5 Alternatives to Pay Raises to Engage Employees

Jun 26, 2019

While making more money is a good motivator, it should not be the end-all when it comes to encouraging your employees to be more engaged. If you think that a bigger paycheck is the only way to achieve higher engagement levels, consider these five alternatives.

1. Focus on Overall Wellbeing

Given that only half of employees think wellbeing is a strong part of their organization’s culture, there is definitely room for improvement. In addition to the more obvious perks like PTO, employees need a more holistic vision to corporate wellbeing initiatives, including a focus on physical, emotional, social, and financial needs. Put practices into place now that both acknowledges these needs and considers each of them equally.

2. Allow for Company-Wide Social Gatherings

Social gatherings tend to bond and connect people together, especially when there is food involved. Having monthly or even quarterly events is a sure-fire way to boost morale and remind employees why your company is an exciting place to work in addition to a place where they want to put forth their best effort.

3. Consider the Surroundings

Nothing says “I’m not motivated to work” more than a lack of windows, the absence of plants, or daunting cubicle space. If your engagement levels are lacking, consider looking at the space where engagement is intended to occur. Focus on creating a space that fosters connections between employees and enables interaction and collaboration, such as an open plan and common areas that encourage workers to do their jobs in the presence of others.

4. Encourage Continuing Education

Now more than ever, employees want to be stretched in ways that allow them to acquire advanced skills, be challenged, and learn new, valuable things in their current roles. Doing so will help them be more engaged with their work and bonus—it keeps your employees up on the latest industry advancements, enabling you to offer the best services.

5. Recognize a Job Well Done

Recognition is critical to increasing engagement levels, because when employees feel appreciated for the work they put in, they feel as though the organization respects the quality of work that they do. Ideas include both formal and informal employee recognition as well as good team dynamics where peers and leaders openly celebrate when great things happen.

Whether you’re just now searching for ways to better engage your employees or have been looking for solutions for some time, the answer is not always found by increasing pay. Test out some of these alternatives to pay raises to make your employees more engaged and inspired, every day.

O.C. Tanner helps organizations inspire and appreciate great work. Thousands of clients globally use our cloud-based technology, tools, and awards to provide meaningful recognition for their employees. Learn more at www.octanner.com. This article was originally published on O.C. Tanner’s blog, ‘a’ Magazine (www.amagazinedaily.com)

Written by:  O.C. Tanner

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