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100 WAYS: #12 Reward Employees With Non-Cash Compensation
– January 3, 2011
Studies have shown that employees desire recognition for the work they perform. Here are a few simple ideas that can show your appreciation without providing cash bonuses.
- Provide awards that can keep on giving. An Ipod or camera generates a positive reminder every time it is used and a vacation can generate memories for years.
- Provide a spontaneous family dinner for husbands and wives. Getting to be friends with co-workers builds morale and reduces the temptation to leave.
- Have a drawing for a prize that any employee can win if pre-established company goals are met. This way all employees feel recognized.
- Send the spouse of an employee who has won an award a letter of appreciation and a certificate for a dinner for two.
And remember that a simple “thank you” for a job well done can go a long way.
This is Profit Enhancement Idea #13 in Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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