Business

Can’t Pay Your Employees More? Do This Instead!

We’ve all heard the stories. A big CEO decides he wants to show his employees just how much he cares. He either decides to give everyone a huge bonus, or he decides to raise their wages by an astronomical amount. All of a sudden, he is a hero to the world! After that, hundreds of interested applicants fight to secure a job with the very same company. While money is a big incentive to most employees, that isn’t the only reason why men and women flock to work for this man.

The reason is that they are thrilled to hear of an employer who seems to value his employees. That’s rare in the world today! That’s because too many companies only care about how much money the company makes. While the CEO and other managers are rolling in the dough, the lesser employees are left working hard while struggling to pay the bills. It’s no wonder many workers slack off on the job! They are underpaid, under-appreciated, and overworked. Where is the incentive to do a great job? There is none!

Giving out bonuses and raising salaries is a good place to start when you want to make your employees happy and productive. However, not every business has the means to throw money at their employees, no matter how much they may want to. They simply don’t have the capital to do so. This is especially true for smaller, family-owned companies who may be struggling just to stay afloat in today’s economy. If you throw in the concerns of COVID-19, you might even see a company struggling to stay open.

Luckily, there are some ways you can show your employees how much you care about them as well as how much you value their time and commitment to your company. It doesn’t always have to revolve around bonuses and raises. There are many inexpensive, or even free, ideas that you can implement that will improve how your employees feel about their jobs. Consider the following tips when you want to show your employees how much they mean to you.

Let Them Be Themselves

Have you ever been on a Southwest flight? If so, you probably noticed how the flight attendants gave their safety speeches to passengers. Many simply run down the list as quickly as possible, but others go out of their way to put their own unique spin on it. You may even hear a funny song or a rap! Think about how you can let your employees be themselves during work. Maybe you could allow them to dress a little more flamboyant. You could allow them the freedom to work from home as much as possible. Maybe your employees could head to a local coffee shop and enjoy lunch during a meeting instead of staying holed up in a stuffy meeting room. There are lots of ways to let your employees be themselves while staying true to the company’s core values.

Provide Help in Times of Emergency

It’s an unfortunate fact that many employees are going to have financial emergencies in their lives, be it an illness, injury, accident, or another catastrophe. If you want to show your employees that they’re valued, offer them ways to get help, whether it’s by authorizing advances on future pay, providing detailed information about where they can find emergency loans, or setting up an emergency fund that employees can borrow from without paying interest.

Be Open and Transparent

In many companies, leaders don’t often talk to their employees openly and honestly. When you trust your employees and strive to be transparent, you’re giving them the opportunity to believe in you. As leaders open up, employees often share some of their key insights that can add value to the company. It also allows you to get opinions and ideas from another angle. Consider hosting a meeting for your staff to share with them the current state of the company. Allow everyone to ask questions and share thoughts and ideas. Your employees will feel valued, and your company may solve a problem quicker than ever.

Always Recognize Their Work

Many employees feel as though bosses only see their mistakes and never recognize their accomplishments. They feel as though they work hard for little to no praise. That is why you should always go out of your way to show them how much you appreciate what they do. The more you appreciate your workers, the harder they will work for your company. Give sincere, personal thanks to each and every employee whenever you can. Make sure that you are specific with the praise. You don’t have to go overboard with it! Using positive reinforcement will bring positive changes to your company. Your employees will want to work harder when they know that their work is being noticed.