Many leaders would like to reward their subordinates, but don’t have a budget to do so. Liz Ryan at Forbes has some suggestions for leaders, managers and business owners in regards to rewarding employees without dipping into funds they may not have.
Allowing employees a work from home day can be a good way to reward them. If this doesn’t apply to your situation exactly, figure out how to reward your team member by allowing them to work for a day on their own scheduling or location terms.
If you have a dress code, ease up on it. It is no longer just the tech sector or other “young” businesses that have discovered that it is kind of absurd to pretend we need special clothing to get our work done in the business world. Ditch the white collars (at least on Fridays).
Find a way to give your team member a special project that suits their interest or under used skill set or find another job-related opportunity to give them.
Bring in one of the “big wigs” to have a sit down with your team and discuss the vision and future of the company and how they all fit into that picture. If you are the big wig (or not) you might consider bringing in a relevant outsider to lead your pow wow.
Take the time to write an honest and positive letter of recommendation for the team member. Talk to them about why you’d be happy to be a reference in the future, either for advancement within the organization or if they decide to move on.
The latter could be part of regularly scheduled one-on-one sessions with your teammates. Focus on the teammate’s needs and thoughts. Ask them questions. How can you help them?
Whatever you choose to do, a simple gesture highlighting the accomplishments and talents of your employees when monetary or material rewards aren’t an option is the best way to let them know they are appreciated.