4 Ways to Reward Employees When Cash Is Tight

4 Ways to Reward Employees When Cash Is Tight

4 Ways to Reward Employees When Cash Is Tight

Show employees what they're worth, without breaking the bank.

By Maria Haggerty , CEO, Dotcom Distribution@mhaggertyCEO

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Salary is, without a doubt, a key factor in attracting, gratifying, and retaining employees. But as important as financial compensation is, it is not the sole source of employee satisfaction and fulfillment. For some, it's not even the main source . This is good news for businesses who need to tighten their purse strings.

While financial rewards provide external encouragement, according to Carl Greenberg, Ph.D., founder of Pragmatic HR, non-monetary rewards that show employees they are appreciated, valued members of your organization help build their self-esteem. This enhances intrinsic motivation, which has been scientifically proven to have a positive impact; data from McKinsey's Organizational Health Index found employees