October 1, 2024
Budget Friendly Gift
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A lack of a sizable budget shouldn’t stop you from appreciating and rewarding your employees. For businesses that are looking to create a culture of appreciation, but aren’t sure where to start, this article will act as a guide.
One of the main reasons why many employees quit their organization is because they don’t feel valued or recognized. Imagine trudging along every day because there is not a word of encouragement at the place where you spend one-third of your day. How depressing can it be! Your employees aren’t asking for the moon, a little bit of appreciation now and then will do a world of good for their psyche and motivation.
Before we dive deep into budget-friendly ideas, let’s see why employee rewards matter to any organization.
They play a huge role in creating a positive environment in the workplace. If you are in a workplace where you constantly feel appreciated for your contributions, you would love to be a part of the organization, and even be proud about it. But the average employee is disgruntled and irked by the lack of positivity and appreciation at their office.
Below are some of the best cost-effective ideas that can help your organization reward employees with fairness and consistency. While you don’t have to implement all of them, choose the most ideal ones based on your business goals and vision.
Creating a “Wall of Fame” costs almost zero money, and it also makes the employee feel valued and appreciated for their contribution. It is extremely impactful since everyone gets to see this showcased on a wall in the office. It creates a sense of belonging and a great working environment. This idea even bolsters people to give their best as they would also want such recognition.
Another personal way to recognize employees for their contribution is to write heartfelt thank-you notes. No, do not print the thank-you note. Make sure it is handwritten as it increases the value of the note. This act demonstrates genuine gratitude and acts as a keepsake that makes the employees feel great about themselves.
Create a special section titled “Best Employee of the Month” or a “Featured Employee” section. The section can include photographs of the employees, and tidbits about them as a person, their hobbies, achievements, and how they contribute to the organization. It is a great way to shine light on your best performers. Extrapolate the same strategy for your company’s social media handles as well. This will act like a shout-out for the employees, and everyone would love to have their name as well.
Has your employee achieved something incredible? One way to show your gratitude is by offering flexibility in work hours. It could be in the form of remote work options or giving them a hybrid arrangement for a brief role. The terms can be based on the enormity of their achievement. It also helps in maintaining a healthy work-life balance.
A powerful way of employee recognition is to give them opportunities to take their career to the next level. How? Find courses, workshops, and conferences that will allow them to upskill or create a sound network in their field. This shows that not only do you care about their output, but are also committed to the employee’s development.
The cheapest reward idea is to use verbal recognition as a tool. You might ask, isn’t verbal praise a given? Unfortunately not. Businesses and managers are so into themselves that such a simple act rarely happens. An uplifting sentence barely costs a dime. Getting praise from those in senior positions can make someone’s day, and will be remembered for a long time. Regular verbal praise is a great way to create a culture of appreciation at your workplace. If you were to do that, you can imagine walking into a bustling workplace where everyone is giving their best, every single day. Who doesn’t want to hear nice words from their boss, right?
Want to show your employees that you care about what’s going on in their lives? Celebrate crucial milestones in their lives- birthdays, promotions, familial and professional milestones. They can be easily implemented and are great for employee morale.
There is no doubt that even in the most encouraging workplaces, the employees are under a lot of stress. As a trusted workplace, you must address workplace stress with well-being programs, but as a quick fix, you can give them spa vouchers for a relaxing day. It will help them feel refreshed and rejuvenated.
Employees love their company’s branded SWAG. Branded pens, keychains, notebooks, caps, and mugs will be a hit among your employees. While you can create these SWAGs and give them to all of your employees, there can be a few merchandise that are only given as a reward for outstanding performance. This makes getting these company SWAGs even more special. Your employees will love showing off where they work on their social media handles, giving your organization a lot of visibility.
Most Coldplay fans would have moved heaven and earth to get tickets for the recently announced Mumbai concert. Imagine if you could give your “Best Employee of the Month” free tickets to this concert. Not only would they be thrilled to get a chance to watch their favorite band live, but this would also fetch them huge bragging points among their friends. The tickets could also be to your employees’ favorite theater, sports, or music event. This personalized recognition shows that you are aware of their interests and are willing to act on it, to make them happy.
A great way to make your employees feel as if they have arrived in their careers is by recognizing their efforts with a “Lunch With the CEO” reward. While this can't happen in a large organization, it can be a group lunch or a one-on-one luncheon, based on the size. Ensure that the lunch is fun and a great way to bond.
What better way to appreciate employees who have gone above and beyond, than offering them a paid time off? One of the easiest ways to implement this with minimal friction is to issue them PTO certificates that can be redeemed whenever they want.
Offering personalized rewards might seem expensive on the outside, but let’s make it easy. Establish a budget and the required criteria to get an award. Remember that awards can be for a variety of different reasons, and the budget for them can vary too. For example, you can gift someone for bringing the highest sales or for their 10th year at the organization. If the budget for the highest sales winner is 10,000 INR, the employee who is in their 10th year of service might get a 20,000 INR reward. How does a personalized reward feature here? For this, you need to know them as human beings. If the highest sales winner is a music aficionado, you can either gift a gift voucher from a music store or get them premium earphones. The decade-old employee might want a cash reward and a plaque because they prefer awards that they can showcase to others.
Would you like to create year-long memories and put them into a book? This is one of the most effective ideas for employees since they would be thrilled to see a yearbook filled with their contributions and milestones over the past 12 months. The yearbook must also include details on how their contributions impacted the organization. Present this yearbook to each of your employees by holding a small ceremony.
Organize fun events like storytelling sessions, trivia, board games, book, and movie club, and so on. These don’t require a significant budget and are a great way to create an engaged workforce. It will strengthen relationships among team members and will enhance the work culture across the organization.
One of the most important rewards that you can offer your employees is to give them access to therapists and psychiatrists. Employee mental health is crucial for the company’s well-being too. To encourage the employees to avail of these services regularly, you can offer rewards that don’t cost a lot. When you promote mental health, it shows that you care for your employees and it will create a sense of gratitude and oneness among them.
Key Considerations When Creating Budget-Friendly Rewards:
By focusing on the above, you can create a budget-friendly reward system that motivates employees, increasing satisfaction, motivation, and loyalty.
Wrapping Up:
By embracing the above budget-friendly reward ideas, you can easily create a culture of appreciation without breaking the bank. The best part about the above ideas is that they can be implemented immediately without requiring many resources. Recognition and rewards are about showcasing your genuine appreciation and gratitude for the work done by your employees.
If you are looking for a reward and recognition program that streamlines your employee gifting, get in touch with The Reward Store team. We will be thrilled to show how we can help you increase your retention rate with a budget-friendly reward system.
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