Non-monetary rewards have a number of benefits over other forms reward.
They’re more cost efficient because the recognition itself is the focus, and the value from the employee’s point of view is derived from the act of recognition.
Non-monetary rewards also make an immediate impact. Rewarding employees with things like bonuses or pay rises can take time, meaning it loses some of its impact. The best way to reward an employee is to do it straight away.
They’re also better for retention. An employee that stays with you because you’ve given them a pay-rise can easily be lured away by another company. However, non-monetary rewards help you build a relationship with employees, which they won’t get at other companies.
According to research in The Management Agenda by McCartney and Holbeche, non-financial recognition was cited by 65% of managers as a popular motivator. Job enjoyment, challenge and personal drive were also mentioned. The research also showed that lack of recognition was the biggest demotivator at work.
Top 10 non-monetary rewards for employees
- Flexible working
This has shown to be one of the most popular work perks out there. As a reward, offer your employees the opportunity to work from home or switch their hours around if they don’t already have the option.
- Give employees time to work on their own projects
Some companies offer this as a standard part of employment, however it’s also a great non-monetary reward. People are motivated by the things they’re passionate about, and employees appreciate the welcome opportunity to work on their own projects.
- Extra leave
Why not reward employees by giving them an extra day’s annual leave or a longer lunch break? You could reward employees by letting them leave an hour early or giving them half a day off. However, you choose to do this should depend on your business needs.
- Allow time to do volunteer work
There are a number of benefits that come from this. Employees are rewarded with a welcome break out of the office and a charitable cause reaps the benefits of extra volunteers. It’s also great for the company’s image and CSR!
- One-on-one meetings
Reward employees by speaking to them one-to-one and asking them what you can do to help them improve and grow. It’s a great opportunity to get some constructive feedback on the way the business operates while helping an employee improve and showing that you appreciate their hard work.
- Give employees chance to show appreciation for each other
This can be done through ECards on your employee benefits platform. Find out more here.
- Reward employees with more responsibility
Initially, this doesn’t sound like much of a reward. However, employees are motivated by the right amount of challenge and responsibility. This will be a better reward for some employees than others. Some employees may be happy with the current level of challenge and responsibility they have; however, some may be itching for more responsibility.
- Let everyone know who you’re rewarding and what you’re rewarding them with
Again, your employee benefits platform is a great place to house all your employee awards. You can find out more here.
- Give your employees the opportunity to attend educational events/workshops
Many companies do this already, but letting your employees take a day off to attend an event or workshop that could benefit them is a great non-monetary reward.
- Recognise your employees on social media
This is a great way to not only show your employees you care, but your followers on social media too. Try recognising employees for personal achievements. Write a short blog on their journey to achieve their goals. You could even interview them about it!
Give these 10 non-monetary rewards a go and see how your employees respond. They’re simple, low-cost and easy to implement!
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