Average employee tenure among young adult workers is just shy of three years.
The average tenure is expected to be lower in the coming years as well. With the Great Resignation looming, employers have switched focus to supporting employee retention.
Employers all over the country are seeking new ways to reward employees. Not all companies have the resources to offer fancy benefit packages or bonuses.
Continue reading to learn how you can reward employees without breaking the bank.
1. Give a Personalized Gift
Personalized gifts go a long way. Many businesses are keeping track of their employee’s interests in order to give better gifts.
Personalized gifts are some of the most cost-effective gifts because you know the employee will enjoy them.
For example, many companies give consumable gifts for special holidays. Whether they like coffee, tea, or sweets, a quick survey can help you give your employee the best personalized gift possible.
2. Company Branded Swag
More companies are creating branded swag as an employee reward. These gifts can be seasonal, and you have the benefit of ordering these items in bulk, making them more cost-effective.
You should also consider items that are more desirable. For example, you could give stylish branded sweatshirts in the Fall. If they are comfortable, your employees will be rocking them all winter long.
Many companies also like to create an online swag store. This can become a small source of revenue and advertisement if you can create stylish clothing.
In order to take your company swag up a notch, you need better control with Axomo. Companies like this allow you to create a custom store, and they handle the printing.
3. Flexible Hours
Flexible hours are one of the greatest employee rewards you can give.
Not only do your employees benefit, but you also benefit from flexible hours. A recent Gartner study found that 43% of respondents said flexibility helped them be more productive.
That means giving the gift of flexible hours could actually make you money.
4. Employee Recognition
Employee recognition goes a long way.
Recognition is one of the most affordable gifts. It doesn’t cost anything. Employees like to know when they are appreciated, and going out of your way to recognize hard workers will pay dividends.
This can also give you the opportunity to give a little more to the “unsung heroes” of your office. Create a system where employees can shout out to other employees.
You will both have a better sense of your top performers and employees will feel better.
5. Give Flowers
Everybody, men and women, love to receive flowers.
Nobody receives them often enough though. You don’t need to purchase an expensive bouquet. Inexpensive wildflowers will do.
Giving flowers shows your appreciation, and there does not have to be an occasion for the giving of flowers.
Reward Employees: You Won’t Regret It
Taking time to reward employees will boost retention, employee engagement, and create a better work environment for all. Retention is bigger than giving employees better benefits. Sometimes, working for you is a benefit in itself.
Do you know someone who could benefit from our inexpensive ways to reward employees? Share this blog using one of our links below.
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