Employee rewards and benefits can be a tricky business, as they say, ‘different strokes for different folks’ as not all employees feel rewarded or benefitted by the same things. When you think about employee rewards, do you tend to consider only monetary ideas? Employees may feel delighted by a financial gain at the time, but money tends to be consumed by ordinary items such as household bills, and the benefits employees receive are short lived. Dealing with money can also be a tricky situation to get into – as quantifying a reward into a monetary value can demotivate an employee if they feel the amount is incorrect.
While you may most often want to give employee rewards financially, such as pay increases and bonuses, non-monetary rewards are often a more effective way of rewarding and motivating employees. Employees are not always solely driven by money. Instead, they can be excited by intrinsic motivators and benefits like being noticed for their hard work, flexible working arrangements, growth and promotions in their careers. That is the most significant aspect of intrinsic motivators and benefits is that they do not cost a fortune and are outside the realm of figure-based rewards. Some ways that you can reward employees are:
- A Simple Thank You – This may have a more significant impact than you think, a verbal thanks or a handwritten note can be highly effective.
- Professional Growth Opportunities – This shows respect for the employee and their continued work in your company, maybe offer some educational opportunities or training advancement.
- Work from Home – This shows the employee that you trust him or her with more autonomy as they have proven they can work independently.
- Flexibility – This is something many employees want so that it can be a welcome reward for good work; once good work is consistently done, flexibility can make employees life much more balanced.
- Team Lunches – Allows for socialising outside of the office and reward the entire team as opposed to individual members.
- Holiday or Duvet Days – A day off is always appreciated, especially if much work has been put into a project or a deadline was met with exceptional undertakings.
- Improved Job Title – This can show appreciation without a promotion; a move from executive to associate can be a big boost for many employees.
- An employee of the Month – A record in your companies ‘Hall of Fame’, if you do not have one, consider starting it, as it’s a cost-efficient and effective way to reward employees regularly.
Above all, employee rewards and benefits beyond money involves recognition, flexibility and opportunity as these build a culture of motivation in your business. Appreciation should always be the root of your interactions with employees.