No-cost employee incentives can increase employee productivity and result in higher job satisfaction for employees. The following incentives are not costly yet they can benefit your business in many ways.
Value your employees
Rewards and incentives show employees that you value them. Statistics show a positive effect on the bottom line of the company when incentives and rewards provide employees with recognition for a task well done. When you show your appreciation for the originality of ideas, good work ethic, efficient teamwork and other employee efforts, it reinforces their behavior being rewarded. Here are some no-cost incentives you need to know.
Extra vacation day
You can offer extra vacation days as this can be a great incentive. If you choose to offer this reward to your employees, make it clear whether the vacation day rewarded can be carried over into the following year if it is not used. This is one of the cheapest employee incentives ideas since a day off with pay does not financially cost the business more than what is budgeted for the operation. However, it motivates and inspires your employees.
Parking place
If your business issues pre-assigned parking to CEOs and lower-level management, you can offer a coveted parking space near the door to be added to your list of incentives. This not only allows your employees the convenience of parking close to the entrance but their car positioned near the door reminds other employees that you reward good work.
Certificates of appreciation
Certificates of appreciation are employee incentives that show your employees that you appreciate them and the work they have done. Certificates can be used to recognize individual and team achievements. Customized certs can be created with Microsoft office templates or you can design them online to fit your needs. They are a cheap way of showing appreciation for your employees.
