You can find yourself in a tricky position whenever Christmas comes around: you want to reward your employees for all their good work, but the money just isn’t there for something lavish.

Don’t let this put you off! Saying thanks for a job well done is important, and undervalued by many. Recognition expert Dr. Bob Nelson discovered that 58% of workers seldom, if ever, receive a “thank you” from their boss for their efforts.

A poll conducted by Maritz Research meanwhile found that employees who are recognised for their contributions were 5 times more likely to feel valued, and 7 times more likely to stay with the company.

All in all, it’s completely feasible to give your staff a meaningful reward without breaking the bank. Here are 5 ways to reward your team while keeping your spending under control.

A Card and a “Thank You” in Person

A Christmas card with a gift token inside can come across as a little faceless. However, if you combine this with a one-to-one meeting, or even a quick chat at an employee’s desk, it becomes a lot more personal, effectively showing your gratitude and letting them know that you value them individually from among the crowd.

Time Off

Offering your employees some extra time off is an inexpensive way to show your appreciation. You can also schedule days off so that company productivity is as unaffected as possible.

This is the kind of reward which will particularly appeal to those with families, enabling them to spend additional time with loved ones, and the travel to see them if necessary.

Team Activities

Believe it or not, Christmas parties aren’t unanimously popular. 54% of employees who have Christmas parties reportedly do not look forward to them! This partly depends on the demographic of your team, with 16-34 year olds being reportedly far more enthusiastic about a festive function.

Therefore, if your staff are generally older, it might be a smart move to consider a ‘party-alternative’: a team-based competition such as bowling, dance lessons, or a winter stroll followed by a pub lunch are all popular, and cheaper, substitutes.

Involve Your Staff

Another way to successfully plan and hold a Christmas event without the necessary budget is to seek your staff’s help. According to research by MetLife UK, 71% of respondents would rather receive the money that is spent per head on a Christmas party than actually have that party.

You can combat this dissatisfaction by instead using your employees’ skills, interests, (and a small financial contribution) to create an event they will truly enjoy. Getting the help of an events and venues company can also help you to plan a bespoke party which will appeal to everyone.

Timing

Thinking how you time rewards and parties is worthwhile too - both in terms of costs and how it affects your team’s morale and wellbeing. Having smaller events and staging them across December and January could keep things more financially manageable.

Holding an event in November - outside of the peak Christmas season - can also prove to be a cost-effective move. Also, giving your employees a reward at the beginning of the New Year will help to maintain a positive atmosphere in the workplace and avoid the post-Christmas slump.