Forbes > Goldman Sachs & Veem partner. Learn more
Forbes > Goldman Sachs & Veem partner. Learn more
shutterstock_718508968

Five Cost-Effective Incentives to Increase Employee Morale

Every year, organizations across the country publish lists of businesses that are considered the best places to work. Sometimes, these places are judged based on salaries. But more often than not, it’s the work culture, incentives and subsequent soaring employee morale that makes working there such a coveted opportunity.

 

Another noticeable aspect of these lists is they’re often occupied by large companies or popular startups like Google, Hubspot and the Boston Consulting Group. This isn’t a fluke. Investing in work culture and incentives usually requires a lot of money, something that smaller businesses might not readily have. Still, it is possible to provide perks to your employees that won’t break your bank.

 

It is possible to provide perks to your employees that won’t break your bank.

 

Although there are several options out there, here are some of the simplest ones you can implement to make your employees noticeably more satisfied.

 
 

Nap Rooms

 

Nap time isn’t just for children, or well-paid tech executives. Employees napping on the job seems counterproductive to their work and, at first thought, doesn’t seem to justify a full time salary. But research has shown that allowing employees to nap actually increases productivity while reducing work-related stress. This is especially important in high-pressure jobs.

 

Employees are more likely to accept salary limitations if they can work from any location. It’s also, arguably, the cheapest incentive you can provide.

 

Installing a nap room is a great way to make your employees happy while showing them you care. If you’re concerned about nap times cutting into work, you can have employees log into the room each time. That way, you can keep track of who is spending more than an ideal amount of time getting their shut eye, and have a friendly conversation with them about it.

 
 

Remote Work Options

 

Experts have stressed the advantages of remote work options to companies for years. Unfortunately, most industries prefer to stick to the 1950s culture of having all employees in their office at all times, and, even worse, in an open office with no attempt at privacy.

 

With millenials making up most of today’s workforce, freedom is the one incentive that is guaranteed to keep your employees happy. Some companies instill unlimited leave options. But without the right plan in place, this could quickly go south.

 

Allowing remote work not only lets your employees have their freedom while still fulfilling their duties to your company, it also promotes a trusting environment. Employees are more likely to accept salary limitations if they can work from any location. It’s also, arguably, the cheapest incentive you can provide.

 
 

Health and Fitness Classes

 

Healthy employees are happy employees. And happy employees mean you have a better functioning company. With the right amount of research, you can easily find corporate health and fitness options that will make your employees happy without emptying your wallet.

 

With some effort, you can present some great fitness incentives to your employees that will keep them healthy and happy.

 

Having fitness instructors come in a couple times a week, for instance, will save you from having to pay for corporate gym memberships you may not be able to readily afford.

 

Coupons for massages at local parlors will also be much cheaper than splurging on free spa treatments. With some effort, you can present some great fitness incentives to your employees that will keep them healthy and happy.

 
 

Corporate Entertainment Subscriptions

 

These days, most adults have a music subscription of some sort to help distract them when at work or to drown out the noise of their loud office. Music streaming platforms are fairly cost-effective and, depending on the size of your business, you could get a great one that allows every employee to listen to as much music as they want.

 

Music streaming platforms are fairly cost-effective and, depending on the size of your business, you could get a great one that allows every employee to listen to as much music as they want.

 

Additionally, you can show your fun side by occasionally raffling off concert and movie tickets. You don’t have to splash out on tickets for the whole company, but offering a few to some lucky staff is still a great way to improve company morale. After all, who doesn’t want to work for a place that raffles off Beyonce tickets?

 
 

All Day Snacks

 

Who says you need to provide catered lunches like the big tech startups? Sometimes, a handful of snacks is all you need. You can do this cheaply by ordering from local eateries, or even go a step further to save money by having willing volunteers practice their culinary skills and make the snacks themselves. You can also provide fruits and vegetables as a healthy, less labour intensive option.

 

Try as much as possible to show them how flexible you’re willing to be and how much you appreciate their work or you might soon be stuck with a rapidly dwindling workforce.

 

Like the other options on this list, all day snacks are an incentive that sound like a much bigger deal to implement than it actually is.

 

You don’t have to expand to a certain size before you start providing perks to keep your employees pleased. In today’s work environments, staff are more critical than ever of businesses that do the bare minimum to keep their teams happy. Try as much as possible to show them how flexible you’re willing to be and how much you appreciate their work or you might soon be stuck with a rapidly dwindling workforce.