Nobody works for free, but a regular paycheck might not be enough for people to support themselves. If you want to motivate people, you have to offer the right incentives. Money isn’t the only motivator, for some employees it’s the benefits that make the difference.
Here are a few ways you can offer more to your employees without needing to pay for more.
1. Employee Recognition
This one isn’t so much a benefit as it is making sure your employees feel appreciated. Nobody likes to work on a project if they don’t feel like their work is valued. If you’re just a faceless signature on a paycheck, then the people who work for you won’t develop loyalty to your company. To get the best work from people, you have to make sure they know it’s appreciated.
The old “Employee of the Month” award may be old fashioned, but it’s better than absolutely nothing. If you really want to build some employee loyalty, though, the best way is to actually be there. Check in with the employees when you can – but try to avoid interrupting them while they’re working, as that can be distracting. Get to know them, be able to remember their names, and talk to them about what’s going on. Finding out more about your employees will make them feel better, and it will also help you identify problems that can be corrected.
Just remember, the people who work for you are, in fact, people. They want and deserve to be treated as such.
2. Commissions and Performance Bonuses
You should never expect people to work for commissions. They’re unreliable income and any potential employee who’s smart enough to be worth hiring will refuse to work on commission. That doesn’t mean that you can’t offer bonuses on commissions. If an employee finds a way to get new customers on board with you, that’s money you can save on advertising. When employees save you that kind of money, it’s only fair to pass some of that savings on to them. That way, not only do they save you money, but they’re encouraged to keep saving you money.
Getting new customers isn’t the only thing you can offer performance bonuses on, either. Take a look through your budget and see what the expenses are. Any time an employee finds some new way to save you money, a reward for that saving is in order. Or even offer a team party on increasing positive customers reviews. If you don’t show them some kind of appreciation for it, they won’t feel any reason to keep doing it.
3. Additional Benefits for Employees
Insurance is expensive, but everybody needs it in this economy. Medical bankruptcy is becoming the leading cause of bankruptcy in the US. Most good employers offer some insurance police as a benefit, but a lot of insurance companies don’t cover everything, or they slap you with high premiums to give you affordable monthly payments. Can you do anything about that?
It turns out that you can. Groups like the Bullock Insurance Agency offer group packages on supplemental insurance policies that you can pass on to your employees. For just a few more dollars a month, people can get amazing additional coverage for any number of health needs. Accidents, disability, hospitalization, critical illness, and cancer plans are just a few of the options on hand. And these supplemental policies pay directly to the policyholder, so they get to spend the money how you want.
Best of all, these catastrophic insurance policies come at no cost to you. Your employees still pay for them at a discounted rate, but supplemental policies are already significantly cheaper than other insurance policies and group packages make it very easy and convenient to sign up for them. By giving your employees these extra options, you can better provide for their well being on terms they like, and if they don’t want them, they don’t have to take them.
Check around and see what insurance agencies have available for supplemental insurance policies. You may be able to get great discounts to pass on to your employees and it doesn’t cost you a thing to do it.
A worker can get a paycheck anywhere, so if you want to have some loyalty from your employees, you’ve got to be able to offer them something other than just a regular paycheck. Just a little employee recognition goes a long way, but don’t leave it at just that. If you work with your employees to find the right fit for them, they can make or save you money in ways you wouldn’t have expected. When they do, it’s only fitting that you pass some of that onto them. And always be on the lookout for other benefits you can offer them – like affordable supplemental insurance – that comes as a huge benefit to them, but costs you very little.
There’s always something out there. You just have to find it.