Rewards and perks are an effective way to boost employee satisfaction and ensure their retention in the company. It shows that you appreciate their hard work and are willing to continue a strong relationship with them. Perks and benefits also help to boost employee’s self-esteem and improve productivity. In other words, it is a win-win situation for both the employee and the employer. Rewards and perks do not need to be expensive. If you don’t have the cash to offer them a raise or give them a large bonus, we have five budget-friendly options for employee perks and rewards for you. Keep reading to find out more about them. 

5 Budget-Friendly Ways for Employee Rewards and Perks:

1. Give Them the Recognition they Deserve

Money is not the only motivator. Giving your employee the recognition they deserve is an effective way to boost their confidence. A round of applause during staff meetings, a mention of their commendable work in the newsletter, or simply a verbal “Thank You” can encourage your employees to continue providing good work.

2. Small Treats can Go a Long Way

Perks and rewards do not always have to be big. You can give them small novelty items, a customized coffee mug, or even a desk plant to show your appreciation. Treat baskets are also an excellent way to boost your staff’s enthusiasm. Even a surprise ice cream or pizza treat for the whole team can be a great way to remind them that they are special to the company.

3. Offer A Flexible Schedule

A nice break or a longer deadline can be an excellent incentive for hardworking employees. It not only helps relieve stress and improve productivity but also allows your staff to maintain a healthy work-life balance. You can organize a game night once a month or let them have an afternoon off. Even an extra hour of lunchtime can exceed your expectations in improving employee productivity.

4. Give Them a Choice of Perks

When you have some cash to spare, one of the best ways to spend it is to invest it in employee perks. You can give them different choices to pick from according to their interest. The things do not have to be too costly. They can be simple gift cards, movie tickets, or even a one-night dinner reservation at a fine-dine restaurant.

5. Offer Them an Exposure Opportunity

Sometimes, a chance to grow, personally or professionally, is the best reward anyone can ask for. When your employees are doing well in their job, offer them opportunities to earn better recognition. A chance to represent your company in a prestigious convention or an opportunity to meet and present their ideas to the higher delegates of the company can be a rewarding experience in itself.

Conclusion

The best way to create a highly motivated workforce dedicated to your company’s growth is to let your employees know that their ideas and services are valuable. And surveys show that one of the most effective ways to do that is to provide them with perks and benefits. 

If you don’t have the budget to go for big bonuses, we hope you will find a suitable option to reward your staff from our five low-budget employee rewards and perk ideas.