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How to Retain Employees Without Money: 15 Best Tips


One of the best things you can do as the CEO of your company is motivating and retaining the talented people of your company without using money as a tool. In fact, in today’s work culture, it is very important to create a good impression in front of your employees. It encourages them to work harder and help the company climb the stairs of success. According to most successful managers and CEO, when you learn how to retain employees, you are able to raise a strong and dedicated team of people who will continue to maintain and improve the standards of your company. If you are the CEO of your company and if it’s your will to build the best group of workers… then this post is perfect for you! The following tips will certainly give you an idea on how to deal with employees and encourage them now and then.

retain employees without money

How to Retain Employees Without Money?

1. Praise Them:

One of the easiest yet effective techniques you can employ to retain your co-workers is by praising them. Plus, hearing kind words of appreciation from the CEO of the company is quite a big deal for your employers. Whenever you see them making an improvement, make sure you let them know how impressed you are with their progress. Initially you should compliment them individually. But once you get used to it and are more comfortable, try applauding them when others are around. This should definitely help you create a good impression.

2. Highlight Strengths:

As the CEO of the company, it is your duty and responsibility to ensure that nobody feels any lower than the other person. Everyone is a leader. The moment you come across some real good performance by one of your co workers, make it a point to speak about it. Do assure them that their hard work is important to you and that you want everyone in the company to see you as an example and learn from it. This will help you set a higher level and people will stay motivated.

3. Take them out to lunch:

Taking your employees to lunch is also a great way to retain them without money. A company picnic or a birthday party once in a while definitely take you a long way. You don’t have to wait for holidays to arrive just to plan something for your people. Just organize a few events every year. This will help your staff remember that you’re always with them and encourage solidarity.

4. Don’t point out their mistakes all the time:

Please remember that your employers will not enjoy criticism. In fact, nobody in a working environment likes to be told where they have gone wrong. So try to be indirect when you speak to them. Tell them that there are a few places where they need to improve. This is actually a good way to fix way. You should ask them something like “What do you think is the best way to address this situation? Do you think there are other ways it could be done in a different way?” This will help you find solutions to the problem without having to hurt sentiments.

5. Make your ideas their ideas:

Nobody likes being told what they should do. So if you want your employees to do something according to your wishes, try to say it in a way as if they have created the idea. Say something like “I think this is a good way to get the job done. Do you think that would be a smart way to deal with the problem?”

6. No managers required:

The idea of handling projects without a manager seems wrong on so many levels, doesn’t it? But you should actually try this if you would like to retain your employers. You can do this by asking the supervisor to step down from his position and instead speak to the staff, encourage and motivate them to work as a team instead of constantly updating him with reports. You know what is worse than hurting your supervisor’s sentiments? Ruining your team’s sentiments. When you let your people work with each other, they are often able to produce better results.

7. Share everything with them!:

If you would like to make a long lasting and positive impression on your people, then it is important that you share everything with them. Always make it a point to celebrate when the company makes some progress. This is definitely a great way to show how much you appreciate your workers for doing their best and for being there for you and the company. When your company experiences a small failure, share the feeling of pain too. In case you are expecting them to improve in the future, it is important for your group to know the position and current status of your company. It is best to be honest with what you are thinking.

8. Build A Strong Channel Of Communication:

Also remember that it is important to keep in touch with your people if you want to retain them in the future. Try organizing something like a “Coffee Programme” in the morning where all of you can meet during tea breaks and discuss life in general. The conversations don’t have to be related to a new project all the time. You can speak about anything as far as the smooth flow of conversation is maintained. It is very important to keep talking to your team. You may not realize this initially but this will boost solidarity and bring the team members closer.

9. Participate in some of the activities:

Another thing you must do is take part in some of the activities. Even though this technique seems a little too cliché, it will actually work in your favour. Team managers who establish a good relationship with others are likely to build a stronger and better company.

10 Try to Make the Environment Challenging:

It is impossible for your group of people to grow together if they are always doing the same old thing every day. You can always help them build new skills by throwing a challenge in front of them. This will definitely push them to work harder. However, do keep in mind that the assignments you set can be reached and fits into the interests of your employees.

11. Don’t Let Boredom Prevail:

It is quite possible for things to get a little boring at work. However, as the manager it is your duty to never let things get too monotonous. So try to make things more productive. Don’t make them go through the same old routines every day. Cut that out! You should give your team members the opportunity to learn new things now and then. When group members begin to enjoy work

12. Ensure the environment is favourable enough:

Also remember that it is important for you to make the environment favourable. According to researchers, the sort of environment in which your team member’s work matters much more to them than the amount you pay them every month. This is actually a very good opportunity for you to encourage co workers by allowing them to work in an environment that is peaceful.

13. Allow them to use the phone:

Arranging a healthy telecommunicating program will significantly reduce stress and allow your team members to feel more appreciated. You can reward the best colleague of the day by starting off with one day of telecommunication. Once you do that, add a couple of days as the performance continue to improve.

14. Recognize Your Best Workers:

Another method you could try to retain your employees is by recognizing their potential and abilities and by giving them tiny rewards when they show signs of progress. You could encourage them to participate in a contest or game organized by you and places all results on the board so that others can see. For a decent reward, you could offer prizes such as free spa services, free dinner at a posh restaurant, a trophy or a bouquet or even plaques.

15. Give them a few options:

A final thing you can do to retain your employees without spending a dime is by giving a couple of options. Allow them to choose their favourite trade at least once in a while. This will look like a reward to them.

Retaining your employees might not be the easiest task to accomplish but it certainly isnt the toughest. Plus it is a way better option than bribing. The tips enlisted above should definitely help you to find you motivate your group members and encourage them to work under you for a longer period of time. Here’s hoping this article has benefitted you immensely. If you have any questions or ideas, feel free to share and comment.