Mutually Beneficial Employee Incentives
Whether it is the holiday season or a company is looking to show its appreciation for hard-working team members, it is always a good time to reward employees for everything they do. Incentives offer security and help build relationships between employers and employees — an essential part of retention in today’s job market. While cash bonuses may be the first reward that comes to mind, they are not the only option. In fact, non-monetary incentives are more popular than ever and sometimes preferred. Cash rewards count as taxable income, which means employees will not enjoy the full benefits of the gift. To reduce possible tax implications, companies can offer non-cash incentives.
10 Top Non-Monetary Incentives To Motivate Your Workforce
1. Mentorship Program
Many employees are interested in furthering their careers and developing essential skills. Cash alone will not help them achieve those goals — but a mentorship program will. Businesses that implement an ongoing learning program with peer mentors will benefit from stronger, more prepared workers with opportunities for advancement and a closer-knit team that knows how to work together.
2. Office Parties
Company-wide celebrations are a fantastic way to bring the team together and honor all the hard work they have done. Whether it is a holiday party or a group has achieved a major milestone, these get-togethers are an opportunity to reward staff with time to unwind and bond. Businesses that really want to treat their workers might hire catering for a delicious team meal or even set up activities outside the office.
3. Team-Building Activities
Organizing team-building activities gives workers the motivation to keep up their excellent work. When team members are closer, they are more likely to collaborate well and work hard to support each other. Game or trivia nights, volunteer work, and team dinners are all potential ways businesses can show their thanks.
4. Expanded Benefits
While parties and out-of-office gatherings are excellent team rewards, employees are often interested in personal benefits as well. Fringe benefits — such as employee discounts, tuition, childcare assistance, and insurance — show people their employer cares. Expanding a person’s access to company perks and support when they reach a particular milestone is a great incentive to keep them with the team, increasing retention rates.
5. Flexible Scheduling
Giving a staff member greater control over their schedule is one of the most desirable benefits a company can offer. Everyone is interested in the power to organize their own time. When an employee demonstrates responsibility and reliability, an employer may reward them with remote work opportunities or more flexible hours, especially around the holidays. This sense of trust can build confidence within the business.
6. Extra Paid Time Off
Extra leave or paid time off is among the most popular incentives across every industry. As mentioned above, the ability to set one’s schedule is empowering. Rewarding long-time or high-achieving employees with more time off can give a major boost in morale. Employers can also go the extra mile and automatically give workers leave on their birthdays, relatives’ birthdays, and other special occasions to establish a sense of community.
7. Physical Gifts
Physical gifts are often the first thought when a company is looking to show team members appreciation with something other than cash. From gift cards to company swag, these gifts are straightforward and workers can enjoy them right away. Physical gifts are also great for companies of any size. Larger companies may already have branded swag available, and giving everyone matching sweatshirts or mugs can build camaraderie. Smaller businesses have the opportunity to personalize gifts for each team member to ensure everyone feels seen and valued.
8. Leadership Opportunities
The hardest-working employees are often looking to advance their careers. To them, the chance to succeed is more valuable than a cash bonus at the end of the year. Innovative organizations will recognize those high achievers and provide them with opportunities to handle more responsibilities and leadership positions. Developing robust relationships with those workers can also positively shape the company’s future.
9. Experiential Rewards
Offering benefits employees can enjoy outside of the workplace is another option. Businesses might provide time for workers to volunteer, work on personal projects, and attend educational events or well-being workshops. These rewards let employees unwind, learn new skills, or support their community in any way they would like.
10. Ask The Employees
If an employer wants to know the very best way to incentive their employees, there is only one way to find the answer — ask them. Preferences for rewards and recognition vary between industries, departments, and individuals and can change constantly. Reaching out to people and asking what non-monetary alternatives motivate them the most gives businesses the clearest idea.
Reward Employees With Non-Monetary Incentives
Happier employees are often more productive — and it turns out non-monetary alternatives are a popular alternative to cash bonuses. Treating workers with these non-cash options are convenient and effective.
