Many small businesses have been struggling to properly compensate employees during this time of recession. It’s not that business owners don’t want to compensate their employees, they just have to make sure the business can afford paying out raises. For many employers, the past couple of years have meant hard times for small businesses. Quite a few have had to re-consider their annual year-end bonuses. If you find yourself in this position but still want to compensate your employees, consider the following:
- Give a half-day or day off when an employee has done a good job. Though it may not be as satisfying as a raise, many employees will appreciate the opportunity to take a day off work and spend time with their family.
- Be honest about why you won’t be able to give your employees a raise. Staff who know what is going on in the business will be more motivated to work harder to keep it going.
- Publicly recognize your employees. When an employee does a good job just saying so can be as much of a motivating force as cash is.
- Give small gifts like movie tickets or gift certificates. This will show that you do appreciate your employees and are doing everything you can to reward them even if it is meager.
If you need assistance finding funding for your small business contact the Winflow Financial Group at 1.800.956.6897.
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