If you ever think about how to attract and retain the best team ever, you possibly can, and especially if big salaries and huge bonuses are just not an option for you, then you should know how Motivating Employees Without Bonuses.
As you know that getting and keeping the right people on board is vital to your success, especially in today’s time of low employee engagement and high turnover. But even more significant than that is getting the right people in the company which makes going to work more fun and something you can look forward to.
Recent studies of employees show that creating a positive impact is the most essential estimate of employee success. Then, Followed by in this order: doing work you love, excellent work/life balance, and of course the pay.
First, let us know that why Motivating Employees Without Bonuses is essential?
The way you will make your employee feel, the same way he will make feel to the customer. Remember that an effort that is appreciated gets repeated. If your employees are motivated, then your customers are motivated.
WHAT’S IN IT
- TIPS FOR MOTIVATING EMPLOYEES WITHOUT BONUSES
Tips for motivating employees without bonuses
1. Celebrate every small success.
You should celebrate the small success and milestones of your employees with a standing ovation. Keep the workplace vibrant, whenever something good happens to give high fives, pat the backs of team members, laugh loudly, make clappings, etc. celebration makes a change in physiology which changes psychology because action changes perception. Being vibrant attracts motivation.
2. Create a well-defined growth path
If an employee observes in a company that he is going to have good growth here, he will stay there and work. Show employees a well-defined career growth path. For example- If he is today’s manager then tomorrow he can be a general manager and can go further ahead.
You should do something that makes your employees feel; office environment the same as the family environment. To do this, organize a weekly potluck activity. In this activity, on a day, every employee should bring extra food from his home, and all team members will sit together and enjoy the food like a family. Remember, a family that eats together always stay together.
4. Free food for extra time workers
If an employee arrives office before working hours, then you should arrange breakfast for him.
If an employee works for late hours after working hours, you should arrange dinner for him. By doing this, employees will not feel a problem for staying more than working hours. These supporting conveniences help.
5. Encourage good health
We can have many small ideas for this, which does not require much money, but the benefit is much more significant. Conduct activities like Zumba dance, Power yoga, Aerobics, GYM, laughter, yoga, etc.
You can give gym subscriptions to the whole team at the same place so that they all can go there together and feel motivated.
6. Employee to Employee engagement
Make a Gratitude board, keep a sticky notepad and pen near it. Whenever any employee will do something for another employee, then another employee will write a thankyou note for him. It will be visible to the whole office, and everyone will praise that person. And the helping culture will be repeated because the work which is appreciated gets repeated.
Also You can Read our Blog on 7 Ways To Maximise Employee Engagement In Team Learning
7. The employee of the week
Make a routine of giving gifts, awards, certificates, etc. every week to an employee of the week. Employees will get eager and excited to get that recognition. Although business running is logical, people are emotional, that’s why you should handle people emotionally so that they can run business logically. You can have the same model for employee of the month or year.
8. Employee stock option
If your company is not big enough and you want to hire the best people, then consider this option for the offering. For this, you have to be a private limited company. Before offering SME IPO ( small and medium enterprises initial public offering ), you can launch Esop ( Employee stock option ). These are kind of little equity or revenue sharing. If an employee sees the growth of the company is directly proportional to his growth, then he will be ready to join work at even lower wages.
These are the things for which very human crave more of; we crave more control over our schedule because in life things happen both special events that you just don’t want to miss and people get sick—plus putting the emphasis more on results rather than who is at their desk at what time gives people more control over their day and makes them feel trusted, which is very important.
Now, of course, there are jobs where you do need to be at your office desk at a specific time, but in those cases, you might want to consider having people cross-trained or consider having a few part-timers instead of one full-timer.
What’s one thing all people want more of? Of course, it’s more time. Give your employees regular paid holidays and flair days. Flair days are spent time off that you can take to do something inspiring and fun. Like go to the museum or head to the water park or learn any new skill.
11.The best tech
This one is going to cost you some money. You have to fasten your team and make sure they have the best-updated software and other machines. Now, of course, you don’t have to update every time something latest comes out. But the best tech not only helps the team be more productive but also builds company pride because you know this nothing is more demoralizing than trying to get something done and being hindered by the pinwheel of tech.
12.Challenge them to grow
You need to anticipate a lot from your people and challenge them to gain new skills because if they are not going to see a growth path ahead, they are not going to stay. It helps in motivating employees without bonuses.
13.Acknowledgment and appreciation
this is one of the most important things you can do to attract and retain talent, and it’s one of the most underrated. You have to make it a part of your company culture to celebrate, appreciate, and publicly acknowledge people for their hard work. For example, when someone in a company hits a milestone, hits some major on a project, or when a team gets something gigantic done; you should pour on sincere and specific recognition for each person.
14.Engage your employees within the process
If you are not able to find out what will motivate your team, then don’t feel afraid to ask them. You can ask them what kind of rewards and incentives they want through surveys, brainstorming sessions, or a suggestion box.
Once you have got the employee feedback, you can create goals for them to achieve.
15. Know them personally
Your business is your second family. That’s why you should recognize employees’ personal level, such as knowing about their families, hobbies, favorite food, etc. Identify if any problem is stopping them from working more. For example, if an employee has a dog at home and because of it, he can’t stay long in the office then allow him to bring the dog in the office.
Motivation is essential for employees because they are humans and humans run on emotions. To boost feelings, motivation is necessary. The best-proven ways to motivate your employees without money are discussed above, and you have to choose which one of them will work for your team because factors of motivation vary from person to person.
To truly motivate your team and other people, you have to inspire their internal interest. And that’s something that money cannot buy.