At the end of the year, companies and management teams usually take stock of how the company has performed. With the tough times that many businesses have been plagued by recently, many aren’t able to afford big bonuses or any monetary rewards at all.
There are, however, other ways that you can reward employees at the end of the year and even throughout the next year.
Here are five ways to do so even if you don’t have a lot of money.
If full bonuses are off the cards right now but your staff still deserve a reward, consider vouchers as a token of appreciation that can be given to employees.
They can be anything from a massage to a retail store and more. Think outside the box.
Treat them to a big team lunch
Team lunches or dinners are great for morale and an excellent way to reward staff at the end of the year. Use the opportunity to speak up and thank them for their hard work.
But make it a special meal, don’t go to the restaurant up the road and order pizzas. Look for ways to make a lunch or dinner something unique.
Give them a new space to work in
This one is especially for parents who have been working from home for most of the year. If you can, gift staff with a change of scenery to kick off the year.
Take a look at co-working spaces in your city and see which ones suit your company best. It doesn’t have to be every day, of course. It could be a day a week for a month.
Allocate extra leave days
You might not have money to give, but you can reward your employees with additional time off. And who doesn’t love extra leave days?
Multinational public relations agency, Irvine Partners, recently took the decision to reward its staff with five extra leave days every year.
“Our team has worked tirelessly around the clock, across different time zones all year,” says Hayley van der Woude, MD of Irvine Partners. “It was important for us to be able to show our team that we value their hard work, while also encouraging a better work/life balance. Extra leave days was a tangible way to show this.”
Reward the best-performing team members
If you can’t afford to reward everyone, reward the best-performing members of your team. This will not only give them a hard-earned prize, but it will also incentivise the rest of the team.
It could be a big reward such as a holiday package at a top hotel in the country or city.