16 low-cost ways to recognize and reward your startup team – Fast Company

Every leader wants to recognize their team members for their excellent work. But for a startupespecially one thats bootstrappedfinancial rewards may not be possible (for now). Still, when your startup team is putting in long hours and hard work to help you get your dream off the ground, you want to ensure they know that you see their efforts and just how much you appreciate them.

Fortunately, showing your team your thanks doesnt have to be expensiveyou just have to be creative and thoughtful. Below, 16 Fast Company Executive Board members offer their advice for entrepreneurs who want to recognize outstanding work from their team even when the budgets tight.

We cost-effectively celebrate excellent work by sharing our favorite customer reviews at the beginning of every team meeting. As a mission-driven company, all of our team members have joined because they believe in our mission. I cant think of a better way to celebrate our hard work than to hear how our product has positively impacted a customers life. Nathalie Walton, Expectful

While you may not have abundant financial resources, you have the advantage of a small team. Get to know them at deeper, personal levels. Send a gift that you know will matter to the individual, like a book of the month subscription for an avid reader or a bottle of scotch for a new dad who enjoys whiskey. And theres an added bonus: These gestures connect a personal passion with a positive memory of the company. Brian Price, cloudtamer.io

Since we are a virtual team, we have a Slack channel dedicated to Props. All team members are encouraged to give props to others in that channel, sharing why someone is being recognized. Its not only a great way for leaders to praise staff members, but its also a great way for individuals to support their peers. Its everyones favorite channel! Kristy Sammis, CLEVER

Aside from making a special mention of their work, you can reward stellar employees in other ways. You could give them more time off, the flexibility to work from anywhere, free access to business suite tools, and other perks. Offering training and educational opportunities are other great ways to show appreciation without creating a financial strain. Syed Balkhi, WPBeginner

I think one of the best ways to recognize team members is to sing their praises on social channels. One of my favorite platforms to do this on is LinkedIn, which has a long shelf-life for posts relative to other social media channels. As long as you and your employees are comfortable, its a great space to validate and show gratitude for a team member amongst their professional network. Cody Barbo, Trust & Will

Make the recognition public so that other members of the team are aware, as well as partners and investors. Be clear on why they are being recognizedinclude not just the outcome, but what it is about them, personally, thats special. And give them a way to share the recognition theyve earned with their families, who are part of the public and are especially important stakeholders in your teams over-the-top efforts. Amy Radin, Pragmatic Innovation Partners LLC

Provide memorable experiences to recognize great achievements and to foster a stronger team bond. I have done everything from firewalking and zip-lining to cooking classes, dragon boat racing, and museum visitsjust to name a few. We have also built bikes for underprivileged kids, and we all got to see the kids pick up their bikes by working with a local charity. Get creative, and never stop celebrating! Andreea Vanacker, SPARKX5

Its important to showcase the team member and share their successes with the team. These types of shout-outs can be fulfilling in and of themselves. In addition, while it may not be easy to provide a large financial reward, a thoughtful token of appreciation, like a gift card to their favorite restaurant, can go a really long way. Lastly, dont forget to reward them for these efforts in the future. Fehzan Ali, Adscend Media LLC

Say thank you every day. Let the early members in on the good, the bad, and the ugly. Theyre not here for the paychecktheyre here to be part of something bigger than themselves, so its up to me to make sure they have full visibility into where were going and why they are mission-critical to our success. We also do a lot of small thingseven a pack of gum or a Pokmon card can say a lot. Meagan Bowman, STOPWATCH

Small gifts can have a tremendous impact. Setting up an internal rewards system in which colleagues can send flowers or deliver lunch to one another to thank them and recognize their contributions goes a long way toward strengthening the company culture. But outside of gifts, the best reward is often making sure they are recognized for their contributions by presenting to the board or externally! Jessica Federer

Perhaps your budget is tightso much so that you cant afford small gifts or gift cards. In that case, youd be surprised how effective it is to simply write handwritten notes. Thank you cards cost less than $1 each, but the handwritten aspect makes employees feel valued. My teams have really appreciated these over the years, and they do stand out in these days when handwritten notes are so rare. Kevin Namaky, Gurulocity Brand Management Institute

Its so important to constantly be on the lookout for the performance you want to cultivate in your team. Its easy to give your attention to things that go wrong, but encouraging whats working well is equally important. One thing I learned from our bootstrapped startup days is that finding great employees is not easy. If you have them, appreciate them. Reuben Yonatan, GetVoIP

Im a big fan of Daniel Pinks book, Drive. I believe that most employees are more motivated by mastery and autonomy than outside incentives. In my experience, the best rewards for creative innovators are autonomy, empowerment, and, ultimately, achievement. Ryan Anderson, Filevine

Giving people the option to move into bigger and more important roles by learning new skills can be a great way to let people take on the roles and responsibilities they want beyond what theyre doing now. If theyre killing it at their current level, let them take on a small amount of work from the next one so that when it is available, theyre confident and ready to perform at the next level. Noah Mitsuhashi, Portfolio Insider

Monetary incentives are not the only way to recognize the team. Another way is by asking for their insights and input and mentoring them to become leaders themselves. It doesnt cost a fortune to treat your team with the great values they deserve. Lane Kawaoka, SimplePassiveCashflow.com

No matter your budget, you will always be investing time and attention. Relish the accomplishments of others and foster an environment of shout-outs. Whether they come from the top or from peers, this cultivates an environment where your people can flourish. Authentic appreciation of impact is not only free but also produces a level of loyalty and motivation that money cannot buy. Liza Streiff, Knopman Marks Financial Training

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16 low-cost ways to recognize and reward your startup team - Fast Company