Cash rewards can be terrific and greatly appreciated, but are not the only way to reward a team member…and in some cases, not even the most effective way. There are other, proven ways that don’t cost money.
Public praise is one of the best rewards. Money cannot buy the power that public praise bestows. Be careful here; ask your employee how he/she likes to be honored. Some really are embarrassed by public praise, ask first. Praise results in increased self-confidence, self esteem, peer respect, and a heightened sense of personal value to the company.
Another non-monetary reward is to allow team members to set their own work schedule. They decide when to take breaks, lunch, etc., and for how long. You allow them to work to a flexible schedule … provided they put in the minimum required hours. They’ll gain a sense of importance and increased value and will rarely abuse the trust placed in them.
You may also reward them with participation in a special task force or focus group. This added prestige and stimulation can go a long way in maintaining enthusiasm and loyalty