Creative Rewards on a Budget
When cash is tight, business leaders may need to get creative to attract, retain, support and fully engage key employees. The following suggestions require minimal investment but can represent sustainable alternatives that truly satisfy what employees need and want.
Flexible Work Options - There is a tendency to over-manage these arrangements, and many business leaders chafe at the idea of allowing employees to work flexible schedules, telecommute or take sabbaticals. Organizations have often handled requests for flexible work options on a case-by-case basis, with no formality to the process. Managing employees based on performance results, and allowing them to propose and manage their own flexible work programs, can ease the burden that is placed on business leaders to control these arrangements and satisfy the work/life balance that many employees are seeking.
Career Development - If you don't have the funds for formal training programs, look internally at ways to provide learning opportunities for your employees. Give stretch assignments to your top performers and give them cross-functional roles that will allow them to increase their skills and knowledge.
Instill Pride and Purpose - Employees want to feel proud of their company. Many employees are motivated by the opportunity to give back to the world, and seek out employers that allow them to do so on company time. Get your company and employees involved in volunteer activities that will refresh and reinvigorate your employees' minds and souls and make them feel good about working for you.