Before we begin here are few statistics we should ponder upon:
– 65% of employees prefer non-monetary incentives instead of monetary rewards
– Money isn’t everything for 78% of workers
– 1 in 5 workers are motivated to work harder by regular rewards – such as weekly or monthly treats
Through these statistics, we can easily understand how money isn’t the only factor to determine how satisfied an employee is with his job. There are several other external factors that can motivate employees without spending a dime on the rewards. Here are 5 Non-Monetary Reward ideas to motivate your workforce instantly:
1. An Extra Day Off
Work-life balance is the need of the hour, adding to that getting an extra off apart from the weekend means everything to an employee. If you can identify a team or an employee going an extra mile, reward them with a day-off and we’re sure they’ll be pleased.
2. Flexible Work Arrangements
Especially with the pandemic, your company shouldn’t be harsh on the employees by introducing rigid schedules. Showing that you care for your workforce speaks volume about how you treat your employees. Flexibility in work schedules/hours can improve their work-life balance but ensure that they do not abuse the privilege.
Employees love autonomy, give them the clarity about their tasks, job descriptions and projects and watch them perform without micromanaging them. You’ll witness the difference on your own, empowering an employee by trusting them to accomplish things on their own is a great way to keep them motivated.
4. Providing Extensive Training Offers
Monotonous work and no growth can disconnect employees from accomplishing goals. We’ve got to understand only “Happy” employees fuel your company’s growth. Keep them motivated by giving them access to accredited courses or workshops for personal development which can help them improve their skills while letting them know that you care about their personal growth.
5.Recognition is all that matters
Sometimes recognition overpowers rewards when you recognize someone’s hardwork and dedication they feel more empowered to work towards the success of the company. Recognize them on social media featuring their journey or milestone and personal achievements within the company. It’s a fantastic way to show that you genuinely care about your employees.