Boosting Employee Compensation without Raises

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Money is everyone’s first choice as a reward for a job well done, but for a startup looking to stretch its funds, it’s not always easy to hand out raises that are as generous as you’d like.

For those situations, there are a number of other ways you can reward employees, and some of them can even make your workplace more fun.

Inexpensive perks like free laundry and movie tickets can be very popular with employees, notes Joe Taylor at Small Business Computing. If your company belongs to a discount warehouse, you may be able to offer discounted memberships to your employees.

At a time when companies are cutting benefits, adding an unexpected benefit or two can be a welcome surprise. Picking up the cost of flu shots, wellness exams or even gym memberships can boost employee morale and give you a healthier, more productive workforce.

Matching employees’ charitable contributions can give them a good feeling, and letting them volunteer on company time is another morale-booster.

Covering education and certification costs will give you stronger employees. And giving prized employees a trip to a conference in a tourist-friendly location is a great way to combine fun and professional development.

Adapted from 5 Ways to Boost Employee Compensation without Raises at Small Business Computing.

1 comments
padgettsemi
padgettsemi like.author.displayName 1 Like

Extended lunches and unexpected short work days can work wonders, too!