There are a lot of advantages of giving employees non-monetary forms of recognition and awards. First of all, they do not cost anything because the focus is on the recognition itself rather than any monetary amount or value. If you were to think about this from the perspective of the employee, you will see that sometimes this can be a more sincere form of recognition from the employee.
We also have to think about the fact that non-monetary forms of rewards really have a much more immediate impact. When you reward employees with pay rises or an increment in their salary, it can take up a lot of time and can thus lose the impact. Realize that the best way you can reward employees is to make sure that it is done straight away.
These types of recognition ideas are also very good for making sure that your employee retention is on point. If you really think about it, an employee who only stays loyal to you because of pay rises is very likely to leave you if they receive a better offer from another source.
There have been some research done on this particular topic by this organization known as, “The Management Agenda,” run by McCartney and also Holbeche. They have been able to determine that about 65% of managers found this to be a very popular form of motivation. These managers also reported better engagement among employees, the willingness to take on challenges, and many other positive factors. A lot of other case studies have also posited the same thing as well.
Non-Monetary Recognition Ideas
Flexible work schedules have always been very popular perks for all employees. You can easily implement this type of non-monetary reward by giving your employees the option to work from home or to even change their work hours according to their liking.
There is also the fact that a lot of businesses offer this as part of a hybrid work format. These days, it is becoming more and more common for employees to work a lot more flexibly and remotely.
They should be allowed to work on their own projects
A lot of companies, nowadays, offer this as a type of standard perk of being employed there. This really acts as a type of excellent non-monetary reward and recognition for employees.
It is common knowledge that people are normally motivated a great deal when they are able to do the things that they are passionate about. When they are allowed to work on their own projects of interest, they will feel that the company really cares about them and their passions.
This is an excellent non-monetary recognition strategy because it gives employees something that they all want, extra leave. You can give good performing employees an extra day off in the year and you can also give them longer lunch breaks.
Another way of giving people extra leave is to give them early leaves at times or you can also give them half of a day off. However, when you do decide to give employees extra leave, make sure that it is done according to the office policies.
Volunteer work can really help people a lot and there are a lot of benefits that can be derived from this. This includes both the employee and employer when we talk about the benefits derived from volunteer work.
A lot of companies do engage in this practice and it has been able to provide very positive outcomes for both parties involved.
Another great way by which employers can motivate their employees without actually spending any money is to speak to employees on a personal level. These sessions should be one-on-one meetings and it should focus on matters that are important to your employees.
It is also an excellent way to get a lot of constructive feedback from your employees. These are the people who actually do the work of your company and as such, they are very well placed to know just what needs to be done in order to improve the overall quality of your business.
Therefore, make sure that you utilize this opportunity to your maximum potential. This is a form of employee appreciation that can not only boost the motivation levels of your employees but also boost the morale of your entire team.
You may think that more responsibilities are not the right way to go about things when you are trying to reward employees. However, just know that when applied correctly, this method really works on certain personality types.
Some of your employees value validation more than others. Giving them more responsibilities will mean that they are more likely to be motivated by the trust that you are showing them. This can really help boost the motivation of certain employees.
So, as you can see, there are a lot of ways in which non-monetary rewards can really help you with boosting the morale and also the motivation levels of your employees. Then there is also the fact that it really does not cost the company anything but it brings them a lot of good things.
Also read Non-Monetary Employee Recognition Ideas
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