In the early years of your business, you might want to reward your employees without much funding in which to do it. Employees like to feel valued, and although raises are often the best way to show it, there are other things you can do. Here are a few tips to help you recognize your employees for their great work, without breaking the bank.

Gift Cards
Rewards don’t have to be big in order to have an impact on your business. It could be as simple as a gift card with a note of thanks, or a good lunch on the company’s dime. When you consider options like this, make sure that the gift is something that your employees would like to receive. As much as you may want to make it a surprise, it’s better to get input and feedback before you make a decision. That way, a gift card will be more than just a token of appreciation. It can help your employees to see that you respect their opinions and preferences.

Time Off
These days, compensation comes in a variety of ways. Ideally, you can offer your employees a pool of paid time off that they can use each year to attend to family matters, take a vacation, or work on projects at home. If you have the option, additional time off is a simple way to promote a work-life balance without having to spend more money. You might not always be able to offer time off as an incentive, particularly when you are busy with projects. Just make sure to manage your project timelines effectively, especially around holidays. That way, your employees can plan to take time off with the certainty that it will come to pass.

Bonuses
While bonuses aren’t always inexpensive, they can be an effective way to reward your employees when you have the funds to do so. For many contracting businesses, it’s common to operate with variable income depending on the season. You might have more work than you can manage during the summer, with a few light months in the winter. Bonuses allow you to add to your overall employee compensation, without having to shoulder additional expenses when you have fewer projects to do. It’s also a great way to show appreciation for your employees at the conclusion of a busy season.

Collaboration
Although pay is the main reason that you have employees, it’s not the only one. In order to feel fulfilled, many employees want to know that they are a part of a group that values collaboration. You might as well encourage it, particularly for workers who could benefit from it. If you have a new employee who has been proving their skills to you since they arrived, see what you can do to give them a bigger seat at the table. For example, you might invite them to participate in planning meetings. You could also grant them more decision-making power over the tasks that they need to do. It may translate into greater ownership over the work they do, and a better long-term result.

Training Opportunities
Just like you, your employees have career goals that they would like to achieve. In many cases, they will need additional training in order to get it. Although some employers worry about training causing employees to leave, it can be an important retention tool. People are less likely to stay with a job if they feel like they’re not going anywhere, even if they make good money. Training opportunities aren’t usually free or low-cost, but they can be a great investment for your employees and your business. By providing the ability for your employees to improve their skills, you can help them get better at their jobs, without having to compromise their leisure time.

Letting your employees know that you appreciate them is one of the best things you can do for your contracting business. Becoming a licensed contractor is another. For more information on the skills, you will need to pass the contractor licensing exam, contact CSLS today!