Employees – and their leaders – have been through a lot in the last few months. The constant re-adjustment to changing business needs required endless out-of-the box thinking. Individuals voiced their concerns about not being able to switch off. 89% of respondents in a recent Glint survey showed a decline in their work-life balance.
This is where non-financial rewards can come in. Unlike cash rewards, e.g. spot bonus or stock options, non-financial rewards motivate in a different manner. They offer recognition!
Mckinsey had discovered that non-financial rewards are more effective compared to financial ones. How come not more companies are making use of them? After all, there’s no or only a small budget needed to make a difference. Enhance your total rewards strategy and increase engagement.
10 non-financial rewards
2021 is the year of going hybrid. You can introduce prizes for individual and team achievements. Link them to your organisation’s values to recognise the behaviours you want to see repeated.
2. Paid parking, special parking spots or NOL cards.
Employees are coming back to the workplace. You see parking spots filling up and metro cars busy at peak times again. A great incentive in the summer month with the hot temperatures is a reserved spot or one close to office.
Focus on professional and personal development. This can be an informal training in-house or an online course, including a micro-degree. Courses for a personal interest like learning to play the guitar can be given.
4. Gift cards.
Tickets to the cinema or the waterpark can also be fun activity for the entire family.
Everybody loves to eat. You can gift them a personalised basket filled with goodies your employees like.
6. Leadership role.
Give individuals more responsibility for a special project and help them prepare for team leadership role.
Offer individuals ways to develop their career through mentoring from a subject matter experts or senior leader.
8. Continued working from home.
The future of the office may still not be decided. Giving individuals to choose their work location allows them to better integrate work and private life.
9. Extra time off.
Employees may not be not travel as much as they’d like. Even having extra time off and spending it at home or for a staycation, employees can learn to switch off from work again.
10. Time off for volunteering.
You may have a CSR policy that already outlines your support for different initiatives. Let employees decide which cause they want to support and give their time too – without having to take time off from work.
Learn more about your employees and personalise non-financial rewards for their unique needs and motivators. Experiences are not only for millennials and gen Z and create lasting memories. Who has dined at Burj Al Arab or been in a hot air balloon thanks to their company? A cash bonus gets spend on groceries, bills, something your employees forget fast.
Review your total rewards strategy. Do you offer personalised rewards without breaking your bank? Contact us and learn how we can help you create effective rewards that motivate and engage your employees.