In the modern business arena, energised and committed employees serve as the vital force behind every thriving organisation. Though monetary incentives have traditionally dominated as a means of motivating employees, acknowledging the effectiveness of non-monetary rewards is crucial in fostering employee engagement and achieving success.
In this article we will discuss non-monetary incentives and the benefits they provide to businesses and suggest our top 10 non-monetary incentive ideas to help motivate your employees.
FMI has designed, implemented and managed successful employee incentive programmes in the UK and Europe.
What are non-monetary incentives?
Let’s start by explaining what a non-monetary incentive is. Non-monetary incentives are rewards or benefits provided by organisations to employees that do not involve direct cash payments. They are incentives beyond a salary or bonus payment and are designed to motivate and engage employees by fulfilling their psychological, social, or professional needs.
Non-monetary incentives can work well for companies who are focused on creating positive workplace cultures and working environments. Non-monetary rewards for your employees can motivate and inspire staff to be more productive and contribute further towards the overall success of the business.
Diversifying your rewards to include non-monetary incentives can positively impact employees. Employees may benefit from:
- Feeling part of a company
- Creating a sense of purpose
- Personal growth as an individual
- Their emotional needs being met
- Positive brand association with their employer
10 non-monetary incentives for employees
As employee engagement experts we can provide guidance and advice on non-monetary incentives. Here are our top 10 non-monetary incentives for employees:
Recognition and Appreciation
A recognition initiative is a structured program designed for managers and peers to express appreciation towards fellow employees. It enables simple gestures like sending a ‘thank you’, offering congratulations for a ‘well done’, or providing feedback for a ‘great job’ to acknowledge and appreciate staff efforts. These programs can begin with a designated email inbox for nominations or be initiated through a recognition platform equipped with features for sending and receiving recognition, collecting feedback and tracking usage. When implementing such a scheme, it’s essential to consider the diverse roles of employees, whether they work in an office, from home, or in the field, and ensure accessibility across both mobile devices and laptops.
Engagement Activities
Encouraging engagement among employees involves organising activities beyond the workplace, fostering stronger bonds among them. Whether through team-building exercises, social events, or simply spending time together, these interactions cultivate positive connections, ultimately enhancing collaboration and teamwork within the organisation. Local activity centres, specialised team-building agencies, or even nearby go-kart tracks and bowling alleys offer affordable options for engaging employees, be it during afternoons or evenings. By instilling a sense of belonging and teamwork, employees feel valued as integral parts of a cohesive unit.
Tailored Rewards
Tailoring rewards to individual employees enhances their sense of appreciation and value within the organisation. With countless options ranging from UK and global digital reward codes to VIP tickets and exclusive experiences, the possibilities are vast. You can even indulge them with a concierge service for their ultimate reward of choice. It’s crucial to consider the recipient’s location, personal circumstances, and commitments outside of work when selecting the reward and timing its delivery. By offering personalised rewards that resonate with each individual, you foster their sense of fulfilment and encourage their growth within the company.
Awards Ceremony
An awards ceremony acts as a means of celebrating and honouring employee accomplishments. Usually conducted on an annual basis, these events offer employees the chance to dress up, gather with colleagues, and receive acknowledgment from senior management. It’s important to assess the geographical distribution of your staff and determine whether the event should be purely live or a hybrid format to accommodate overseas employees and dispersed workforces. Recognise outstanding individuals with physical tokens of appreciation such as award trophies and certificates celebrating their achievements.
Birthdays Off Work
Granting staff their birthday off work can be a meaningful gesture that demonstrates appreciation and acknowledges the importance of work-life balance. By allowing employees to take a day to celebrate their special day, you show that you value their well-being. This simple act can contribute to a positive workplace culture, fostering loyalty and morale among team members. Additionally, it provides employees with the opportunity to recharge and spend quality time with loved ones, promoting overall happiness and productivity in the long run.
Colleague Contributions
Seeking input from employees for new ideas, feedback and suggestions is essential for fostering a culture of collaboration. By actively soliciting their perspectives, you empower them to contribute to the growth and success of the company. Encouraging open communication channels ensures that every voice is heard, regardless of position or title and promotes a sense of ownership and engagement among the team. Moreover, tapping into the collective knowledge and creativity of employees often leads to innovative solutions, process enhancements and better decision-making. Ultimately, by valuing and leveraging the insights of your employees, you cultivate a dynamic and adaptive workplace environment that thrives on innovation and excellence.
Training Opportunities
Providing staff professional training opportunities provides numerous benefits to employees. From peer-to-peer informal training to formal professional development courses equips employees with improved skills and increased confidence. Investing in training demonstrates that the organisation values its employees’ growth and development, leading to higher levels of job satisfaction and engagement.
Volunteer Work
Many employees today are drawn to organisations that align with their values and offer opportunities to make a positive impact. Whether this is time off for an individual to spend an hour a week working at their local food bank, or a team volunteering day to do something good in the local community, volunteering emerges as a potent avenue to fulfil this desire. As employees dedicate their time to causes close to their hearts, they not only contribute to meaningful change but also cultivate a diverse skill set, enriching themselves as individuals in the process.
Employee Discount Schemes
Employee discount programs are a common perk provided by employers. These schemes allow employees to access products or services from affiliated businesses at discounted rates, augmenting their overall compensation beyond monetary benefits. Many companies extend these discounts to external partnerships, providing employees with reduced prices on a range of offerings including retail, travel and entertainment. These programs vary in structure, offering fixed percentage discounts, special promotions and exclusive deals.
Not all non-monetary incentives require external support or suppliers, they can simply be implemented locally by your HR and colleague engagement teams. However larger incentive initiatives, involving more complex incentives and digital engagement programmes, may require the help of an agency, such as FMI, to deliver it effectively and within budget.
Non-monetary incentives with FMI
FMI provides bespoke incentive solutions that may include non-monetary incentives. We work with clients to administer existing employee incentive schemes, create new reward and recognition programmes, or refresh a scheme at a local or global level.
We are a reputable employee engagement agency and we provide corporate rewards and incentives to companies both in the UK and overseas that are simplified and effective. We are a trusted agency partner to some of the world’s biggest brands and we’ve successfully delivered a range of award programmes, corporate incentive schemes, employee incentives and corporate events for brands including Three, Heathrow, LV= and Nomad Foods.
We are agile and can support large companies and their teams in the delivery of non-monetary rewards within tight timeframes. We are highly professional with a very supportive manner and often become an extension to our client’s team.
If you’re seeking non-monetary rewards for your employees, then simply tell us about your project below and we can start the conversation.
