Creative Ways to Compensate Employees Without Using Cash

people in an office meeting

One can’t buy happiness with cash. However, cash is a necessity that drives us to go to work each day. Some are lucky enough to find a job they like; others—not so much. What can employers do to make sure that each of their employees works hard and stays dedicated to the company?

By keeping your employees happy and well-compensated, you get to motivate them to do their best each day. But what many fail to realize is that money isn’t everything. Sometimes, money is not enough to keep your employees happy and loyal to your company. You may already give them their salaries and the usual benefits, including free food and shuttle service, paid holidays and leaves, paid time off, and even health care administration benefits in Utah. However, there are other ways to compensate your employees without resorting to cash.

Offer sincere praise and thanks

When you find an employee doing a great job and exceeding expectations, make sure to praise them sincerely. You can do this by acknowledging them during meetings, offering certificates, or even a simple note or email that says, “Great job!” Also, make sure to always thank your employees for giving their best in everything they do. You’ll be surprised how can a simple act of appreciation go a long way.

Develop a sense of community

There are different reasons employees have chosen to stay in a company. Some remain due to their excellent relationships with their colleagues and bosses. Others stay because they feel satisfied with the workplace. If you successfully develop a sense of community within your organization, you get to make them feel like they belong. You can do this by encouraging your employees to do activities together. You can invite them to eat out together and celebrate achievements by throwing a simple party. Inviting their families over is also an excellent way to make a connection with your employees.
woman being blamed and scolded at in the office

Never correct, never criticize

Nothing pisses off a good employee than by criticizing their work. If you’re not careful, you can already be demotivating your employees. Your goal should be to deliver the bad news without breaking their heart. There are ways to criticize your employees in a good way. Never do it in public, and avoid embarrassing them. Focus on the problem at hand, never on the individual. Ask questions, hear their side, and ask for their suggestions on how to resolve the issue.

Offer flexible schedules if possible

Your employees are not your robots, and they deserve to have a healthy work-life balance. If your business permits employees to work at different times, then allow them to change their schedules a bit to enable them to meet personal obligations. This can help them realize how great of a company they have and intentionally work harder to prove that they deserve such privilege.

Let them work from home

There are times when a flexible schedule is not enough, like when an employee is sick or recovering from an injury. Consider letting them work remotely. This allows them to earn and still get the job done, which is a win-win situation for you.
Not everything needs to involve money. You can compensate your employees without money involved. You only need to be creative when finding ways to give back to your employees. Which of these five ideas do you think will work best in your company?