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Maintaining Motivation When You?re Strapped For Cash

credit: WikipediaEricWelke.com Maintaining Motivation When You?re Strapped for Cash <<<=== Start & Share Over Here =) A new business often doesn?t have the luxury of relying on monetary rewards to motivate employees. Motivation is still very important and shouldn?t be neglected. You can only rely on the good will and enthusiasm of your employees before they start thinking of better opportunities. Ideally your employees should have all ?bought in? to your vision and leadership. This usually means that you can expect them to help you move the company forward. However, it is also good business practice to reward staff that goes above and beyond what is expected of them. Even if you?re strapped for cash, there are other ways to reward your staff that is as good as or better than financial rewards. One factor you have to bear in mind when you want to congratulate and reward an employee is time. These should be given as early as possible and never delayed. If you?re unable to give the reward immediately, at least tell your employee about your appreciation for his exceptional performance. A delayed reward negates whatever morale benefits you can gain and can actually create a bad impression for the company. Here are a couple of things you can do to make your employee feel valued: Genuine Thanks ? it costs you nothing and earns you a lot of goodwill. This should be the first thing you do whenever you want to reward your staff. Appreciate them and their contribution. Recognition ? try to give this as soon as possible and make sure that your other employees know about it. Timely praise improves employee morale and their impression about the company. Promotion ? aside from the standard promotion, a lateral promotion or transfer to a different location or department is also a good incentive. Just make sure you?re not crippling the operations of the department the employee is transferring from. Vacation Time Offer benefits such as time off on birthdays ? this is one of the most popular forms of incentive. Additional paid leave is often highly appreciated. Flexible Hours ? help your staff improve their work-life balance . Work from home or telecommuting privileges ? another possible incentive although not applicable to those who already use home based employees. Special Privileges, e.g. parking or use of company facilities ? this is also well appreciated especially if you?re in a location where parking is difficult. Other company equipment or facilities can also be used as a morale booster. A company car is a popular perk that is rewarded to valuable employees. Office parties ? this is a good way to reward a team when they have done well on a project. It is relatively cost-efficient too. You won?t need to spend on transportation and tips. You can use the funds to buy more food or get more expensive dishes. Special Assignments ? most top performers relish being given their own pet project. They can show off their expertise and this can help them move their career forward. Training Sessions  ? specialized training sessions can also go a long way to motivate employees. As a leader you should know when a member of your team deserves a reward. Developing your people to strive for excellence requires that you motivate and reward your team. Even if your cash strapped there are still a multitude of ways you can your employees happier and feel valued. Subscribe by Email
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