Employee rewards play a vital role in helping you build a better-engaged workforce. Rewarding and motivating your employees should not always translate into increasing their salaries. There are other ways to show your top performers that you appreciate their hard work, innovative spirit and commitment.
Employees generally like to be rewarded with money. There’s no doubt about that but in a situation where your budget cannot accommodate increased paychecks, what other options can you explore? Let us take a quick look.
1. Offer Leadership Opportunities
Someone once said the reward for doing a good job is more job. Competence begets more trust in an employee to do more. As you might have guessed, there is no better person to hand new a leadership role than an employee who has proven his/her mettle on the job. Reward employees by offering them new leadership opportunities. This helps them grow their skills and career profile.
2. Offer Training Opportunities
An employee who performs well deserves training opportunities sponsored by the company. What this does is that it helps them expand their range of skillset and expertise and will impact their career. Your organisation also benefits from this directly as such an employee is bound to become more productive and efficient.
Consider setting up a reward system where employees are presented with awards of recognition for their top-notch performance. This can be designed to happen annually, quarterly or monthly and is a good non-monetary way to show appreciation to your workforce.
4. Thank You Notes
A congratulatory thank you note to an outstanding employee or a company-wide announcement of their achievements will make your employee feel appreciated. This also serves as an incentive to other employees to perform better. This promotes an innovative and competitive workforce where everyone is looking to do better. Thank you letters or notes are a good way to promote healthy competition in your organisation.
5. Offer Flexibility
In the age of technological advancement, a lot of employees enjoy the option of working remotely. How about offering flexible working hours or days for top performers in your organisation.
6. Welfare Perks
Offer welfare perks like lunch to the top performers in your organisation. You can reward them with an all-expense-paid weekend/vacation. Other rewards include tickets to shows, cinemas or discount coupons.
7. Passion Projects
You can allow an employee to pick your organisation’s Corporate Social Responsibility or have it done in their name as a reward to being a top former. The passion project should be something influenced and directly picked by them and funded by the organisation.
Final Thoughts on Employee Rewards
Offering non-monetary rewards to your employees is about being creative and finding other ways to spur them to remain motivated and productive.
What other non-financial employee rewards can you think of to reward top performers in your company? Feel free to share them with us in the comment section below.