Alternative ways to reward your employees
It’s imperative to hire the right group of people to make your business successful, but you can’t hire without paying them. And that is usually the catch 22 of any startup. You need great employees to sell your product; so that you can turn a profit; so that you can pay your employees. But, you won’t have the money to pay them until they do their job and help you make a profit. See, it’s one big never ending circle. So, how do you find, hire, and retain great employees without having the big salary to entice them? Let’s take a look at what employees value the most in a job.
Of course, every employee wants a fair wage for their work and commitment to the company, but when you’re just starting out that may not be a reality. However, you still need employees. Unfortunately, the promise of higher wages once the company becomes successful is not enough to keep employees interested or satisfied, so you need to employ a few other tricks to make your business attractive.
Be sure to give recognition to a hardworking team
Recognition won’t put food on the table, but when it comes to feeling appreciated and valued at your job, having your efforts recognized or celebrated by the boss goes a long way to creating a great working atmosphere. Remember, it is important for you to celebrate small successes on the road to bigger success. The same goes for celebrating the small successes or contributions that each of your employees brings to the table on a daily basis.
Implementing an incentives program goes hand in hand with recognition. You can’t pay them, but you can give them an afternoon off for coming in ahead of schedule. Gift cards, movie tickets, a spontaneous snack break in the middle of the day, or give them your office for half an hour to stream an episode of their favorite TV show.
Creating a supportive and productive work culture
You need to create an atmosphere and a work culture where you support, appreciate, and lift each other up. Hire people who get along, make everyone feel like they are an integral part of the business. Because each employee – especially in a startup – should be essential in the day-to-day operations and the success of your business. If they are not, then, you shouldn’t have hired them in the first place.
People want to be happy, whether they are at work or not. Make sure your employees are happy, and if you can’t figure it out, try asking them what they need. Great communication is the foundation of any long lasting relationship.
Even an independent business owner needs a network or support. Start your business with AAI and we’ll help guide you to success from researching a great idea to getting funding to hiring the right team.