The statistics indicate that voluntary employee turnover is close to 20% in the United States. In times when people don’t hesitate to change their jobs, it’s hard for companies to keep their employees. If you’d like to improve worker retention and ensure the best talent stays in your company, consider non-monetary benefits. Here’s an overview of the best types of non-monetary rewards that would motivate your employees!
What Are the Benefits of Non-Monetary Incentives?
Employees want a good salary and appreciate cash rewards. But they like being appreciated even more. Non-monetary awards are a way to show your appreciation, and the benefits include:
- Boost the employee’s motivation and productivity. Receiving a reward will enhance your worker’s desire to work better, making them more productive.
- Improve employee retention. If a worker feels appreciated, it’s less likely they’ll leave the company.
- Help attract the best market talent. The word about how you handle employees will spread quickly. If you show appreciation via non-monetary rewards, it increases the odds of landing the best talent available.
- Most incentives are instant. The employee doesn’t have to wait for the next check to see the bonus. Instead, they usually get the non-monetary stimulus immediately.
- They’ll remember the reward. A non-incentive reward is often customized and tailored to the employee. That creates an instant positive memory.
Flexible Working
Flexible working hours are becoming a standard in many companies. Employees appreciate choosing the time when they can finish work assignments. Instead of spending the entire day at the office, they can complete company-related tasks in the morning and have a free afternoon. Or they could use the first half of the day to run some chores and then work in the afternoon.
But some employees enjoy coming to the office. It could be that it’s crowded at home, and they don’t have the necessary privacy to focus on the job. Perhaps they enjoy the company and spending time with others. That’s why some businesses allow employees to choose when and where to work. They could come to the office only on specific days or work the entire week remotely.
Provide Extensive Training Plans
Most professionals work on their skills and knowledge to improve in areas related to their occupation. While individual effort is essential, you can offer company support by providing extensive training plans.
Your business could invite guest lecturers and organize workshops on interesting topics. The company could pay for accredited online courses for the employees interested to learn a new skill. Follow the market trends and don’t hesitate to talk to your staff. It’s the best way to learn what training workshops they’d be most interested in, which ensures you’ll spend your resources wisely.
Health Insurance
Health insurance is a common thing offered to workers, but the idea is to take this to the next level. You want to show genuine care for your employees. So, how about adding a top-quality dental care package to their insurance?
Many employees would appreciate wellness factors, which often go hand-in-hand with health. Consider getting your best staff members vouchers for massages or spa retreats. Employees would enjoy a gym to work or having the option to order from a restaurant that offers healthy meal options at lower prices.
Tangible Rewards and Gifts
It’s not an exaggeration to say that acts are more important than the actual reward. Giving your employees handwritten notes for their birthday is an excellent way to show appreciation. A muffin basket after finishing the work or going together for a drink on Friday afternoon can boost the staff’s mood.
Acquiring promotional items for small businesses isn’t expensive. For example, a T-shirt with your company log is a great gift. Your employees would appreciate it, and they will have a positive association with the company each time they wear the T-shirt.
Growth or Learning Opportunities
No employee wants to feel stuck at their job post. They appreciate growth opportunities and chances for a promotion if they show well in their current position. Managers should analyze and discuss employees’ performance. If they are happy with it, the worker might be ready for a more significant role. It could be becoming a leader on a project, working on new and exciting tasks, etc.
Another way to show you appreciate employees is to send them as representatives to industry events. Conferences and seminars are also excellent learning opportunities. Employees could expand their knowledge and expand opinions to improve work performance and help their careers grow.