SmallBusinessNewz

Ever really stop and think about what happens at a Hollywood awards show?  People get little trophies and lots of applause after receiving multimillion-dollar paychecks.  Yet the people are thrilled to receive the trophies and applause.  So perhaps a little non-financial compensation is called for at your business.

Rebecca Mazin suggests going beyond the "employee of the month" stuff, writing, "Awards programs have more impact when they recognize specific achievements.  At a start up company we implemented a program that rewarded employees for exceeding expectations of customers or co-workers."

Of course, Mazin's program still involved checks and gift certificates, but you may be able to get by with other incentives.  Food is a decent idea - as the winner eats it, the scent of his or her prize could encourage everyone else in the office to try a little harder.

Be careful that you don't turn "non-financial" into "undesirable," however.  Employees might not respond well to crap with which they're expected to crowd their workspace.  And things without any value (or with minimal worth) are liable to get compared to Schrute bucks from "The Office."

Big, fat bonuses will remain the most-appreciated form of compensation an employee can receive.  People work for money, after all.  But if cash is tight or you want to get creative, there are other ways to make employees feel valued.