Non Monetary Rewards in the Workplace

Non Monetary Rewards in the Workplace

Abstract

Although employees are paid a salary to do their job, non monetary rewards can motivate employees. Often non-monetary rewards can help retain employees more so than a basic salary.

Employees today are hungry for encouragement and positive feedback, but few feel they are receiving it. Employees are motivated to stay or go by more than pay and benefits. The employees want to know that their individual activities and talents make a difference to the company's business, and they expect their leaders to be able to articulate how their daily activities fit into the company's big picture. Managers should meet often with their team members to exchange crucial information, answer questions and invite input. Open communications and employee motivation must start with senior management and cascade throughout the entire organization.

Employees generally want to contribute their own leadership skills to the organization's success, whatever their titles or positions may be. They want to have input into the processes and participate in decisions that touch on their jobs. They want their efforts to be noticed and appreciated. Most employees look first to their direct supervisors for daily direction, recognition and appreciation. In today's high paced work environment it is reported that employees consider it very rare and infrequent that they receive recognition of their work and efforts. Recognition is probably the most sought after of the non-monetary rewards in the workplace.

Often, when we hear the word "incentives," we immediately think of prizes and contests, or better yet, cold, hard cash. While dollar incentives and awards can produce fantastic results, they don't have to be extravagant. When your budget is tight, and large cash amounts don't figure into your incentive program, creativity is the key. For example, a manager offer a $10 prize to the person who makes the next sale; a certificate for a holiday brunch; lottery tickets; a holiday turkey. There should be something like this going on all the time. There are many other non-monetary incentives that can do the job of inspiring peak performance. Non-monetary incentives and recognition can lead to a great deal of creativity and will have a long-lasting effect on motivating employees to superior performance. Employees want training, career development and advancement. Most people do not stay in jobs they do not know how to do and do well. Training and development of employees tells them that the company cares about them. Employees understand they need to grow, learn and develop new skills in order to advance. Many employees would embrace the ability to be able to choose their assignments and rise to new challenges offered by new responsibilities. Employees want the company to recognize and respect that they have lives, interests and demands outside of the workplace. Family, children, friends, church, sports, hobbies and other activities all have demands on today's employees. Job sharing, part-time and modified schedules; telecommuting and flextime are all structural alternatives that, in appropriate circumstances, can be powerful retention tools. Flexibility and choice in benefits are likewise important. Some employees are motivated by on-site or subsidized child care; others are more interested in on-site exercise facilities or health club memberships; others need assistance with elder care; and still others may want an allowance to pay for their cell phones. By allowing some flexibility in an employees schedule you can increase their desire and motivation. This, to some, is considered the most important of the non-monetary rewards in