By Carlene Perry, Associate Director of Total Rewards, GoGlobal
In today’s remote first workforce, one of the toughest challenges can be ensuring workers stay motivated and feel a part of the broader organization and team. Performance reviews are one of the key tools in a company’s arsenal for recognizing performance, keeping workers engaged and driving company success, but can be costly when considering potential merit increases, cost of living increases and promotions.
Today’s economy is tough and maybe you don’t have access to the deep pockets and endless budget you once did. So, how do you adjust your pay-for-performance to keep up with the times?
In this blog post, we delve into creative ways for your workers to feel rewarded and recognized, even when you’re cash-strapped or simply looking for meaningful alternatives to traditional monetary rewards.
The challenge: recognizing workers on a tight budget
In today’s business landscape, not every company has the financial resources to offer substantial cash bonuses or lavish gifts as rewards for outstanding performance. But fear not, as there are creative and cost-effective alternatives that can be just as meaningful:
1. Extra Flex Vacation Days:
Time is a priceless commodity. Offering additional flex vacation days is a thoughtful way to reward hard-working team members. Not only does it allow them to recharge, it shows their contributions have been valued, has no upfront cash expenditure, enforces company values of work-life balance and helps combat burnout from your top performers.
2. Supplemental Benefits:
Health is wealth. Adding to or introducing comprehensive benefits can be a game-changer and generate long-term loyalty. Access to healthcare services, financial services, retirement benefits or wellness programs can significantly enhance performance by showing your workers you support them and care about overall well-being, not just numbers on a balance sheet. In a study by the US Chamber of Commerce Foundation, more than half of millennial respondents (56%) agreed that a quality benefits package influences their choice of employers, and 63% say that benefits are a top reason to stay with an employer.
3. Professional Development Opportunities:
91% of millennials consider career development the number one priority in their jobs. Investing in your team members’ growth can pay off immensely. Offer opportunities for skill development, such as online courses, workshops, certifications or professional coaching sessions. These investments not only benefit your workforce but also enhance your company’s talent pool.
4. Unique, Desirable Perks:
Consider unique perks that resonate with your workforce. Instead of generic company-branded items, opt for personalized, high-value tokens of appreciation. Examples include gift cards to places they like to frequent whether that be their favorite workout or favorite restaurant, one-time cash allowances for workers to treat themselves or items to enhance their home office setup, like a flashy new Ember coffee mug. These thoughtful gifts show you value your team members as individuals.
You don’t have to break the bank
When financial constraints limit your ability to offer traditional rewards, don’t despair. Get creative and explore alternative ways to show your appreciation. From extra vacation days to unique, supplemental health and wellness benefits, there are countless ways to make your team members feel valued without breaking the bank.
Let’s recognize excellence together: GoGlobal Total Rewards
At GoGlobal, we understand the significance of recognizing and rewarding hard work and dedication during performance review time. Our GoGlobal Total Rewards program offers a comprehensive suite of benefits and perks that can enhance your workforce recognition strategy. An effective total rewards strategy stimulates employee wellbeing, engagement and motivation – all of which are key for retaining employees.
Whether it’s providing extra flex vacation days, rolling out health benefits or offering one-time cash allowances to facilitate small perks, our program can be seamlessly integrated into your performance review process. By leveraging the resources and flexibility of GoGlobal Total Rewards, you can amplify your efforts to motivate and retain your talented workforce.
Recognition is not always about the size of the reward. The thought and appreciation behind it sometimes matter most. By acknowledging your team members’ contributions in meaningful ways through GoGlobal Total Rewards, you can build a motivated and loyal workforce that propels your company to new heights – even in the most challenging of times.
Contact us today to discover how GoGlobal Total Rewards can help revitalize your performance review process and recognize your team members creatively – even on a limited budget.