Best Non Monetary Incentives for Employees
Providing employees with paychecks is a common thing and has become a company obligation. But how to provide something valuable to employees other than paychecks? To motivate employees when they show strong job performance, you need to think about non monetary incentives. Most employees may not remember the amount of the cash bonus or any paycheck, but will always remember the gift they received for their good work. We will explain why non-monetary things can help you in increasing employee morale.
What are non-monetary incentives?
Any rewards or benefits from organizations to employees that are not related to direct cash payments. The incentives can be in accordance with your agreement with employees, so that they understand the goals they will achieve. Every employee who understands what they will get will be more motivated to bring out their best potential, have healthy competition with coworkers, and feel valued.
What's the difference between monetary and non-monetary incentives?
There are two types of incentives or rewards that employees can take when they show great work and achieve great milestones. The reward can be obtained by a team or individual, there are non-monetary and monetary rewards. Monetary rewards are in the form of cash such as cash bonuses, salary increases, or money before the holidays. While non-monetary rewards can be anything that is not related to money, it can be benefits for employees for their work, receiving gifts, or gifts of experience.
What are the effects of non monetary incentives?
There are many positive effects that can be obtained for employees when the company implements non-monetary benefits. Starting from new hires, your professionals, to your old employees will continue to show their best performance to get any achievements. A value of connection between employees in the form of healthy competition will be a motivation and emotional attachments for each individual.
In addition, the rewards can be job satisfaction, because employees understand what they have to fight for and what they will get. It helps to create a positive work culture and become sustainable for the organization compared to monetary rewards.
Each individual worker will focus on company goals and can improve their performance in both the short-run and long-run. While each individual in your office feels satisfied with what you give and facilitate, it will increase job satisfaction and reduce turnover rate. You can keep every best talent to stay to grow your company.
Best non monetary incentives for employees
Now, we will discuss about various non monetary incentives that you can choose and what are the benefits. Hope that our ideas can help your organization to grow, and get happy and motivated employees.
- Public recognition
Praise and public recognition can be a surefire way for employees to feel recognized for their accomplishments and show their coworkers that crucial contributions will always be mentioned and known by all team members. If you have remote employees, you can take this moment during a Zoom meeting or require them to come to the office for an offline meeting. During the session, you can ask each team member to share positive and negative work experiences and what they want for the team's progress. This is a chance for each employee to have their voice heard and identify any problems within the team. Don't forget to praise when the team works well.
- Experiential rewards
You can offer experiential gifts such as creating an event outside the office for team bonding purposes, or simply celebrating the team's success when they complete a project ahead of schedule. Some examples of experiential gifts are lunch for the entire team, movie night, a trip with a team, or having an office party. You can give an experience gift that can be enjoyed by the entire team, and don't forget to make it unforgettable for them.
- Wine portrait trophy
Surprise your employees with special awards after they achieve great at work, such as getting big sales, best performance in the team, or work that meets targets. You can give a unique gift in the form of a wine portrait trophy, with your choice of famous wine plus customize the wine bottle with portrait engraving, with the text below it like an actual trophy. We understand that wine is a symbol of success, celebration, and luxury, every component needed to show an employee who has achieved something in their work.
DesignYourOwnWine is the best place to make customized wine gifts for any occasion such as employee awards, promotions, retirement, employee care packages, etc. Many choices of red wine, white wine, whiskey, and champagne with customization for engraving in the middle of the bottle as a unique keepsake. Make your reward an eternal gift with DesignYourOwnWine.
- Work flexibility
Flexible working is a suitable gift to be a non-monetary reward and is widely adapted by companies that use the remote work method these past years. Flexible hours allow employees to work according to the hours they want compared to the strict 9 to 5 framework. This method can provide freedom while maximizing employee productivity because they can enjoy the working hours they set themselves. Providing employees with flexibility shows that you believe in them and still expect the best from how they complete the job.
- Fringe benefits
One of the best examples of incentives is to provide fringe benefits such as free lunch everyday, gym membership, or commuter incentives. Some of these things will seem cheap, but can be considered because they can provide a lot for employees in the long run. Employees do not need to be confused about the costs they have to spend every day such as commuting or lunch costs, and focus more on how to keep their performance good at work.
Effective Employee Incentive Programs To Boost Morale
Incentives for employees do not have to be monetary. You can provide many types of incentives such as experience gifts, flexibility at work, personalized gifts, or anything that is useful and meaningful to employees. Show the office's concern for employees in the best way, by providing non-monetary incentives in a meaningful way.
