Let’s face it: You’re probably not handing out big raises right now — and that can put a damper on morale.

But savvy managers have found ways to keep employees upbeat — and performing — without breaking the bank.

Here are four incentives keeping workers happy:

1. Casual dress code

Take it from the Commander-in-Chief: Casual is the way to go. When President Obama instituted casual dress in the Oval Office, he overturned President Bush’s more formal rules in an effort to foster a relaxed working environment.

A casual dress code makes workers feel more comfortable, which may increase productivity and morale. Plus, it’s a perk that doesn’t cost the company a dime.

2. Flex time

Flexible schedules are another low-to-no cost perk that works. Employees — especially younger workers — appreciate flex time because it helps balance their work and personal lives.

3. Relaxation room

Several companies have set up “relaxation rooms,” complete with tables, chairs or even cots for workers to kick back or catch some shut-eye.

You may scoff, but employees appreciate having an area where they can give their minds a rest or even take a 15-minute nap at the end of their lunch break.

4. Let ‘em use their gadgets

Policies that allow workers to use their iPods or smartphones (e.g., Blackberrys and iPhones) on the job are a hit. Plus, they allow workers to stay in touch with loved ones, without having to leave the office.

What incentives are popular at your company? Let us know in the Comments Box below.

Tags: Blackberrys, Bush, dress code, flex-time, Incentives, iphones, ipods, obama, president