Raises, perks and promotions certainly have their place as motivational tools in the workplace. However, other incentives can be just as effective — and not all of them require a significant financial investment to keep employees satisfied, loyal and productive. Here are three you may want to consider:

1. Recognition. Praise works. You can tailor recognition to specific, measurable achievements with just your time and effort. According to Gallup research, consistent recognition and praise can lead to lower turnover, increased engagement among coworkers, better safety records, higher satisfaction ratings by customers and greater productivity overall.¹
2. Increased responsibility. Employees who work hard to exceed expectations are looking for more ways to contribute and shine. When these workers have more chances to impact their careers and your business, they are inspired to reach peak performance. Give them control of their career path and they’ll soar — taking your company with them to greater heights.
3. Education and training. While you’ll typically have costs involved with professional development programs or college tuition, the long-term benefits make it well worth the expense. These incentives give employees a chance to break away from their normal work routines, advance their careers and grow into even stronger contributors who reward your investment with greater loyalty and productivity.

Whichever incentives you offer, be open and clear about what it takes to achieve them. Your employees will be most engaged when they know you’re being fair and ethical about how they can advance their careers, receive recognition and earn greater responsibility.

 

¹ Gallup, Inc. "The Best Ways to Recognize Employees." Gallup.com. December 09, 2004.