Currently most companies are looking for places to cut spending and an obvious place to do so is to start with employee perks and rewards. I can understand the principle of it, but in reality you are also cutting the morale, enthusiasm, confidence, loyalty, initiative and therefore productivity from your employees.

Your employees are your most important assets and keeping them enthused is crucial, especially during these challenging times. Yes! You may think, challenging times means you no longer have the budget to reward your employees, but there are creative and cost effective ways to do this.Surprise and delight your top performers with a small gift with a personal touch, such as a movie ticket or a massage session.

When you can’t give money, give time. Someone who has been under stress would very much like a day off that doesn’t come out of his leave. Make a little incentive memorable. Open a bottle of wine at work and give a thank you speech. Thank those employees who have demonstrated their commitment and thank everyone for the good work.