a company is its training and development opportunities. The best companies look after their employees’ career paths, be it sending them for pertinent courses or conducting in-house training.
You could also show your support by having senior staff mentor junior ones, thereby creating a more engaged, collaborative work culture. Such mentoring opportunities are appreciated by both mentor and mentee.
- Rewards based on personal interests
Does the office want to watch a particular film, or maybe your employees like to hit the spa? Follow up on these interests by supporting them as a company. Some organisations provide memberships to clubs, theatre tickets, or support to sports teams to show inclusiveness.
- Health and wellness perks
Similar to the above, show that your company wants its employees to have health and peace of mind through a company gym or mindfulness activities. A company that goes above and beyond to keep its employees healthy will also see that said employees are happy to work there.
Alternatively, you can provide a health and wellness allowance for employees. The advantage of this is that they can choose what to spend on, be it trips to the gym, health check-ups or fitness classes.