Keeping Your Employees Happy When Money’s Tight

When the economy is in the toilet as it has been for the past few years,keeping employees happy when there might not be sufficient capital on hand to give them a raise can be a tricky proposition.  But there are a few tried and true methods for building and maintaining team spirit that do not cost a bundle of cash.

Many of the strategies you have available to you depend largely on the size of the organization you are part of.  Smaller companies have the advantage of providing more cross-training opportunities for their employees, making them feel a more integral part of operations.  Employees in smaller companies also feel a larger sense of ownership of the company and feel their contributions makes more of a difference than their counter-parts in larger companies.  Employees who feel their work is key to daily operations of a business are always much more likely to always act in the best interests of the business as a whole.  But there are strategies that work no matter the size of a business.

Communication is Key

You never know what a person is thinking or how they feel about their jobs without asking.  Effective communication is the key to keeping employees happy no matter the state of the economy.     Employees need feedback on how well they are doing their jobs but they often need more than this basic information.  Employees need to feel that they can return feedback as well to have a truly effective communication process.  This can be accomplished with management having an open door policy, weekly or monthly meetings, or regular social events where business can be discussed in a casual and relaxed atmosphere.  Another method that is used is to have a suggestions box where people can leave feedback anonymously.

Foster Employee Growth and Development

No one wants to work in a dead-end job.  No matter the size of the business, management must find ways to cross-train employees to better understand and grow the business.  When seminars are available that could foster growth both personally and professionally, employees should be encouraged to attend.

Tokens of Appreciation with a Personal Touch

Award your star performers to let them know their work is more than appreciated.  The right gifts do not have to be lavish and expensive, but if you can tailor them to the likes and needs of the people they will be cherished forever.  Engraved ball point pens or desk clocks are not only useful at work, they’re a constant reminder that their work has been recognized and is appreciated. It’s often said it’s the thought that counts, and indeed it does go a long way in the minds of employees.

It doesn’t cost a lot to make the day of one of your employees, a modest gift that shows their efforts are not going unnoticed might be just the thing you need to keep your key employees on board during  good and tough economic times.

-Pete

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