Loans

3 Affordable Ways to Show Employee Appreciation

This year was difficult for many. If you're looking to boost your employee's morale and spark holiday cheer, we've compiled three affordable ways to show your appreciation to your staff.

Many Singaporeans had a difficult time during Covid-19. Not least, businesses suffered from the economic downturn, and employees had to quickly adapt to new work regulations. With the holidays coming up, now is the perfect time to thank your employees for all the changes they had to endure this year as well as boost employee morale. While you may not be able to spend a lavish amount on your employees this year, here are some affordable ways to show your employees your gratitude.

Buy Your Employees a Holiday Gift

A great way to recognise your staff's hard work this year is by purchasing them a holiday gift. In Singapore, there are a myriad of low-cost options that can make your staff feel special. For instance, companies like HappyBird specialize in economical, unique gifts for workplace relationships.

Affordable Gifts for the Holidays 2020

Affordable Gifts for your Employees

Another great gift option for employers concerned with ongoing Covid-19 restrictions is a gift certificate. If you have a small company, you could consider personalizing them for each employee. On the other hand, if you prefer to purchase a variety of items for your coworkers, a holiday hamper, or Christmas basket, might be a fun option for you. Brands like Sinpopo offer luxury gift sets, filled with coffee, chocolate, and other holiday goodies. Holiday hampers tend to vary widely in prices, so you should compare several options prior to choosing the most cost effective one for you. Lastly, a simple bottle of wine or tea set could also be an excellent choice.

Increase Workplace Perks

Another affordable way to show your appreciation for your employees is by adding more office perks. These can be as simple as joining a football league or signing up for employee discount programmes.

Average Cost of Office Perks in Singapore

Average Cost of Office Perks

There are various benefits associated with getting your employees a gym membership, from reducing sick days to overall increased productivity. In Singapore, many gyms, such as Fitness First, ClassPass and Virgin Active offer corporate wellness programs. You can subsidize or pay for your employees full gym membership at reduced rates, and your estimated quote will depend on which type you will get.

Moreover, you could get your employees publication subscriptions, bring in weekly lunches during this season, or get an annual museum membership for your company. Other websites, like SmartMall discount many popular consumables (ie, health and wellness gear to household commodities).

Show Your Gratitude On and Off-line

If you're a bit more pinched for cash, there are still some great ways to thank your employees for their hard work. Those who are allowed back into the office, for example, could host a holiday party with charity bake-offs and prizes. Moreover, arranging weekly or semi-monthly happy hours can be an invaluable way to not only unwind from work, but also to cultivate a sense of community among your staff.

If you are unable to meet in person, sending personal "thank you" emails or giving praise on your social media accounts could be sufficient to remind your employees that you appreciate them. You could also begin an online HR newsletter which features a spotlight employee. This will not only help everyone get to know each other a bit more, but it could also recognize your employees achievements both "in" and "outside" the office.

The Best Way to Show Employee Appreciation

Choosing which way to show your appreciation ultimately comes down to your budget and what you are comfortable doing. There are many cost-effective ways to show your appreciation, from giving seasonal gifts to beginning recognition-based programmes. That being said, if you want to invest in employee perks or other long-term programmes, you may want to take out a business loan to help fund an idea. Whichever option you choose, showing your appreciation will certainly boost morale during an otherwise tough period.

Anya Wasserman

Anya is a Research Analyst for ValueChampion who focuses on loans and investments in Singapore. Previously, she assisted global consultancies, hedge funds and private equities with primary research at a high-growth fin-tech based in London. A graduate of the University of Oxford and King's College London, Anya is currently interested in applying quantitative research to help consumers make better financial decisions.

Comments and Questions

{"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis.","version":"sidebar"}