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Reward your employees while staying under budget

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Many small business owners are cash-strapped and don't have a lot of extra funds with which to shower their employees with monetary rewards and bonuses. However, that is not the only way you can show employees that you care about them and appreciate all they can do for your company. A recent article for Inc. Magazine presented a list of ways you could recognize your employees without breaking the bank on bonuses and bumps in salary.

Reward based on performance
A small business is made up of many different employees who hold different titles and have separate duties. When determining who deserves to be recognized, look at the breadth of an employee's work, instead of the position they hold within the company. A few cost-efficient ways you can reward these hard-working staff members is by providing them with visible perks such as favored parking spaces, catered offsite meetings and the ability to work remotely on some days. Seeing how you treat successful employees will motivate other staff to get the same benefits.

Make work a more friendly environment
Work is work, and it will never be a stress-free environment, but creating an atmosphere that is more welcoming can make it easier for staff members to want to come into the office every day. Allowing employees to play soft music or listen to their headphones, as well as giving them the opportunity to dress down on occasion, are just a few perks you can offer employees without spending a dime. A happier, more upbeat workforce often leads to a high-performing company.

Create a competition between groups
No sector within the company wants to feel as though it is being outperformed by another. That's why you can adapt a "gamification" atmosphere in the workplace. It doesn't have to be that serious, but rewarding a group of employees who did better than others with a small prizes can motivate staff even more. Many employees played sports in high school and college and the competitive spirit lives on. However, it's important to be fair and safe in these game-like settings. You don't want employees injuring themselves at work trying to go the extra mile. With general liability insurance, you can protect yourself from any of these potential issues.

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