Let's Talk Non-Financial Rewards
30 July 2021
You understand that rewarding and recognising your people is important, but the types of reward they're interested in may surprise you. Money talks. Especially during times of financial crisis, but there's also a place for non-financial rewards within your recognition strategy. Read on to discover more.
There are plenty of ways to reward your teams for their hard work...
From eVouchers to cashback, but do all rewards have to be financial?
Rewards and recognition help your employees feel valued for the work they do and can act as an incentive to continue their hard work. It’s not just employees that benefit from a strong reward and recognition culture - employers do too!
Rewarding your employees can:
- Increase productivity
- Improve retention
- Attract new talent
- Create a positive company culture
- Improve engagement
From annual bonus schemes to eVouchers, there are many ways to say thank you to your employees, but not all rewards have to be financial. Non-financial rewards can be as impactful as extra money when done well.
Harness the power of non-financial rewards
Offering other reward opportunities that aren’t financial, is a cost-effective way of engaging with your teams and encouraging them to work efficiently. Plus, not all your employees will be motivated by just money, so utilising non-financial rewards means that you can reach and reward all of your employees.
How and when to use non-monetary rewards...
Non-financial rewards can work to incentivise your employees in the same way as monetary rewards; however, they shouldn’t replace any financial rewards you have or are looking at introducing. A strong reward and recognition culture has a place for both.
Training and development: Career progression opportunities are key for nearly 49% of people when choosing an employer (Randstad). So, offering your teams the opportunity to learn new skills and move forward with their careers is a great way to reward them. Here are some other ways you can help retain your employees with career development.
Extra time off: We all love a day off from work, so offering your teams a surprise extra day off (that is outside of their annual leave allowance) can be a great way to say thanks. Plus, a healthy work/life balance can help employees be healthier, happier and more engaged with their jobs, which is great for them and you!
Recognition platforms: A recognition platform can allow your employees to acknowledge and appreciate the work done by their colleagues, which managers might not see every day. Peer-to-peer recognition can boost your employee’s self-esteem and increase their motivation levels. You can display these for everyone to see, or on leader boards.
The power of praise: This may be a simple win, but 67% of employees found praise and commendation from line managers was an extremely or very effective motivator (McKinsey & Company). Plus, 63% of employees also said that attention from senior leaders was also a great way to recognise employees for a job well done.
Not only can these work in a similar way to rewards to motivate employees, it helps to build relationships between employee and employers can show them that their efforts are appreciated and build trust.
Opportunities for growth: This reward won’t be for everyone, but offering your high performers the chance for more responsibility can motivate them and show that you appreciate their efforts. It could be the opportunity to lead on a task or be a project lead.
It’s also a great way to develop your teams and help them get ready for the next step in their career.
Build an impactful reward and recognition strategy with Pluxee UK!
If you’re not sure where to start in creating your employee reward strategy, we can help. Get in touch with our experts today, and they can help guide you on how to implement a reward and recognition strategy your employees will really value.