Top 5 Non-Monetary Employee Rewards
by Jeff Anderson
“Rewards don’t always have to burn your pocket”
In any organization or group, there is always the need for rewards to keep members motivated. Studies have been made about the effect of positive reinforcement especially in the workplace. When talking about rewards, most of us think about material or financial incentives. However, rewards can be in other forms which your employees may highly appreciate.
Although considered an important need for survival, money and other material things cannot fully satisfy one’s being. Everyone has their own psychological needs to fulfill and this is a good target for employee rewards. Aside from bonuses and other materialistic prize, employees will be happy to receive any of the top non-monetary rewards listed below.
- 1. Continuous education – Learning is something every person appreciates. Instead of giving them all sorts of bonuses, you can create an employee incentive program. This program may include helpful seminars or training courses. When you reward an employee with the permission to attend training courses or seminars, they are most likely to get the impression that you have high expectations from them based on their work performances. Because of this, they are able to feel fulfilled.
- 2. Flexible work schedule – Providing your employee with a flexible work schedule is a great reward because he will be able to manage his time well. Not only will a flexible schedule serve as a reward but it will help your employee work on certain objectives, and not on a fixed schedule. In addition, granting him flexible working hours is a sign that you trust him enough to let him manage his own time. This leaves your best subordinates gratified.
- 3. Bigger opportunities – People, especially members of a certain organization, want to become a part of a big thing by nature. As a reward to your best employees, you can get them involved in bigger and more important projects. This can help them feel challenged and trusted. They may see their involvement in a large task as an opportunity to prove themselves and as a step to career advancement. They will definitely thank you for giving them this reward.
- 4. Work environment upgrade – The environment we work on greatly contributes to the quality of work we do. The work space and environment is important to your employees as much as it is to you. It is a good reward to upgrade or simply improve the place or the tools they work on. This may be in a form of upgrading their computers, having someone renovate their space, or even have them transfer to a new area. The quality of their office condition can let greatly improve their quality of work too.
- 5. Recognition awards – Every person has the need to be appreciated for their efforts. Sometimes, you do not have to spend much or think of other various ideas to reward your employees. Simple recognition in the form of a letter, an email, or a public announcement can let them feel recognized and appreciated. You can also provide challenges to everyone by creating healthy competition among your subordinates. Conduct contests such as search for the employee of the month or employee of the year and give the winners some nice business plaques.
Rewards do not necessarily have to be expensive to show sincere appreciation. Hardworking people are sometimes satisfied with just the thought that someone recognizes their efforts. Non-monetary employee rewards can be in any form as long as the sincerity is present.