It’s performance review time at your company and you want to reward the high-performing employees on your team that you know deserve to be promoted. However, there’s only one problem: there is nowhere to promote them to and no openings to fill.
You’re stuck between a rock and a hard place. Imagine what it would do for a person’s drive knowing that there was no more chance for growth. It’s essential to find a way to compensate employees in other ways, to keep them engaged, eager to improve and grow.
It’s stressful, however, here are 4 ways you can show your employees that you appreciate them — even if you can’t offer a raise or promotion.
1. Financial Compensation
2. Remote Work
3. Professional Development
4. Let Them Lead / Work on Side Projects
Money is by no means the most important element of work to an employee, but a bonus and/or a raise to acknowledge their hard work would not go unnoticed. It would offer them the consolation that there is at least room for movement up the pay scale, despite not being promoted.
Allowing your employee the option to work remotely is a great perk that lets them know how much you trust them completely. Giving them this advantage is a way of showing appreciation and will make your employee feel recognized.
Professional development helps employees grow and is a great way to keep them motivated. Ask your employee if there are any development opportunities they would like to pursue, be it a course, or a conference abroad. Let your employee know that they can dream big and that you are willing to help fund their goal.
Let your employees lead work-related side projects and initiatives that they’ve wanted to explore. Some companies offer their employees 20% of their time to focus on their own creative initiatives. Giving this opportunity demonstrates trust, and the extra responsibility will empower your employees.
Nowadays employees expect so much more from a place of work than just somewhere they go every day to earn money. You need to focus on creating a well-knit team and balanced company culture that takes into account the stresses and strains of modern life. If you don’t treat your employees well, they won’t hang around.
(written by: Whitney)