by Mary Cantando, Founder of The Woman’s Advantage, Guest Contributor

Employee morale is a crucial element in building a successful business, and if you think that money is the best way to enhance morale, think again! Oh, sure, money is important, but if employees don’t enjoy their jobs or the way management treats them, they won’t be around for long.

Here are five morale-building strategies to consider.

Five Ways to Boost Employee Morale

1. Reward and recognize promptly.

If you’re going to recognize an employee, do so quickly after his/her achievement. Studies show that the longer you wait (for example, quarterly or annual recognition events) the less it motivates an employee.

2. Share customer praise. 

If you receive a call, email, or letter praising one of your employees, share it directly with the employee, as well as the rest of the staff. You might even create a “Wall of Honor” where you frame and hang such items.

3. Invite employees to your home for a recognition event.

There is something special about being recognized in front of significant others and co-workers. And doing it in your home makes it more personal.

4. Reward employees who support your company growth.

Provide a cash bonus, gift certificate, or paid time off for employees who help you recruit employees or land new customers. Get them in the mindset of supporting your growth.

5. Schedule regular meetings to let all employees know what’s happening.

Give everyone the sense that they are important to your organization.