Teambuilding

Non-Monetary Incentives Can Be Just as Rewarding

March 18, 2024

Non-monetary incentives, including public recognition for a job well done, can go a long way with employees.

Non-monetary incentives are alternative ways to reward your employees outside the standard benefits and financial compensation. Just like monetary and travel incentives, these incentives show that you care about employee growth and well-being. In addition, they’re basically available immediately, ready to implement at your discretion.

In addition, and importantly, they make people feel valued and appreciated. Another plus? They show off your innovation and creativity! Following are a few suggestions for effective non-monetary incentives:

Flexible Working Hours. Not suprisingly, this is one of the most popular non-monetary incentives out there, according to AIHR, the HR Academy. Even before covid, people valued flexibility and the ability to choose their work venue, home or office. The operative word here is “choose.” Rather than making them an offer, let them state their preferences. Among companies offering flexibility, Eventbrite gives candidates the option of choosing situations that are fully or partially remote.
Growth Opportunities. Money isn’t everything? Millennials seem to think so. In one Forbes analysis, millennials ranked training and development, and feeling invested in the company, as the top working benefit. Feeling left behind professionally or watching others get promoted—or worse, hired—ahead of you, is demoralizing at any age. Companies looking to develop this non-monetary benefit would do well to meet with employees they want to reward, discuss their goals, then do everything they can make them happen. Introducing development and training programs is a key way to demonstrate corporate investment in employees.
Health Insurance. Health insurance benefits are one of the best ways to show appreciation for and retain top employees—especially when they’re high-tier benefits like dental and visual, notes Improma. Sparing employees out-of-pocket health expenses puts more money in their pocket long-term, while not requiring a major cash outlay for the company. Meanwhile, in another Forbes study, an important and inter-generational benefit employees cited were mental health resources and support.
Additional Time Off. Despite covid and the switch for many to working from home, in some cases, this has kept people on the clock for more of the day—as, for example, they may be jumping up from the dinner table when they hear an email coming in from down the hall. So be sure more time off is just that—a total, relaxing, rejuvenating break to use as employees see fit, including time to work on personal projects.