“Despite common perceptions, money is only a component of the motivation to stay and enjoy a job,” shares JD Rucker in a recent Business Insider article.

Without touching your salaries, there may be ways that you can make a significant difference in how motivated your employees are to do exceptional work.

Best of all? Many of these options don’t have any hard costs that will impact your bottom line. It’s all upside this week!

Deciding what to offer

Among a wide range of ways to add value for your employees, choosing the right one takes special consideration.

You want to add value that is meaningful for your employees, which means you may provide something different than other companies.

If what you offer isn’t appreciated or valued, then why offer it in the first place?

4 steps to determine what your employees want

To offer something your employees will appreciate:

1. Think about your employees’ preferences: 
What do they value? What have you noticed them really appreciating? What in the past has seemed to make no difference or impact? If you’re unsure, ask around or send out a e-survey.

2. Consider your employee demographics:
Do you employ a high percentage of a certain group? For example, if you employ a lot of parents with young children, perhaps it’s more valuable to offer a flexible schedule or on-site daycare opposed to travel opportunities.

3. Focus on long-term vs. short-term:
Add value that will be long-lasting. For example, if you decide to host an employee appreciation event, consider making it an annual tradition. Employees want to see long-term value, not feel like a fleeting consideration.

4. Be competitive, yet unique: 
When your competitors instil a practice like flexible work schedules or an option to work from home, it may be prudent to stay competitive in order to retain talent. On the other hand, feel free to be creative and offer something unique. This will set you apart from the competition and make your benefit something to talk about.

8 alternatives to winning over staff without increasing salaries

While options are endless in terms of how you can offer value to your employees, here are a handful to consider.

[vc_row][vc_column width=”1/2″]1. Professional development allowance[/vc_column][vc_column width=”1/2″]Offer a yearly amount for employees to spend on professional development opportunities like courses, seminars, conferences or a certificate program.[/vc_column][/vc_row]

[vc_row][vc_column width=”1/2″]2. Additional leave[/vc_column][vc_column width=”1/2″]Providing 6 weeks of leave instead of 4 weeks, for example, can be a huge incentive for recruits and current employees. A bonus: it’s shown that employees who get proper rest and relaxation perform better on the job.

Do make sure you consider this impact on your business / billables and also consider the impact that may have on other people needing to cover them (as may end up demotivating others).[/vc_column][/vc_row]

[vc_row][vc_column width=”1/2″]3. Travel[/vc_column][vc_column width=”1/2″]Allowing travel opportunities (and / or allowing partners to join) for conferences or meetings is seen as a great value to some. Consider giving your employees the opportunity to mix and mingle with other professionals, and enjoy a change of scenery from their normal work setting.[/vc_column][/vc_row]

[vc_row][vc_column width=”1/2″]4. Flexible work arrangements[/vc_column][vc_column width=”1/2″]Consider a flexible work schedule, a work-from-home policy or ability to work off-site if needed (and possible). When employees have some control over their work hours and location, they feel valued and often perform better, too.[/vc_column][/vc_row]

[vc_row][vc_column width=”1/2″]5. Career coaching[/vc_column][vc_column width=”1/2″]Help employees reach their career goals, whether it’s informal meetings or a formal program. Employees will feel you’re investing in them and that they are important.[/vc_column][/vc_row]

[vc_row][vc_column width=”1/2″]6. Health-related activities[/vc_column][vc_column width=”1/2″]Providing gym memberships or reimbursement for yoga / meditation classes, private health insurance, healthy food available, ‘fit bits’, days off to attend ‘healthy, community activities’ and / or stand up desks or supporting ergonomic office equipment (for home as well as work).[/vc_column][/vc_row]

[vc_row][vc_column width=”1/2″]7. Employee appreciation events[/vc_column][vc_column width=”1/2″]Whether it’s an annual event to recognise milestone years of service or a quarterly pizza lunch, providing recognition for your employees goes a long way.[/vc_column][/vc_row]

[vc_row][vc_column width=”1/2″]8. Tuition reimbursement[/vc_column][vc_column width=”1/2″]Offer a reimbursement for tuition at local universities or online programs. By investing in your employees, they’ll be gaining new skills and knowledge along with a sense of importance.[/vc_column][/vc_row]

Any questions?

If you have questions on this topic or any others, feel free to reach me by email or set up a free one-on-one consultation session, or drop me a comment below.

Thanks for sharing!