Boosting Morale: 3 Non-Monetary Incentives for Employees

Appreciating employees is a good way to keep your employees motivated and improve your employer branding. You can reward them with cash rewards and other forms of monetary compensation. However, this is not the only way to recognize your workforce.

Non-monetary incentives are innovative ways to reward your employees outside of standard benefits and financial compensation. Just like monetary incentives, these incentives show that you care about your employees' development and well-being.

This article introduces three non-monetary incentives you can introduce in your company to improve the employee experience.

1.Flexible work arrangements

One of the most popular non-monetary incentives is flexible work arrangements. More than 40% of employees believe that flexible work arrangements have improved their attitude towards the overall company culture. Around 71% of flexible workers consider their team to be more innovative than teams that do not use flexible work options.

Flexible work arrangements don't just mean employees can work from home or remotely. It also means that employees can decide for themselves where they work and how they organize their working hours. This gives them time to take care of their private life.

Take Eventbrite as an example. Eventbrite allows its employees to work remotely or even partially on-site. For the latter, the company has multiple locations around the world for employees who prefer to work in a specific office space.

In addition to the option of hybrid working, you can also give your employees the flexibility to plan their own working hours. For example, you could set a few common times when all employees should be available to work together, and then they can decide the rest of their working hours themselves. This is a win-win situation. You can ensure your team delivers on time without compromising employees' freedom to decide when and how they want to work.

Offering your employees flexible working hours will increase morale and productivity while promoting employer branding. It also helps you attract and retain employees, increase employee loyalty, and significantly reduce hiring costs.

2.Professional development opportunities

It's important to show your employees that you want to help them do their jobs better. Giving them the opportunity to train from time to time is a great way to recognize their contribution to the growth of your company while increasing employee job satisfaction.

Professional development is a strong motivator for employees. When choosing an employer, professional development is an essential or decisive factor for 49% of applicants. Therefore, give your employees the opportunity to expand their knowledge and increase their competitive advantage in the job market.

You can contribute to your employees' professional development by giving them days off to attend workshops related to their desired knowledge. You can also create various online courses and publish them on your various community platforms so that your employees can learn in their free time.

Remember to improve your employee training programs over time to align with industry trends and technological advances. Trustona, for example, offers its employees free training as part of the onboarding process. The company constantly updates new courses that employees can access during their working hours.

If you have a small budget, consider mentorship programs where employees can learn from each other. Peer mentoring is also an effective way to foster strong relationships and a sense of community among your employees.

For example, you could assign the head of your marketing team to mentor one or two younger team members. Not only will this accelerate the career development of younger team members, but it will also improve chemistry across the team.

These mentoring programs can also be used across departments. For example, if an employee from a particular department has expressed interest in a different role, someone from that department could take them on as a mentor.

If an employee would like to take time off to take an additional course, give them the flexibility to work while studying. Let the rest of the team know and encourage them to support the employee. Give him the extra time he needs if necessary.

Even if you don't offer the employee's desired course, your accommodating approach shows that you support their professional growth and development.

3.Offer wellness solutions to your employees

This is one of the most important non-monetary rewards you can offer your employees: wellness solutions. There is no doubt that wellness contributes to employee productivity and performance in the workplace. Therefore, the mental, emotional and physical health of your employees should be a key concern.

Some modern offices have their own gym, but most do not. If you're in the majority, you can instead incorporate physical wellness routines into your employees' workweek by offering them a gym membership as a perk.

Give them the opportunity to choose between different workout options like Zumba, dance classes, or working with a fitness trainer. Encourage them to post their progress online and tag you. This is a great way to not only motivate other employees to take on the challenge, but also gain likes and even followers for your brand on social media.

Consider reimbursing your employees for their fitness subscriptions and offering them discounts to encourage them to prioritize their health. You could also stock the office with healthy snacks and meals to ensure they eat better while working.

Google, for example, offers its employees free fruit and healthy snacks in most offices.

Another great idea to promote employee well-being is company outings. Make sure your program includes team-building games and other physically engaging activities. This way, your team can enjoy a break from work while bonding with their colleagues and building lasting employee relationships.

Finally, you can employ the services of a qualified consultant who will be available to your employees upon request. This allows them to express themselves when they feel stressed or have psychological problems. Don’t forget to include mental health and well-being in the health insurance packages you offer your employees.

Finally

Non-monetary incentives are an innovative way to reward your employees. But just like monetary incentives, they are a good way to keep employees happy. Finally, with these incentives you also show that you care about the personal development and well-being of your employees.

Flexible working arrangements ensure that your employees can decide for themselves where and how they organize their working hours. With further training offers, you give your employees the opportunity to further their training and improve in their jobs.

Finally, wellness solutions such as fitness packages help support the physical, mental and emotional health of your employees. This makes them more productive at work.

Start rewarding your employees with these non-monetary incentives today and watch your entire team thrive.

Investing in non-monetary incentives showcases care for employees' growth and wellness. Enhance your workplace with IceHrm's support for holistic employee engagement.