Rewarding Employees Non-Financially


Rewarding Employees Non-Financially

Non-financial rewards can be just as motivating, if not more so, than financial incentives.  And they almost always cost much less!

If you want your employees to be happy and stay with the business long-term you need to reward your staff on a regular basis.

In thinking about the most effective rewards for your team, why not ask them?  Getting employees involved in developing a reward and recognition program is a great way to get buy-in to the program and to ensure it is effectively targeted.  Get a working group together, or survey the workforce to ask them which rewards will be the most valued to them.

Here are HR Central’s top 5 ways to reward staff non-financially that are known to have positive effects :

Flexible Work

Treat time as currency. Through remote work options, staggered hours and reduced hour arrangements to allow employees to achieve some sort of work/life balance – a highly prized feature of any work place.

Help them learn

Smart, ambitious people need to be constantly challenged and stimulated.  Give your best people the first opportunity to access great training and learning opportunities and give them access to your best coaches and mentors.

Say thank-you

It is easy to send a brief thank you email to an employee for their efforts. Mentioning an employee at a staff meeting and telling other about their accomplishment and why it matters, it really important. A public awards wall with noticeable achievements rewards those who excel and motivates those who are looking to be recognized.

Have fun

Find fun and entertaining ways to accomplish work and celebrate success. Encourage them to enjoy each other’s company while working on engaging tasks together. The more an emotional connection exists among the team the more likely they will help each other so they share in the rewards of accomplishment.  Also ensure to spend some social time together, make it a regular occurrence and watch those bonds grow and engagement levels soar.

Contribution and Empowerment

You can greatly motivate your employees if you can make them feel that the success of your organization also depends on them. You can do this by allowing them to head projects as well as getting their consensus on major decisions that can affect your business and organization.  Also over-communicate  – people want to know what is happening in the business, where it is headed and how that might affect them.

Implementing a non-monetary reward program can build loyalty, culture, and communication between you and your employees—all at little cost to the company. You don’t have to be the biggest fish in the pond to stand out as one of the most sought-after employers out there.

HR Central

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