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Best types of non-monetary incentives for employees include the following:
Best types of non-monetary incentives for employees include the following:
1. Make time for employees to work on independent projects!
To further elaborate, people tend to be more passionate about what they love. Therefore, to keep the employees motivated within the organization, make sure employees are passionate about their roles and duties to stimulate this feeling in the workforce.
In order to keep your employee's creativity, it is essential to have a side project for employees to engage in work that doesn't feel like work. This way, the employee would be experimenting with specific industry trends while being productive in a creative manner to stimulate their brain.
Side-projects are the most effective when finding a perfect connecting point between "things you enjoy doing" and "things that will help you practice a marketable skill"
To know more about how side projects are beneficial for organizations check out the resources below!
2. Prioritizing Flexible Work
This is one of the most prioritized non-monetary benefits for most employees. Organizations in Wayne County such as Community Action, OHuddle, OneEighty, and others believe that one of the most valuable non-monetary compensation is flexible working schedules.
A flexible work schedule helps enhance work-life balance as employees have control over when and how long they work. Therefore, employees' satisfaction levels increase as well. And the more they are happy they will be more motivated to work!
To learn more about the benefits of flexible work for employees and employers check out the article and video below:
The Importance of Flexibility in the Workplace | Tyrel Kirkham
The Importance of Flexibility in the Workplace | Tyrel Kirkham
Indeed's amazing Career Talks series with Tyrel Kirkham, former VP of Brand & Market Strategy, Detroit Pistons. He talks about adapting to change in the pandemic and how implementing flexibility in the workforce helps employees thrive better.
3. Recognition
This is also one of the popular non-monetary benefits mentioned by Wayne County non-profits!
Building and encouraging a culture of recognition and a safe place for your employees is a very warm gesture to show appreciation within the organization.
Even small gestures of thank you go a long way! That said, peer recognition is an excellent way to promote a healthy working environment. It has been demonstrated that social recognition fostered among employees and members of the workforce helps retain workers, boosts job satisfaction, nurtures psychological security, and enhances employees' motivation in a healthy manner.
Learn more about the importance of recognition in a working environment with these amazing resources below:
4. Opportunities for Professional and Personal Development.
Helping employees advance in their skill sets is a great way to attract and retain employees in the long run.
Important to note: these development programs do have to strain the organization's financial status. A good option are budget-friendly approaches, like peer-mentoring and coaching programs. These opportunities will enhance relationships and expand creativity as well as knowledge within the respective organizations!
In terms of promoting a positive culture in the workforce, according to Deloitte University, employees value culture and career growth & development more than compensation and benefits when choosing their employers.
5. Additional Time off
Making sure to reward extra days off, including birthdays, longer lunch breaks, early finish on Fridays, and Later Start on Mondays can reflect positively on employee overall job satisfaction.
"Mental Health Days" is a popular phrase that is known to encourage employees to unplug and take time off work.
Check out the helpful article below to learn more about why time off for employees is beneficial for non-profit organizations as well.
6. Experiential Rewards
This encourages emotional connection between the employers and employees which increases employee retention.
Experiential rewards could also include time to volunteering (VTO). This is an opportunity for employees to reach out and help their community outside of their employed responsibilities every now and then.
Learn more about the benefits of Experiential Rewards and its various examples to use for your organization!
As mentioned in our Incentives/Strategy for Benefits page, it is essentially a mix that can range from formal employee benefits to in-office perks that can be implemented by organizations to increase employee engagement and boost productivity levels.
Click here to get access to a Fringe Benefit Guide by IRS!
The following are some examples of fringe benefits:
Health benefits like health insurance and HRAs
Wellness programs
Paid time off (PTO) including sick leave
Tuition assistance or reimbursement
Retirement benefits
The organization provided car or cell phone service
In-office perks like free meals, snacks, or coffee
Commuter benefits
Child care services
Rewards and recognition programs
Flexible work hours and remote work
Check out the articles below to get a full guide on how to include fringe benefits in employee compensation plans:
8. Encourage One-on-One Interactions
One-on-one communication with your supervisor is important as it shows organizations value their employees. Employees frequently find one-on-one time with their manager to be really useful.
Consider arranging regular meetings with team members and managers, as this is an opportunity for employees to speak to their managers about their individual motives and concerns. This encourages an effective way to strengthen bonds between employees and employers dynamics. Furthermore, this helps improve and enhance performance within the organizations as more constructive feedback will be exchanged for instant and meaningful impact and improvements.
Furthermore, one-on-ones help create a clear set of responsibilities and expectations for employees to achieve while staying accountable for their progress within specific tasks and overall performance.
9. Ask your Employees!
Having a safe space where employees can get involved and have a say in their workforce is very important not only for the employees to feel valued but for the overall boost of productivity in the organization.
According to Gallup, employees with low engagement are at risk to suffer a high turnover rate ranging from approximately 18% to 43% higher in comparison to employees who have high engagement levels within their working environment.
Involving your employees in the decision-making process creates a healthy and positive culture within their respective organizations.
Lastly, make sure to encourage employee feedback loops, a way to stay consistent with communication improvements for employees' better functionality.
To learn more about how to build and implement a robust employee feedback system with Optimizely here!
10. Tangible Rewards
Employees gain a deeper loyalty connection with their employer when they feel their hard work has paid off through means of acknowledgments and gratitude.
According to research, 62% of employees prefer small tangible gestures in comparison to recognition and intangible rewards as well.
That said, a more memorable gift that is not monetary-based is more like a kind gesture that is easy to personalize to the employees. This is a great way to encourage employees to keep up their good work and contribute more both creatively and strategically in team assignments and projects.
Tangible Rewards may include your non-profit swag! For instance, give out t-shirts, pens, key chains, water bottles, and other merchandise during events, team meetings, and special occasions to express employee appreciation and boost their morale with small but significant things. Other non-monetary tangible rewards could include gift cards (Amazon, local spa, restaurant, etc.), gym membership and Goodie basket for food or other items.
Check Out TeamBonding's amazing open resources to increase employee engagement in an organization!
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