Depending on the company and organization, they have different reward systems. It can be gift cards, cash incentives, or bonuses, and when it comes to rewards, having monetary rewards might seem as easy and effective.
However, there are chances that numbers might not leave that lasting impression. According to studies, cash bonuses for the employees only make a difference about half of the time.
That is why non-monetary incentives are suggested, not just to help in retaining and motivating, but 65% of employees prefer this over monetary.
To understand which non-monetary incentives are motivating and retaining employees. Here is a list for you.
What Are The Benefits Of Having Non-Monetary Incentives?
According to research, employers show much greater enthusiasm as well as appreciation when towards non-monetary incentives.
So it can be lunch with the manager, an extra day off, or a trip to a hill station, which are more impactful as compared to giving extra money.
Non-monetary incentives leave more impression and connect with employees, also they feel more engaged and recognized.
To understand what the benefits of non-monetary incentives are, here is a pointer for you.
Non-Monetary Incentives Comes With Separability
Cash rewards for rewarding the expectational performances might not stand that much.
Non-monetary incentives such as social recognition, and vacation are more stand out and also can be easy to separate.
These create an experience as well as more value to the experience to the employees instead of giving the cash amount.
It Attracts Attention Of Gen Z and Millennials
Gen Z and Millennials value money more as compared to non-monetary as their entry-level jobs.
However, when it comes to daily jobs, in order to boost their morale and have their attention, you need to give something much more emotional and practical.
It Holds More Emotional Value And Memorable
Giving non-monetary incentives hold more motivation and also focuses on giving more emotional value.
So for the business that is looking to boost morale and make something memorable for the employees.
Such Incentives Are Knowledgeable And Comfortable To Talk
Talking about money-related incentives might not be comfortable for everyone to talk about their colleagues and people.
But having such incentives can help in motivating and making it much more comfortable to talk about it.
List Of Non-Monetary Incentives For Employees That Works
Well, here are some of the ideas that you can consider for giving to your employee:
This is considered one of the perks that are popular. and as a reward, you can offer the employee to do work from their home or switch hours.
Of course, there are different businesses that are offering the hybrid working approach to their employees.
With this, employers are more productive and engaged as they are getting flexible hours.
However, it can be flexible and adjusted as you are offering the employees.
Give Them To Work On Their Own Projects
There are some companies who offer this as a standard part of their employment. However, you can consider this as one of the great non-monetary rewards.
People feel more motivated when they get a chance to work on what they are passionate about. Also, employees do appreciate such welcome opportunities on working on their own projects.
One of the popular examples that you can consider is Google. They encourage their employees to use their 20% time on personal projects.
You can give extra leave to your employees as a reward. This allows them to take leave an hour early or take half a day off. However, it depends on what your business feels convenient to do.
Taking extra leave can help them in doing their work on time, and also the incentive is appreciated as they get time to do their work.
Allow For Doing The Volunteer
Well, there are different benefits that you get from this. Not just do employees get the reward with a welcome break, but also put a good image for the company.
There are different companies that give employees the option of where they can do what and who they want to volunteer.
Do The Public Recognition
Well, it might sound cliche, but when you are looking for non-monetary incentives, saying a thank you to your employee in public can be an amazing idea too.
Also creating the recognition where everyone in the organization is supported by a peer recognition program can be an excellent way to ensure they are hearing thank you when it’s needed.
Well, peer recognition might have their shapes and sizes, from saying thank you or posting it, noting custom emojis on slack or giving badges, etc.
On top of adding the bonus, it is also helpful when it comes to encouraging people.
Provide The Plans For Extensive Training
Employees find it encouraging when they get the courses and training in an area where they want to be improved on and help in personal development.
But, it often happens that they don’t get access to such professional workshops and training.
So another non-monetary incentive that you can give your employee is providing them with training plans and making them courses or workshops which can be a huge help.
Give One To One Lunch
Sometimes you need to go beyond giving thank you emails to the employee for affecting success and hard work. You can give them one on one lunch which allows them to give food and bonding with employees.
Spending time with employees over quality lunch can give them the opportunity for feedback on employees and to address issues.
Consider Tangible Rewards As Well As Gifts
Well, you can give the tangible gift switch quite the same as an experiential ward but have more memorable instead of offering the cash incentive.
Not just that, they are easy to personalize depending on the preferences of your employers.
Tangible rewards or gifts can also be a form of a swag of the company such as :
- Water bottles
You can offer the branded swag which is often given to those who are newly hired and when they are going through the onboarding period.
You Can Give One On Ones
One-on-one time with the manager can be something that your employee finds valuable.
Especially if the manager is the one who is leading the sales team, schedule their bi-weekly or weekly meeting.
Having such incentives can help them in having a set of time which they can use for discussing what they have in mind with the managers.
This also helps in creating rust and also improves morale.
Offering The Fringe Benefits
Fringe Benefits can be another type that can be an interesting non-monetary incentive. However, the basic additional perks you get are to provide the employees.
There are heaps of different fringe benefits which can be offered to people such as a weakness program, free meals at work as well as restaurant vouchers, cinema tickets, commuter incentives, travel cheques, etc.
Offer Them The Experiential Rewards
Experimental rewards have the benefit of being memorable instead of transactional rewards.
They also allow for making the emotional connection between the brand and people.
There are different things that you can come up with, they can offer the people a once-in-a-lifetime trip which they can achieve.
Offer The Themed Days
Celebrating the hosting and occasion fun can be an informal event in the workplace and can be a good way for rewarding the employees.
It also helps you in boosting morale as well as strengthen the relationship between the company and co-workers.
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Carol T. Mahaffey is a certified American Author And a creator of Theleaderboy. Carol is a Self-Taught Marketer with 10+ Years of Experience. She brings her decade of experience to her current role, where she is dedicated to writing books, blogs, and articles, inspiring the world on how to become a better Leader.