Rethinking Employee Rewards
The challenging economic climate has dramatically impacted raises and bonuses for workers in virtually every industry. A recent Wall Street Journal article cites a report from consulting firm Towers Watson that says employers “plan meager 2.8% raises in 2010, after 2% bumps in 2009.”
Nevertheless, creative leaders are uncovering innovative ways to reward employees when budgets are wafer thin.
In one case, a manager needed help during crunch time to hit a critical software delivery milestone. Unfortunately, crunch time coincided with Thanksgiving weekend. The manager, who said her team’s workload has increased 15 percent, persuaded 20 software engineers to work parts of the three-day weekend by offering $100 gift cards and free lunch to the volunteer workers.
Faced with a similar situation, how would you motivate your team? For some companies, even a $2,000 expense for gift cards would be considered extravagant. Take some time to think of low-cost, high-value methods for motivating your team and achieving results.