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5 Ways to Reward Your Employees Without Breaking Your Budget

Think money's the only way to motivate? Think again

By Joel Schwartzberg - November 26, 2012
Your staff is a hard-working bunch -- even the interns. And while universally-coveted salary increases, bonuses and promotions may be well deserved by some or all, they're a no-go considering your budget and org chart. Yet, some workplace experts say non-cash, non-promotion rewards have the potential to not only keep your staff's morale up, but motivate them even more.

"If you want to drive performance, engage employees and drive results, non-cash rewards are the most effective tools in your toolbox," argued Kimberly Smithson-Abel, vice president of strategy and business development at Inspirus, a Dallas-based consultancy.

Private career strategist and former HR consultant Mark R. Gerlach agrees. "Most studies show that employees don't actually perform better for more pay, once they have enough to live fairly comfortably," he said. "So rewarding them in more meaningful ways can lead to higher satisfaction."

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