It may come as a surprise, but most people are not completely money motivated. In fact, recognizing and rewarding your people for who they are, along with what they do, will actually yield more productivity, loyalty, and job satisfaction than any 3% raise ever will.
There have been thousands of books and articles written on the nuances of how to effectively get a raise, how to get up the courage to ask for the raise, what to say, what not to say, and how to say it to always get a yes. I’m all for people making more money, however, many times the “raise” completely misses the point.
For most, the important thing about getting a raise is not the money gained but what it says about the individual. A raise signifies to someone that she or he is a valuable asset to the organization. That they matter. Making people feel important and being able to show your appreciation for how someone contributes to making the company better creates the kind of culture that most companies dream about.
So, how do you show your people they matter? How do you exhibit your appreciation for what they do? Here are just a few examples of how to show your appreciation for your team:
• Offer flex time
• Surprise your people with a few extra days off
• Offer mentoring programs
• Movie passes
• Treat your people to a nice dinner
• Write hand-written notes for a job well done
• Conduct team-building activities
• Involve them in brainstorming sessions about the future of the company
• Plan employee trips, that are FUN!
• Give people additional responsibility
• Birthday parties
• Casual Day
If you can’t afford anything on the list, just saying “thank you” can go a long way. People spend more time at work than almost anywhere else. Being somewhere you feel valued and appreciated can bring out the best in everyone. That, in turn, translates to higher productivity and higher profits.
And about that raise? That would probably be okay too.