The Benefits of Non-Monetary Incentives

When looking for a job, our first instinct is to focus on finding a job that pays the most.

However, unless the pay is significantly larger, more pay doesn’t necessarily mean that it’s the best job offer. It’s important to consider the entire package as we often overlook benefits that may be difficult to put an exact dollar amount on such as-a great workplace culture and flexible working arrangements.

As employer benefits differ greatly in both scope and generosity, here are our tips on the benefits to look out for when searching for that new job!

These non-monetary incentives offer huge benefits for staff and candidates.

#1. Flexibility is Key

As the working world continues to change, working remotely is becoming increasingly prevalent.

As such, providing flexible working arrangements is a reasonable adjustment – perhaps even a necessity as the working world changes!

The difficulty in providing flexibility is that it must openly and unreservedly available to every employee. 

Flexibility is Key

Employers could provide employees with the chance to work from home once a week or allow their staff to choose their own core working hours that accommodate their commitments.

Types of flexibility:

  • Change in patterns of work: split shifts or job sharing
  • Changes in the location: working from home
  • Changes in hours: start and finish time to accommodate family commitments
Create a Fun Working Environment

#2. Create a Fun Working Environment

What else is there instead of non-monetary incentives?

We often overlook the importance of having a “fun” workplace – the truth is, happy employees are more productive and healthier!

Although work can often be demanding, there’s no good reason why we work should be all doom and gloom.

By investing time and effort into creating an enjoyable workplace, you’ll be reaping the benefits of improved collaboration and communication amongst the team as well as fostering creativity and productivity as a whole.

Here are some ideas!

  • Implement a success bell
  • Let employees control office music for a day
  • Decorate the workplace to different themes
  • Fun company activities every quarter – bowling, karaoke, laser tag?
  • Board games in the break rooms
  • Pizza party every month because who doesn’t like pizza?
  • Stock the kitchen with healthy snacks
  • Implement a no-shoe policy

#3. Provide Opportunities to Volunteer & Give Back

Providing employees opportunities to give back to the community can be a great way to improve engagement within the business!

Not only is it a nice break away from the office, but it also inspires people to do more, adding the benefit of increased morale through altruistic pursuits. 

Provide Opportunities to Volunteer & Give Back

Volunteering improves mental health, increases happiness and that’s why companies provide corporate volunteer programs – they want their staff to reap the mental and emotional benefits that come from helping others.

Giving back to the community can give employees a sense of accountability, rather than becoming passive in their current positions.

Overall, it’s a win-win situation for your employees and the much-needed assistance to your local community of choice.

Provide Growth & Learning Opportunities

#4. Provide Growth & Learning Opportunities

Investing in an employee’s development not only improves their engagement but will benefit the company overall.

Providing development opportunities also increases an employee’s loyalty to the company, making them happy and valued for the investment that the company is providing to them.

This could simply be providing increased responsibility indicating that as an employer, you feel that your employee is ready for a more significant role.

Providing career development to employees is super effective as employees can utilise these skills over the course of their careers.

#5. Recognition & Praise

All employees want to feel valued for their work, time and effort. When asked what leaders could do to improve engagement, 60% responded with “Give recognition.”

Statistics suggest:

  • 69% of employees would work harder if their efforts were better appreciated
  • 50% believe being thanked by employers not only improves their relationship but also built trust with higher-ups
Recognition & Praise

How do we approach this? 

As an employer, it begins by identifying positive behaviour that you want to reinforce. Identify healthy habits of employees that contribute to the company in some way – be conscious not to reward behaviours such as over-working, staying back for extended periods, as this may create work expectations for other employees. Make sure goals are attainable that every employee should be able to achieve recognition. When providing recognition, regular recognition is much more effective than sporadic recognition! Be consistent in how you reward and praise employees, non-monetary benefits are valuable.

These were our non-monetary incentives for rewards and recognition, to develop a great workplace culture – contact us for tailored team building.

Quote of the Week

Quote of the Week

The Benefits of Non-Monetary Incentives

The Benefits of Non-Monetary Incentives

As always, should you need some help, please get in touch.