Business

5 Non-Monetary Employee Rewards for Boosting Engagement

Want to get the best from employees? Invest in them! There is nothing that excites employees than showing appreciation and gratitude to them. The feeling of being valued can make them stay up late for quality checks, work extra hours, or show up on days you least expect them to do so.

When employees are fully engaged in what they do, they tend to be creative, more productive, and full of positive vibes. They also tend to focus on the ultimate goal of driving the company forward by applying their skills, knowledge, and expertise.

However, when employee engagement isn’t fostered, employees take longer to complete tasks, they will take more sick leaves, and eventually resign. The connection between employees and their jobs or company is very vital for productivity, company growth, and revenue. 

According to Haiilo, 71% of executives stress that employee engagement is critical to their company’s success. It means that they understand and know the impact employees can have on a company’s bottom line. The positivity that comes from the employees is an avenue for the brand or business survival in today’s competitive world.    

Employee rewards are a powerful way to show appreciation and engage employees, especially the best performers. HubSpot statistics show that 69% of employees say that they would work harder if their efforts were better recognized. Today, a mere paycheck or an exceptional work environment is no longer enough to retain employees or keep them motivated. Employers have to go the extra mile to make employees feel like they belong or matter.

There are many ways of boosting employee engagement which can be monetary or non-monetary. At this juncture, we shall look at the best non-monetary employee reward systems that can keep employees motivated and focused on their jobs.

5 Non-Monetary Employee Rewards for Boosting Engagement

1. Get Them Something Off Their Wishlist

Since we live in a digital age, there are higher chances that your employees shop online whether for personal care items, apparel, or groceries. Choose to get them anything from their wishlist that you think they will most appreciate. Nowadays there are recognition platforms like Awardco, Bonusly, and Kudos that integrate directly with shopping sites like Amazon, and eBay among others.

Ask your HR to talk to the employees and find out what they would like the company to get for them from each’s wishlist. Purchasing that one most preferred item for your best-performing employees will show that you want them to be happy and that you care.

Another way of rewarding your employees non-monetarily is through gift cards. Today companies can choose to send employees digital gift cards and this allows them to get products from their favorite brands. You won’t have to worry about going to the shopping mall to shop for them.

2. Employee Benefits Programs

Apart from free lunches, a benefits plan is one of the most effective ways to boost employee morale and engagement. People love free food, but when it comes to employees, they believe that a benefits plan can directly improve their quality of life. Instead of spending a lot on medical bills or other health issues like dental checks, a benefits program can help to cover it up. 

When it comes to retaining top talent, employee benefits plans will offer a competitive edge to your company. Most job seekers nowadays ask companies about the additional benefits they should expect to benefit from when hired. That’s beside the salary.  

Organizations with quality benefits programs have higher chances of attracting the best talent in the market. If you want your employees to become more engaged, introducing an employee benefits plan is a reliable move. There are different types of benefits plans today that can be adopted depending on the type of organization and its budget. Coverage may stream from dental, vision, and fringe benefits to medical insurance.

Any benefits plan of your choice can boost engagement and morale, and make your employees feel satisfied with their jobs. 

3. Promotion

Most employees aren’t just about accomplishing a day’s task and getting paid at the end of the month. Today the Gen Z and millennial workforces are looking for opportunities to rise above current challenges and develop their careers. They prefer jobs that align with their interests and future targets.

Promotion is one of the best ways to boost employee engagement, especially for the best performers. When you promote your best performers or offer them leadership opportunities, it means that you trust them and want them to develop career-wise. It is also a platform for them to test their abilities, skills, and potential. They can set smart goals and devise means of achieving them and this can lead to organizational growth.

Promoting employees requires careful consideration and planning. Your organization structure must provide promotion grounds or leadership positions for the employees to exercise their authority. So, if your company structure doesn’t provide a range of leadership or promotion opportunities, you will have to plan for it or adopt other reward systems.      

4. Career Development Programs

Career development or training is essential for any employee to remain relevant in the modern world. Many focused employees feel unsatisfied when their current company provides no skills training or are unbothered about their career growth.

Career growth opportunities are avenues to attract and retain the best talent. Employees will obtain the skills and knowledge to work efficiently and will find tasks easier. Also, companies that invest in employee career development programs tend to have good employee engagement and retention rates compared to their counterparts. It’s because employees feel motivated to perform their tasks or tackle challenges without dealing with issues realted to employee burnout.

As technology advances into every sphere of life, providing digital skills training is beneficial to employees. You would have helped them learn how to operate efficiently in this competitive era. Providing career development opportunities makes employees that you not only want to take from them, but you want to help them advance. It will also make them feel indebted during their time in the company and after they leave.

5. Offer a Paid Vacation

We all know that work without play makes Jack a dull boy! Your best-performing employees also need some time off to rethink, reset or reboot. It may look like an expensive move, but you can offer a paid vacation to the best performer of the year. The employee will live to rave about the opportunity and the experience. It will also motivate others to work harder to enjoy the same benefit. 

Another option is providing free sporting tickets. Who wouldn’t want to watch his favorite team play? You can choose to buy tickets for the best performing team for them to enjoy a free game over the week.

Conclusion

Employee engagement is very crucial today. Companies that prioritize employee engagement have higher chances of building a successful brand and a good company image. There are many ways of boosting employee engagement. Recognition and rewards are some of the most effective ways to achieve optimal results. Rewards will always motivate your employees to work harder, especially during the harshest seasons. You won’t even have to supervise them all the time to get things done. But rather, they will push themselves to work harder expecting a reward at the end other than the paycheque. 

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