Transforming Employee Rewards : Non-Monetary Ways to Rewards your Employees
Retaining the best employees tends to be a big challenge for companies in the corporate world. The talented population in the organization is supposed to be a big asset in the long term growth of any company. Although the salary is one of the most important factors to attract the top employees yet it is not wholly sufficient for retaining them for the long run.
While surveying the top talents across the different organization it was found that individuals look for holistic wellness in general along with annual monetary perks to make them happy in their professional as well as personal lives.
Now the companies have started developing the culture of rewards & recognition in the workplace to retain their top employees. The rewarding program is in parallel to regular performance cycles of the employees. The rewards must be designed in such a way that it gives some recognition to the employees who achieved a certain goal set by the company or the reward must somehow benefit them personally or professionally.
How to Design Rewards for your Employees
The rewards need to be meaningful for the employees so employers must carefully research and seek advice from experts before finalizing the type of rewards. Employees should also be included while deciding the rewarding methods to make them somehow feel engaged & attached to the company.
We spent 40% of our life at the workplace so the workplace can be assumed as a second home for us. The rewards must establish a connection between the workplace and the family of the employees. It allows them taking ownership of their role in the company.
The rewarding must be a smart mix of monetary & non-monetary benefits which keeps the people engaged & motivated. Here are some non-monetary ways to reward your employees to retain them for a long run with the company.
Regular & Personalized Rewarding
As per the recent research, companies are now embracing the culture of every day rewarding of employees. Also, they have started offering personalized benefits to their employees. It is estimated that the employees who are appreciated regularly with some reward & recognition for achieving small goals, feel more engaged at the workplace.
Personalization in terms of rewards does mean providing benefit to the employees according to their need, interest or their area of concern. By personalized reward system, employers eventually help employees to a certain extent. For example, employees who are a parent can be rewarded flexible work hours so they can go for a drop or a pick up of their school going kids. Or if any of the employees are suffering from obesity can be given free membership of the company’s gym. Even the employees can be offered a ticket to an event as per their interest. Offering tickets to certain events is not too costly to be chosen for rewarding employees.
Rewarding Annual Leave
Offering an extra annual leave to the talented employees of the company is very well known non-monetary benefit among various successful organizations. Extra leave can be a more powerful way of attracting or retaining top talent than the traditional way of offering bonuses & salary hikes. Some companies offer additional leaves in the form of ‘well days’ to the people who have performed beyond the expectations. These additional leaves can make them feel relaxed & happy and can help them keeping productive & engaged in the workplace.
Investing in Health & Well-being
Rewarding employees in form of well-being adds much value to their lives in terms of holistic wellness. As an employer, you must invest in the health of your employees & their family to boost productivity and decrease the healthcare cost. You must also work on starting employee wellness programs for the holistic well-being of your population. This will give them a strong reason for staying with the company.
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Offering Volunteering Opportunity
Companies can provide an opportunity for their employees to serve as a volunteer in a social cause. This will not only increase their engagement with the company but also help them become a socially responsible person. Many employees have claimed that volunteering to some social event is the best way of a break from the regular work of the company and it helps them feel more refreshed after coming back to the workplace.
You can reward your employees for staying healthy through our reward system. Our reward system helps the users stay encouraged to achieve their specific health goals. Contact us to learn more about Truworth’s reward system for employees