Visit us at: www.fredericksonpartners.com

February 2018

3 Ways to Keep Your Employees Happy Without Giving Them a Raise

As a business owner, there's nothing more important than making sure your employees are happy with you and their job. When you have happy employees, you will have a more successful business, as your workers will actually do their job the best they can.

If you are just starting out, or if you've been in business for a while, there's a chance that money could be tight. You may want to make your employees' experience enjoyable, but you feel that you can't afford to reward them with higher monetary compensation. However, there are some things you can do to boost the morale of the workplace without having to spend a dime and give them a raise. Let's take a look at a few.

Enforce a Strong Work-Life Balance

When employees have the ability to actually focus on having a life outside of work, it tends to make them more productive. It gives employees a chance to take a break from their everyday work and go do things that they want to do. If you depend on your employee to work from home after hours, their shot at having a balanced life is slim.

Encourage Communication

Having an open-door policy, as well as an open communication flow, means that employees will feel comfortable coming to you with any issues they may have. If they feel as if you or any of your other management staff is closed-off and neglectful, they won't want to come into work and will most likely feel discouraged. Make sure that the environment is casual yet professional so your employee can come to you with any problem they may find themselves having.

Recognize Employees for Their Hard Work

Rewarding your employees for working hard and going above and beyond doesn't mean that they have to receive a raise. Hosting meetings throughout the year where you recognize employees will make them want to continue working as hard. Get other teams involved as well. Have your HR recruiters, your talent acquisition members, and your executive search consultants all attend the meetings, along with the rest of the company. A Gallup poll says only two out of 10 workers feel that their manager is doing a good job of encouraging them in their career, so it's very important to do what you can to boost their confidence.

As a business owner, it's understandable that money may be tight and that you can't always afford to give your employees a raise. Take the tips listed above for things you can do to keep your employees happy without having to restructure your wages.