Even though jobs have been more plentiful in the last year or two, many companies are still feeling the pinch and are tight with their budgets. So, while productive employees may be denied a pay raise, they can be recognized for their achievements in other ways that don’t take a big bite out of employers’ budgets. So reports Fox Business.
• A more flexible work schedule: if there’s been one trope on everyone’s lips in 2015, it’s “work/life balance.” Those who can continue to do their job effectively with a schedule outside the normal 9-to-5 bounds, or via telecommuting one or two days a week, may be good candidates for this perk.
• More vacation time: in lieu of a raise, bosses can often green-light an extra 3 to 5 vacation days per year for an employee. It costs them less up-front and will make employees happier on the job.
• Training and development: this option may be less obvious but no less viable an alternative to a higher salary. A course in leadership or management training may make sense or even some tuition assistance or reimbursement. At many firms, these expenses come out of HR or corporate budgets, and not out of a departmental budget. A company that values its employees is often willing to invest in their development.