5 ways to reward employees when raises aren’t an option

In these tough economic times, raises and bonus pay for deserving employees may be out of the question. Here are some alternative ways to keep your team happy and loyal.

Many workers are doing double duty these days because employers either can’t afford to hire more staff or are reluctant to do so in this still shaky economy. That makes it increasingly important to provide incentives – or risk losing your most valued employees.

“A lot of companies, especially small businesses, have staffers that need a morale boost, maybe following a round of layoffs, or because the company simply can’t afford to give raises or bonuses that staff deserve,” says David Jacobson, founder of TrivWorks, a New York-based teambuilding company. “But I’ve seen some interesting and creative alternative forms of reward that work well.”

While you may not be able to give every deserving employee a raise or bonus, here are five ideas for rewarding your staff in meaningful ways that don’t involve cash:

1. Side projects:
Some employees enjoy working on projects that don’t fall under their official job descriptions but could tap into a hobby or special interest.

…to read this article in full, visit leading US entrepreneurial resource, Entrepreneur.com

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