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The struggling economy is hitting everyone where it hurts, and business owners are not immune. You might not be able to offer your employees generous bonuses this year, but there are other ways to show employees you care.

There are several ways to show employee appreciation without spending a dime, and even more that will cost less than yearly bonuses.

Flex Time

One of the easiest ways to show employees you care is to offer some variation of flex time. Everyone has a life outside of work, be it family or hobbies or friends, and your staff might appreciate some flexibility in their work schedules.

According to Tory Johnson of ABC, there are several different types of flex time you can offer to show employees you care. A condensed workweek, for example, allows employees to work extended hours on fewer days of the week. Telecommuting gives employees an opportunity to work from home on certain days, or you can let employees choose their own hours if it is convenient for your business.

Recognition

Sometimes being noticed is even more powerful than a lucrative bonus. Show employees you care by recognizing staff members who go above and beyond the call of duty. You might establish an employee-of-the-month program, or create an annual awards program where trophies or ribbons are given out at the end of the year.

More importantly, you can show employees you care on a regular basis by recognizing accomplishments when they occur. Keep your eyes open and don't be afraid to hand out a "Good job" or "Thanks for catching that" every once in a while. Let employees know you see their hard work and appreciate it.

Vacation

As a direct alternative to bonuses, employers can show employees they care by handing out additional vacation days rather than cash. If an employee meets a specific goal, for example, they might earn an extra 10 hours of vacation for the following year. Sometimes, a day off is all a staff member needs.

Employers can also create a more informal opportunity for vacation by inviting hard-working employees to take a few (paid) hours off after they've completed a strenuous task. This might not work for some companies, but your employees will thank you.

Employee Recognition Day

According to Recognition.org, employee recognition day first hit the calendars in 1995 and occurs the first Friday of March, but many employers don't recognize it. Show employees you care by honoring and celebrating a day just for employees by throwing a pizza party or bringing donuts for the entire office.

Ask for Suggestions

If none of the above feels right, you can show employees you care by asking them how they would like to be rewarded. Be honest with staff members about the struggling economy, and set out a suggestion box so employees can tell you what they would like. This is the most creative option and gives you a chance to fill actual needs in the office.