Employee Rewards That Don't Cost Money

• Employee rewards do not always have to be monetary. David De Lossy/Photodisc/Getty Images

  Most employees like to feel appreciated and be rewarded for superior on-the-job performance. Employee rewards motivate and support retention efforts. It is difficult for some organizations that do not have extra money in their budgets to provide monetary incentives or costly items such as gift cards, lunches or other gifts. There are, however, ways to recognize employees who have surpassed company goals and objectives without spending money.

Time Off

• Provide employees with paid time off. Time off can be in days or hours depending on the accomplishment of the employee and the business needs of the company. Time off doesn't cost the employer any additional out-of-pocket expenses.

Flexible Schedule

• Allowing employees with stellar accomplishments to have flexibility in their work schedules is another free reward. The employee can come in later and leave later or come in earlier and leave earlier. Lunchtime can be extended or they can work a compressed work week. Working a compressed work week requires the employee to work longer days in exchange for one day off.

Parking Spot

• Designating a parking spot at a prime location at the office for high performing employees is a free reward. This reward may be valuable to employees who work in large corporate parks where parking is hard to find. The parking spot would be held for a limited amount of time, depending on the achievement.

Thank You Note

• A handwritten thank you note is a personalized gesture to reward employees who perform well. It is a morale booster and a keepsake that will be remembered for years to come. More than one employee can be recognized at a time for various behaviors.