Rewarding your team without hurting company finances

“Your High-Performing Team Needs Reward For Motivation, But Giving A Reward That Won’t Hurt Your Business Finance Is Also Your Priority”

We always hope to have an energized, motivated, and hitting the business goal team. Unfortunately, that’s not the case for every business. Driving your organization is essential to the success of every business. The motivated and energized team will go the extra mile, and they are willing to contribute more ideas with more effort. Rewarding your high-performance team member is something crucial for any business in every industry to keep them motivated. The question is how do you reward your team without hurting your finance?

You Need To Know Your Team Member Well

Know Who Is In Your Team Beforehand

You should know who are you working with, every single person in your team. Create engagement with your team member, hear their thoughts, and try to resonate with them. Realize that you can’t know everything moreover do everything alone to make a business succeed. Engagement will lead to trust, and trust is priceless in the business industry. When you know you can trust your team member, your team member can be more proactive towards the business

Know Your Team Likes and Dislikes

Know what makes them tick. What delights them, what they don’t like, and what matters for them. Sharing stories, including likes and dislikes, will show that you are a caring and thoughtful business owner. Knowing their preferences will also give you the thought of what can be given to them. Giving them what they need and want is more precious rather than giving them what you think they need and want.

Now,  we will provide you with the list of reward that you can apply in your business without having to hurt your finance, enjoy:

1.Vacation/Staycation

Get them to do what they like to do on top of a vacation (staycation if on the same town). Things like a quiet and serene hotel for those who need some peace, or maybe a lodging near the amusement park for some stress relief. This is the part where knowing your team member needs is your priority so that you won’t invest your money for the wrong investment.

Imagine that you’re giving your team vacation to a quiet and serene place, where your team wants to have an adventurous vacation. Giving your team what they don’t need is a waste of money, and it will also result in a less motivated team.

2.Voucher

Get a voucher for them to do any activity that matters to them. Or maybe you can also give them a voucher where they can get a free meal. An all-you-can-eat or perhaps a waterpark ticket for three people will encourage them to make the most of their leisure or free time. Make sure that the voucher is an all-in price where your team member doesn’t need to pay anything else. Having an additional charge to your employee will make you look cheap and have no sincere intention to reward them

3.Free Time

You probably don’t understand every team member that you have. Giving them free time is also an applicable reward that you can provide to your team members. Not that it will cost you the least; it will also give your team members the freedom to choose what can they do in their free time.

4.Long Term Gift

For those who are more future-oriented. Buy your team member a long term investment for themselves or maybe their dependents (parents or children). Long term investments can be cheap while maximizing impact using compound interests in years. This long term gift can be in the form of education or life insurance for their dependents.

Conclusion

You might before think that the higher the price is, the more valuable the reward will be, and your employee will stay motivated. But fortunately, we all now understand that it’s not the case for many businesses. Create a reward that emphasizes on the value, not on the price. Remember that everyone's different, their likes and dislikes can also be varied. Knowing who you’re working with the help, you understand them better.

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References:

https://www.startupdonut.co.uk/employees/people-management/how-to-motivate-staff-when-money-is-tight

https://getlighthouse.com/blog/how-to-motivate-your-team/

https://www.inc.com/peter-economy/9-remarkably-effective-ways-to-motivate-your-team.html