Best Non Monetary Rewards in the Workplace

Your employees are working hard, and in a world where corporations are touting to run “lean and mean”, it might seem impossible for you to compensate your workers for performing well without breaking your budget. The good news is, you do not have to do this. A survey by staffing firm, Accountemps, revealed that frequent accomplishment recognition was named as the top non-monetary compensation by full and part-time employees, followed by regular communication. Both these activities are proven to make staff more productive without shaving a thin sheet of a company’s bottom line.

According to corporate figures, including human resource professionals, management consultants, career coaches and executives, the following are some of the best non-monetary rewards in the workplace that would not break your bank:

1. Tangible Recognition.
You can offer this reward for your employees who consistently excel. You can do this by sending them e-mails and CCing in business leaders with congratulatory messages on a job well done, giving them handwritten notes or mentioning their success during regular meetings.

2. Flexible Work Hours.
If there is one free reward that could rise above the rest, it would be giving your employees flexible work schedules. According to experts, flexible time is a perk that offers the most gain with the least pain. They say that company leaders should give a little latitude to determine work schedules and let their workers enjoy more suitable time for their families. They add that as long as the person is deserving and will not abuse the privilege, flexible work hours can go a long way when it comes to building trust among key employees.

3. Opportunity to Learn, Improve and Advance As Employee.
You should understand that your people need to learn and develop new skills in order for them to advance. You can do this by giving them the opportunity to choose their respective assignments and face challenges that come with their new responsibilities.

4. Training.
By training your employees, there will be plenty of room for them to grow, and they will not be stuck with a routine job. After learning new skills, they can look forward to much bigger challenges. Moreover, training programs can offer good types of stress, which is something that motivates them to work harder to the limit, giving them a better insight on their individual strengths and weaknesses. However, you should make sure these programs are in line with your employees’ desired career paths or they will not be used to the fullest. Thus, it is best to assess skills before training your people.

5. More Fun Working Environment.
When you notice your employees’ morale is down, you should find ways to boost it, of course. One of the best ways to do this is making the office more fun for your people. For example, you can facilitate games or similar activities that can make them happy. Choose those that would let them have fun and socialize, as these will most likely shoot up their productivity levels.

6. Recognition.
In the high-paced working environment in corporations these days, employees are reported to see recognition of their efforts infrequent and rare. After all, wouldn’t it be good to have your employees continuing their good performance and success? So, offer them praise, whether it is written, verbal or, ideally, a public announcement.

7. No-Shoes Policy.
Human resource experts say that implementing this policy can make your employees feel right at home with each other, which would translate into a rise in their productivity. However, you should still remind them to keep their shoes handy in case clients pay you a visit. By implementing this, you will be putting more concern on quality, and not on the shoes or jewelry your people will be putting on.

8. Belongingness.
Aside from sickness, another cause of absenteeism is belongingness. Actually, politics and conflicts in the workplace can make some of your employees hesitate to report for work. Though they understand employee-manager relationship, it is still important for them to have a sense of belongingness and friendship among colleagues. So, take time to facilitate team-building activities, which do not have to be tedious and long. It should just simply strengthen respect, trust and accountability among everybody within your organization.

9. Autonomy and Independence.
Put in mind that your employees want to be able to work independently and do not want somebody to watch over them constantly and question their every move. Just give them assignments with a required time frame for completion and let them enjoy the freedom to complete them, given some guidelines set on their own merits.

10. Free Passes.
As experts suggest, you can give out a certain number of free days off for your employees to use when they see fit. So, your employees do not have to pretend to be ill. They would be free to use those days to go to the beach or simply spend some quality time with their family.

11. Fringe Benefits.
These can include leaves, additional allowances, health insurance policies and other benefits that they can take advantage of alone or with their loved ones.

12. Opportunity to Contribute.
Your employees should be part of a team and allowed to work closely with the management. This would involve them in making key decisions and make them heard.

13. Opportunity to Engage in Volunteer Work.
Not only will this give your employees a nice break from the office, but will also provide them the extra benefit of improved morale brought about by altruistic pursuits.

14. Time Out to Work on Projects.
It is also good to provide your workers with some time out of their normal commitments to work on certain projects that they are passionate about. Remember that these not necessarily related to the core objectives of your business.

Conclusion

Remember that rewards are designed as a means of showing your employees appreciation for their hard work, and while money is often cited as a staff motivator, it is often the non-monetary and intangible rewards that have the most impact on employee morale. Regardless of the benefits you are offering to your people, you have to find ways to make your office a place where hard work and efficiency are recognized and rewarded regularly. After all, non-monetary benefits can go a long way in building employee loyalty and respect, which clearly demonstrates that there are other important factors many points, aside from money, to consider when establishing employee and management policies.