Hillary Clinton said “It takes a village to raise a child”; to raise a small business, it takes a strong, loyal team. One of the biggest assets any small company can have is a talented group of people who believe in the company’s vision and who are committed to helping it succeed. During the recent economic downturn, businesses of all sizes struggled to survive, but small businesses were particularly affected. Many of us had difficulty making payroll monthly while others had to reduce their staffs.

1. Tips for Rewarding Employees Without Blowing the Budget
Hillary Clinton said “It takes a village to raise a
child”; to raise a small business, it takes a strong,
loyal team. One of the biggest assets any small
company can have is a talented group of people who
believe in the company’s vision and who are
committed to helping it succeed.
During the recent economic downturn, businesses of
all sizes struggled to survive, but small businesses
were particularly affected. Many of us had difficulty
making payroll monthly while others had to reduce
their staffs. Nearly all of us asked our team
members to do more with less.
Generally speaking, most employees were happy to
simply have jobs during the recession; therefore,
going without a pay increase or bonus was better
than not having a job at all. However, now the
economic tide is beginning to show signs of turning
and employment opportunities seem to be on the
rise, many employees are starting to think the grass may be greener on the other side of the
fence. According to MetLife’s 9th Annual Study of Employee Benefits Trends, about one-third
of employees hope to have a different employer in the next 12 months. Additionally, the study
found only 47 percent of employees feel very strong loyalty to their employer which is down
from 59 percent three years ago.
The study also showed that most employers were unaware about how dissatisfied their
employees are. So while employees are griping, groaning and hitting the job search websites,
executives of the business continue to believe they have a loyal staff. Hopefully, you won’t make
that mistake. It is difficult and expensive to recruit, hire and train new employees — not to
mention the disruption to your company’s work flow. So why not focus on ways to entice your
team members to stay on board rather than jumping ship?
Yes, I realize the economy remains precarious. I think most of us who own businesses are still
nervous about what to expect. Is the worst of the recession behind us? Who knows? As a result,
you may not feel comfortable raising your overhead by providing pay increases or stretching
your cash flow with bonuses; however, there are ways in which you can reward your best
performers without breaking the bank.
One of the best ways to reward an employee is through sincere recognition of his or her
work. Everyone likes to feel appreciated for their contributions. Because of the stress caused by
the recession, a lot of business owners may have lost sight of that. It’s not too late. Take the time
to personally recognize a team member of a job well done. It is a simple act that can pay huge

2. dividends. I personally know talented people who work for below market-level salaries because
they love their work environment and feel valued and appreciated.
Consider doing something fun and spontaneous to reward your team. For example, upon the
successful conclusion of a big project at my business, we brought in an ice cream vendor —
unannounced — with all the toppings so everyone could enjoy outrageously good ice cream
sundaes. We had a blast, and it is something everyone still remembers.
For individual rewards, the surprise element works well too. One business owner told me he had
an employee’s car completely detailed for him on site as a way of saying thank you.
The gift of time is always appreciated. If you can’t offer financial rewards, give an employee
extra time off or consider allowing them to work from home one day a week. To reward your
team, add an additional floating holiday to your traditional calendar and let each team member
choose when to use the “reward holiday”.
Money isn’t the only motivator and often isn’t the most effective. So if you find your business
doesn’t have the financial footing to increase salaries significantly, find innovative ways to say
thank you to your team. Remember, it takes a team to raise a small business.
Author: Susan Wilson Solovic
Source: Profiles International
http://www.profilesinternational.com
http://blog.profilesvietnam.com/en/blog/bid/193800