Simple Ways to Reward Your Employees

Many small business owners would like to provide extra recognition to an employee who has done a great job, but cannot afford to give a raise or other monetary compensation.

Here are some ideas for ways you can reward employees without having to blow your budget.

Public Recognition

If you hold regular employee meetings, that is a great time to recognize employees who have done a great job.

By showing your appreciation in such a public way, you not only give recognition to a deserving employee, but you also motivate other employees as well.

Throwing in some small perk, such as a special parking spot for a month, is a good bonus that won't cost your business a dime.

Lateral Position Change

If an employee who has done a great job has expressed an interest in moving up in the company, a lateral position change may be a good way to reward him or her.

For example, if your assistant has expressed an interest in becoming involved in design or sales, you may consider offering that person a job in the department in which they would like to work.

A lateral move is not a promotion, so the compensation would not have to increase right away, but only do this if there is a real chance the employee will be able to move up - and receive a pay raise - in the next year or two.

Extra Time Off

When an employee does an exceptional job, consider giving them some extra time off. For small things, an extra hour for lunch may be enough.

To recognize a bigger effort, grant the employee a three or four day weekend or a few extra days of vacation.

Remember, there are ways to show an employee that they are appreciated and don't cost a thing. Sometimes, it really is the thought that counts.