When budgets are tight, it can be hard
to justify raises as rewards for high-performing employees. But if someone
loves their work, takes pride in doing it well and feels valued, there are many
other ways besides a bigger paycheck to show your appreciation for a job well
done. Studies have shown that employees with high job satisfaction are
generally more productive, engaged and loyal to their companies. Hiring
managers, HR experts and business leaders weighed in on the best ways to keep
employees satisfied when salary isn't the driving factor.
1. Be transparent "Feedback and the
ability to understand employee concerns is important, but it's what you do
after that's critical to retention. You should always be transparent by
sharing what you've learned and a course of action for addressing the issue.
For example, after a recent company-wide engagement survey, we chose to share
our results with all employees. We not only communicated our top areas of
success but also our areas for improvement and how we planned to address them
moving forward. Transparent communication and a simple acknowledgement that we
heard you can go a long way." - Laura Grieco, HR and administration director at Parkmobile
2. Offer more vacation time "Reward
your highest performers with incremental vacation days. These employees are
your superstars so you can be confident they will get their work done as well
as enjoy a few extra days of well-deserved time off with family and
friends." – Stacia Pache, founder and CEO of itBandz [See Related Story:
Want to Boost Employee Productivity? Offer an Incentive]
3. Make work-life balance a priority
"To engage the workforce and remain competitive, it's no longer sufficient
to focus solely on benefits. Top employers create an environment where
employees feel connected to the organization and have a positive work
experience that's part of a rich, fulfilling life. – David Ballard, assistant
executive director for organizational excellence at the American Psychological
Association
4. Encourage communication in common
areas "Businesses should take steps to create spaces where employees can
easily communicate and share ideas. Casual conversations in the break room can
become collaborative conversations. Make it inviting and effective, with nice
furniture, tables, and snacks and beverages, if possible." – Tom Heisroth,
senior vice president at Staples Advantage
5. Create a career pathway "[Our
research] found that providing developmental support, such as training
opportunities and career mentoring, to employees who do not believe there are
attractive career opportunities for them within the company led to such employees
leaving the organization. It's critical for businesses to have regular career
planning discussions with their employees. As part of training and development,
make sure employees are aware of the different types of career paths or job
opportunities throughout the company." – Maria Kraimer, business professor
at the University of Iowa
6. Build employees up "If you're
looking to keep an employee by giving him/her a raise, it's already too late.
Find people who share the operational values of your organization from the
outset, test for fit early, and allow growth opportunities to express that
value. We're fanatics about initiative and constructive impact. Our team
members are consistently rewarded with higher value projects following a
constructive initiative." – Zachary Watson, CEO at HoneyCo
7. Promote a positive work environment
"Happy employees make for a happy company. Within the office, we'll
publicly acknowledge accomplishments, provide a group lunch, reserve a prime
parking space, or change a title. We'll also help employees to grow and
develop, whether by taking on new desired responsibilities or challenges,
taking courses to learn new skills, or furthering knowledge of the company by
traveling on company business trips." – Jakki Liberman, president of
Bumkins
8. Set the example "One can't
underestimate the importance of walking into the office as the boss with a
smile on my face and making sure I give the same feeling of importance to
everyone." – Jon Sumroy, CEO and inventor of mifold
9. Recognize and reward employees
"Achievement and recognition are high motivators for employees. If they
take risks, reward them. Give them a coupon to go out for dinner, an extra day
off, tickets to a show, etc. The small stuff adds up." – Charley Polachi,
managing partner at Polachi Access Executive Search
10. Always say 'thank you' "In my
experience, employees rarely become unhappy or leave solely over
money. When they do become disenchanted it is usually because they don't
like their boss, aren't engaged or feel like they have stopped
learning. Having a positive culture and workplace environment helps a lot,
as it encourages teamwork and communication which increases engagement and
opportunities for teammates to learn from each other. We also do periodic "shout
outs" to people at all levels of the organization for great work or
superior effort. These kudos cost nothing but provide important public
recognition for a job well done, effectively compensating people in the form of
social currency which is highly valued." – Gary Beasley, co-founder and
CEO of Roofstock
11. Offer benefits beyond the basics
"There are many ways to supplement salary by assisting employees in other
areas of their lives. You can offer an extra level of life insurance or
disability insurance for employees to protect their incomes. Other ancillary
benefits, such as dental, optical [and] wellness, are all well received by
employees. And gym memberships and transit benefits are great perks to keep
employees happy and healthy. It is important to [provide] higher benefits so
your employees know that you truly care about them and their families." –
Bobby Hotaling, president and CEO of The Hotaling Group
12. Make employees part of the big
picture "The best benefit you can provide to your employees is the opportunity
to make a difference through their work and help guide the course of the
company. Benefits such as clear and frequent communication on company
happenings, individual and department direction, and big-picture company
direction make all the difference in employee happiness." – Anthony Smith,
CEO and founder of Insightly
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