Employees certainly appreciate monetary bonuses, though there are ample ways to reward employees without cash. In fact, there are nonmonetary rewards that are even more beneficial than cold hard cash, especially when they motivate and empower more than money can.
Some useful ideas for nonmonetary rewards for employees include:
Additional Time Off
A particularly hardworking employee can benefit from some time off, with there being multiple health benefits for employees who take off for a bit. They will likely return feeling fresh and revitalized. A nice reward to offer an employee with outstanding work results can be additional time off, paid in full. If not a day off, consider providing permission for them to leave early Friday or come in late on Monday. If the employee is such a hard worker, it's doubtful the new flexibility will result in poor work habits.
Closer Parking Spot
Depending on the business, parking spots can be coveted. On a rainy or snow day, a nearby parking spot can mean the difference between comfort and coming into the office dripping with water. Providing an employee with a better parking spot as a result of work well done is another nonmonetary reward to consider.
Providing employees with responsibility essentially gives an opportunity to impress. Employees know full well that, when monetary compensation is under discussion, upper management will likely look toward their handling of responsibility. Giving them an opportunity for responsibility doesn’t cost a dime and potentially sets them up well for future monetary promotion consideration.
Not every accomplishment deserves a new parking spot or additional time off. For the smaller though still impressive accomplishments, make certain to provide enthusiastic praise. Whether it's a thank-you note or a shout-out in a meeting in front of peers, it's important to inform employees of their value. Avoid constant praise in the face of others, or other employees may feel weak in comparison. Opt for alternating public praise with private praise to strike an even balance.
Setting up a fun trip for an employee is a great way to reward them. You can even arrange a company trip around a certain person’s interests. For example, if you know a hardworking employee is a fan of craft beer, consider having the next business event in the form of a fun brewery tour. The employee will feel their value, while also having fun at the event, incentivizing them to continue their quality work performance.
Time for New Skills
You can also reward employees by showing interest in their hobbies and skills. Specifically, you can offer time during the day for them to tie in their skills into something related to the business. If they’re passionate about graphic design, encourage them to spend some company time to work on a new website logo. Your willingness to embrace their skills and incorporate them into the business shows trust and commitment.
Monetary rewards are almost always appreciated by employees, though these nonmonetary rewards can provide even more incentive to continue quality work in the present and future.
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