In today’s shifting marketplace, it can be tough to hire and retain the best talent out there. Many employers spend hundreds (or thousands) of dollars on hiring the best candidate, and even more to keep them with their company. However, they overlook the fact that money is not everything. Employees want much more than just money form the organizations. While financial motivation can attract talent to an organization, the key to retaining them is to improve employee engagement.
Recognition is something everyone wants, sometimes even more than financial benefits. Non-monetary compensation is the best way to attract employees, improve employee engagement, and keep them satisfied for longer. Companies that prioritize their employees genuinely incorporate innovative compensation strategies to get better revenue results.
The benefits that non-monetary compensation can bring to an organization are limitless. However, the most important one is employee engagement and satisfaction. Let’s discuss how you can achieve this!
1. The Wall of Fame
This suggestion is an oldie but a goodie. The immense benefits a wall of fame can give an organization can’t be overlooked. It is an excellent way of peer to peer recognition at the workplace to motivate employees by rewarding talented staff. This talent-based recognition opportunity can be useful to motivate the employees to work harder to secure their place on the wall of fame.
Thanks to technology and cloud-based software, you can think outside the box when it comes to your wall of fame! It doesn’t have to be a lineup of framed headshots. It can be a video shown on a monitor in your waiting room or a scrolling presentation of photos in the break room.
When employees know what they will get in reward for their hard work, they will work with more dedication to achieve the target given to them.
2. Office Parties
Employees need a break from the hectic work routine, and the concerns of management about meeting the project deadline remain there. In this situation, an office party can work to keep everyone motivated. Office parties improve employee engagement, whether during or after working hours.
By doing this, you allow employees to form stronger bonds that ultimately help with building teamwork at the workplace. Besides keeping employees engaged and excited, office parties can be a boost for your organization’s culture to attract and retain talent.
3. Physical Rewards
Rewards like plaques, trophies, recognition certificates and other souvenirs can help keep employees engaged. As everyone needs recognition at some point in their life, employees will work hard to get the reward and will ultimately be devoted to their work. Note that not all monetary rewards are free, and it simply means that employees will not be getting money directly.
Employees also feel motivated and engaged if they feel unity among the workforce as a whole. For this, customized pens, notebooks, or lanyards can work like magic. You can get personalized lanyards to distribute among your employees from experienced and professional service providers like 4 in Lanyards.
4. Tickets and Gift Cards
Offering tickets and gift cards to local establishments as rewards is a great way to increase employee engagement. Whether it’s for a sports event, concert, gala, or play, finding out that can work for your employees is the most important thing. You can offer tickets to an event as a performance incentive, or just as a kind gesture! They will feel valued and recognized by this simple act, and you will see a significant change in their working habits.
Gift cards can also be a great way to encourage your employees. Even something as simple as a gift card for gas, food, or a car wash can show that you care about them.
5. Incentive Trips
Recreational trips will undoubtedly impact the performance and engagement of employees. A company-sponsored trip to a desirable destination will be a huge hit.
Some employees may want to spend some time with their partner or family after they have dedicated their time to a project. When considering this option, you’ll have to think about whether or not people will be allowed to bring their partner or kids along with them.
Another thing you’ll have to consider is cost. Sponsoring a trip is can get pretty pricey, especially when you factor in lodging and food. Luckily, Momondo can help you find the cheapest time to fly, and you can bundle your hotel and other accommodations to get a fantastic price. A perfectly planned and well-executed trip can surely exceed the monetary costs in terms of improved engagement and performance that will ultimately lead to profit.
6. Flexible Working Arrangements
If an organization offers flexible work options, employees will feel appreciated and valued. An example of this is allowing all workers to work from home once a week. You can also offer flex scheduling, allowing people to use their work hours instead of the rigid 9 –5 times.
Offering flexible work arrangements can simply show employees that they have the right to work according to their preferences and lifestyle. It also shows that the organization values everyone’s interests. Ultimately, everyone will be more engaged in their tasks, whether those tasks are direction related to their work, are external training days to help with objection handling, or anything else and will work for the profitability of the organization.
7. Opportunity for Volunteer Work
Provide employees with the opportunity to volunteer each week. It will allow them to take a nice break from routine work and will enable them to pursue a passion. When they come back, they will feel refreshed and ready to dedicate themselves to work. Plus, it’s excellent PR for your company!
Non-monetary rewards can improve employee engagement and have lasting effects on their dedication. You will also be able to retain the best talent by offering smaller perks that can create a bond and loyalty between organizations and employees.