17 Low- or No-Cost Ways to Reward Your Employees

Being a supervisor, manager or executive means you're constantly busy. But if you find that you're too busy to take time recognizing and rewarding your employees, you may be missing out on a powerful opportunity to increase employee loyalty, improve performance and build morale in your business.

The good news is that the best rewards cost little or nothing. If you are concerned about not being able to give costly bonuses or other rewards, just know that a simple word of thanks can be meaningful to your employees. Here are 17 effective low- or no-cost rewards that you can try.

1. Personal handwritten note of thanks. This reward costs nothing, just a few moments of your time, but the personal value to your employee can make it priceless.

2. Bagels or doughnuts for the office. A sweet treat that your workers can all share would be highly enjoyed, and bagels can be a healthy alternative.

3. Reserved parking space near the office front door. Take away the stress of having to find parking before work by offering your high-performing employees their own parking spot.

4. Parking fees for a month. If you can't reserve a parking spot at your business, paying for parking fees for a month can do the trick.

5. Engraved brass plate at employee workstation. An engraved brass plate for the whole office to see is a great way to show you appreciate the great work your high-performing employees are doing.

6. Recognition in company newsletter or website. If your work is more remote, an online form of recognition allows employee achievements to be broadcast.

7. Donation to charity in honor of employee. Donating to an employee's charity of choice is the gift that keeps on giving.

8. Day off with pay. Giving your employees a breather from work allows them to return refreshed and ready to perform even better.

9. Company stock. If your employees keep doing great work (and your company benefits from it), why not give your employees the opportunity to benefit financially?

10. Afternoon at a local spa. Anyone would appreciate relaxing in a robe and being pampered after a hard day's work.

11. Bring in a masseuse once a month to offer neck and back rubs. You also have the option of bringing the relaxation to the office, as well.

12. Starbucks gift card. Sometimes, it's the little things that mean the most. And what can mean the most to some is a guarantee that they will get their morning coffee.

13. Throw an office barbecue during lunch. Having a BBQ is a fun, laid-back way to allow your employees to enjoy themselves and get to know each other.

14. Dance lessons. Dancing integrates several brain functions at once (kinesthetic, rational, musical and emotional), and it's incredibly fun!

15. Netflix subscription. It may seem like an ordinary gift, but it doesn't cost much, and it provides hours and hours of entertainment for employees (off the clock, of course).

16. Tickets for a baseball, football or hockey game. Sports event tickets allow your dedicated workers to sit back and watch someone else work hard for a change!

17. Services of a personal chef for an evening. Anyone who works hard may be too tired to cook dinner when they get home from work—a personal chef in the evening will offer some relief and a tasty meal.

Looking for more great ways to reward your employees? Talk to a Colonial Life representative today to find out how.