Although monetary incentives are very popular when it comes to motivating and rewarding workers, not all companies can afford to provide cash incentives. It can be a big drain on the budget, especially if the company is small and already struggling to stay afloat. However, some form of incentive is necessary, as it is important to keep employees satisfied and productive. An under-rated, yet effective method that is used by even large corporations, is offering non-monetary incentives. This article will elaborate further on the types of non-monetary incentives you can offer your workers.
Companies, especially firms that outsource their work to different countries, often employ a flexible time method. This basically means that they offer flexible work hours to their employees. This allows employees to choose their own work hours or even choose one day a week to work from home. This works as an incentive because workers can choose their most productive and efficient hours to work. Further, they can even occasionally work from home, and this will decrease the exhaustion and tedious nature of commuting to a work space every single day. It is important to provide gratification to your workers. Employees work well when their hard work and efficiency is recognized and acknowledged. This could simply mean sending an email to the entire office congratulating a certain worker on completing a task efficiently, mentioning the employee’s name at the next staff meeting, or even through a global recognition platform. This kind of non-cash reward makes the worker feel recognized and like he or she has been given due credit. This too, leads to greater efficiency in the work place. When it comes to employee rewards, you could offer inexpensive rewards that are not monetary. These rewards could be catered to specific individuals’ interests. For example, you could provide free gym membership, library membership, magazine subscriptions, charity donations to employees based on their specific interests. This kind of highly personalized reward shows the company’s vested interest in keeping the employee happy. This will definitely keep workers incentivized, and it is also quite inexpensive compared o monetary rewards.
Another method of boosting morale in the office is holding annual events. You can host picnics, office retreats, themed nights, and other office events to give your employees a chance to relax and bond with each other. This can be beneficial for cohesion in the work place and also incentivize workers to earn these events.
In conclusion, it does not have to be expensive to provide rewards to incentivize your workers. If you use any of the ideas in this article, you can boost employee productivity in an inexpensive way.