Giving employees pay rises without breaking the bank

When it come to motivating your employees, nothing seems to do it better than giving out pay rises. For de-motivating staff, there is nothing better than dashing an employee's hopes of a pay rise.

The problem with large thousand dollar pay rises is that it is hard to give everyone a pay rise, so how can you get away without giving out big pay rises.

Small pay rises more often

It seems obvious, but many businesses do not think about the possibility of give out small pay rises. For many businesses, pay rises are only given out when the end of the financial year comes along. If an employee misses out on getting a pay rise, they will have to wait another year and this can be quite disappointing.

Instead of giving one big pay rise out once a year, try to give employees small pay rises over the year. Even a $100 pay rise once a month may be enough to show the employee that they are worth something to you.

Bonuses

When your company is doing well and has a bit of spare cash around, give the employees a bonus. This is a good way to tell them that they did a good job, without letting them expect to get bonuses every year. If you surprises your employees with bonuses just before the holidays, your employees will hold you in high regard.

Alternatives to pay rises

When times are hard and your company can not afford to give out bonuses or pay rises, you can always design a substitute to a pay rise that does not cost as much. A simple thing like providing lunch or giving an extra day off can do wonders at boosting moral.

Some potential alternatives to pay rises are:

• Providing Lunches
• Taking employees out to dinner
• Giving extra time off
• Buying new equipment make their life easier
• Organize corporate deals and rates for local gyms and stores

Verbal Congratulations

It is not often that I hear a manager congratulating his staff, and that is what makes the moment so special. When you can do nothing else, a verbal thank you can have a great impact.

Tags: Business, Companies, Ideas, Money

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