Gone are the days when employees looked only for monetary incentives from the workplace. With the inclusion of younger people in the workforce, the demand for more qualitative remuneration has increased. They tend to look for value, recognition, and respect more than just for the paycheck.
Non-monetary benefits have an immediate impact on employee satisfaction. Providing a free lunch will make their days better than just paying for lunch at the end of the month. Extra paid days off over and above what was expected will make them feel like their work-life balance is just as important for the company. Like in relationships, it’s the little things that matter too at the workplace.
Non-monetary incentives are something that the competitors cannot take away. If you rely on just the paycheck to keep your employees for a longer time, chances are you’ll need to change the strategy. There is no more a ‘hook’ for the employees to remain in the organizations – competitors can just poach them with a higher paycheck. Non-financial incentives are beneficial for the company too, as they can provide for employee retention without burning a hole in the pocket.
But what can be these incentives? While it largely depends on the demographics and preferences of your employees, there are some common ones that you can implement right away.
Appreciation and Recognition
Employers are quick to criticize the employees when their work is not up to the mark, but appreciation is rare. A simple word of praise and recognition for their work, when they perform well on a project or even on their regular tasks can help to motivate them quickly. It will make them and their work feel valued, inspiring them to work harder the next time.
It can be the flexibility of work hours, remote work, or working style. Micro-management has never been liked by employees. Giving them the choice to work on their own terms means you have trust in their work ethic and credibility. It means the organization respects the personal life and space of the employee and gives them the right to plan their work according to them.
Authority with Responsibility
When delegating the employee any task, endorse them with the necessary authority along with responsibility. This sends a message that the superiors trust the decision-making ability of their employees and value their judgment. Giving employees authority also implies that the person will feel more responsible, and thus the task will be completed in a much more vigilant manner.
Rewards don’t necessarily have to be in cash – you can give your employees gift vouchers, gift certificates or coupons that can be brought in bulk, or with the sponsorship of the shops. These fringe benefits provide immediate gratification, develop work culture, and give a sense of togetherness to the employees.
Training and Career Growth
No one likes stagnancy in their career. Everyone wants to climb up that ladder, and not get stuck in one place. This is also one of the primary reasons why employees change workplaces frequently since they don’t see their growth in the organization. Having a proper training plan and career growth support for the employees will boost their productivity and loyalty to the organization.
When an employee has worked particularly hard on a project or has done a lot of overtime and all-nighters for any work, give them a paid day off. If your employee has recently had a child or going through a lot in their life, this paid day off can work as a breath of fresh air for the person.
Don’t limit yourself though – the best option is to listen to your employees and understand their needs. Every worker will have their own needs since their life story will be different. Planning these incentives in their compensation plan will work the best.