10 ways to reward employees without breaking the bank

Even with modest means, there are ways reward jobs well done

Honoring top employees goes a long way to boost employee performance and retention.

Budget’s tight, you say? You don’t have to lavish your people with expensive watches or Caribbean vacations—just be creative.

We can help:

1. Get feedback

First off, what do your employees want? Establish an employee recognition committee to find out, advises Penny Morey on Entrepreneur.com. There are several ways to offer low-cost incentives such as pins, plaques, trophies and gift catalog items. And don’t forget mini-bonuses, such as movie tickets, gift certificates, even cafeteria vouchers. What about offering up the boss’s parking spot? Status symbols mean a lot.

2. Offer flexible hours and telecommuting

This is the No. 1 tip from www.HRWorld.com. Let’s face it, who wouldn’t want a break from the office? If you’ve got outstanding employees who commute regularly, let them work from home occasionally. As long as privileges aren’t abused, be lenient when it comes to employees’ spending time away from the workplace.