How Non-Monetary Incentives Can Help Secure Engagement Through Employee Rewards
Table of Contents
The way we work is shifting radically. In the last five years only, companies have witnessed the Great Resignation, a 56% rise in remote or hybrid jobs in the US alone, and headwinds in the economic landscape influencing the ways companies operate.
In this climate, companies are even more focused on initiatives to retain their talent and secure a strong workplace culture. Leaders are embracing new ways to motivate and reward employees.
Rewarding employees can go a long way in boosting morale and creating a better work environment. This is why non-monetary rewards are gaining more and more popularity – they have great effectiveness and a quick positive impact on teams.
Besides this, they don’t require the huge budget investments and amounts of bureaucracy involved in monetary incentives. Implementing non-monetary incentives can have countless benefits in the short and long term, as we will see in the next paragraphs.
What Are Non-Monetary Incentives?
Non-monetary incentives are means to reward employees that do not involve paid salary – they include verbal recognition, physical gifts, and rewards programs, for example.
They can be used for special occasions or be part of regular recognition programs. When an employee goes through an important milestone or celebration, such as their birthday or work anniversary, it shows that the person is valuable to the team.
These are also great resources for seasonal incentives (such as peak sales months) and programs that aim to create a wider recognition culture in the organization. Let’s run through some more specific examples.
What Are Examples of Non-Monetary Incentives?
You might be wondering which non-monetary incentives would work best for your company – here are 5 great examples of non-monetary incentives that increase employee motivation and are considered best practice:
Flexible Schedule
With the current rise in hybrid ways of working, one excellent way to add flexibility to employee schedules is to let people choose to start (and finish) their workday earlier or later.
In recent surveys, 43% of employees reported that a flexible schedule helps them achieve higher levels of productivity. A greater ability to organize time in busy agendas means that employees are also more energized to fulfill their different commitments and ambitions.
Many people would benefit from such an incentive, especially those with additional responsibilities outside of work – parents, people caring for someone, those with demanding hobbies or studying on the side. With this type of incentive, they can manage it all!
Additional Time Off
A clear mind brings the best ideas to work. This is why, even if it has been traditionally considered as something unproductive, providing additional days off can make a big difference in team productivity.
When hard-working teams have rolled out a project, brought in huge customers, or made a great effort in general, a couple of days off from work can be an ideal incentive to reverse low energy levels in the team.
Having some days of rest and inspiration can get teams back to work with a positive mindset and fully charged batteries.
Gift Cards and Other Gifts
Who doesn’t like a gift? On significant dates and around the holiday seasons, gift giving is the perfect way to let people know they are valued, also employees.
There are great choices for all budgets that will make employees happy. For example, gift cards are a versatile option so that everyone can choose the gift that they want, covering diverse preferences and interests.
If you are considering giving gifts or gift cards, professional gifting solution providers will guide you through the many possibilities there are for local and global gifting.
Mentorship Programs
A great option for employees who may need guidance in their next career steps – and for those with vast experience who want to help younger colleagues – is mentorship programs.
Pairing younger employees with more experienced ones has extensive benefits: higher motivation, career development sparring, networking, and the opportunity for the younger employee to learn how to level up their skills and for the more experienced one to further develop their leadership capabilities.
Last but not least, it prepares people to seize new growth opportunities within the company, as employees gain more resources to take on new responsibilities and projects that align with their interests. This greatly impacts employee satisfaction in the long run.
Social Events
Creating a community in the workplace promotes constructive relationships and brings a sense of belonging. You can build a solid community with more time for social bonding.
While having peer-to-peer recognition strategies in place can be a great way to foster social bonding, this is also achieved through social events as incentives. The key is listening to the general mood and interests of employees and using those insights to organize a fun experience during or after work.
It can be as simple as sharing office treats and playing board or video games, or as elaborate as you wish, like having a big, fun party, a trip, or a team-building event – all those moments, big and small, can be memorable and promote celebrating achievements.
What Are The Benefits of Non-Monetary Incentives?
They Are Very Cost-Effective
They offer great value for the buck. Motivation, energy and team cohesion can all be improved by these initiatives – and they don’t have to cost as much as salary incentives. The positive influence they bring on individual and team performance is noticeable in the short and long term.
They Are Immediate
In many cases, these incentives can be given right away. They don’t require red tape and bureaucratic processes, unlike salary reviews and career advancement programs. They can simply be implemented when needed, which is an advantage both when rewards are needed quickly and when they need to be planned ahead, as timings are more predictable.
They Greatly Contribute To Employer Branding
Being proactive about creating a positive environment at work makes a difference in retaining talent. When employees feel valued and like they belong in the workplace, they will have a harder time saying yes to any other opportunity that comes up.
While non-monetary incentives are not the only ingredient in the mix for high job satisfaction, this can be a differentiator when employees reflect on the future of their career and which company they choose for their next career step.
Who Else Can Benefit From Non-Monetary Incentives?
Non-monetary incentives are perfect ways to reward not only employees but also business partners. They are frequently used as incentives for customers, to recognize loyalty and honor long-term partnerships. This helps customers feel valued and positive about continuing your agreements.
Another group of people that can greatly benefit from rewards are volunteers and participants in competitions or research. As a means of appreciation for their time and participation, they can receive gift cards for example, as feeling recognized will leave them with a lasting positive impression that encourages them to participate again.
About GoGift
GoGift, a leading global provider of gift card solutions, specializes in offering innovative and versatile gift card services to over 15.000 corporate clients worldwide.
With a commitment to simplifying the gift-giving process, GoGift provides a broad range of gift card options from numerous popular brands, catering to a diverse array of tastes and preferences. Their services are designed to enhance the gifting experience, making it more convenient, personal, and enjoyable for both the giver and the recipient.
For more detailed information about GoGift, please visit their official website: https://www.global.gogift.com/