According to a recent poll conducted by us, 75% of employees consider flexible working hours as the best non-monetary benefit, whereas 14% and 9% of employees feel lifestyle packages and personalized rewards as good non-monetary benefit alternatives.
What exactly are these non-monetary benefits?
Any pay given to an employee in a non-cash form is referred to as non-monetary compensation. On the most basic level, this could refer to a vacation given to the “Salesperson of the Month,” when the prize has a value but is not paid as extra money in their paycheck.
Non-monetary rewards have several benefits over other forms of rewards.
They are more cost-effective since the focus is on the act of acknowledgement itself, which provides value from the employee’s perspective.
Non-monetary benefits also have an immediate effect. Additionally, they improve retention. Another employer easily entices a worker who stays with you just because you increased their wages. Non-monetary benefits, on the other hand, foster relationships with employees that they won’t find at competing businesses.
Top 5 non-monetary benefits for employees
1. Flexible working
This has proven to be one of the best-known employment benefits offered. If your employees don’t already have the choice, allow them to work from home or change their schedules as a reward.
Several companies provide this as a component of a hybrid working style, and more and more employers are becoming more flexible with their working style.
However, employees can modify this level of flexibility as a wonderful non-monetary benefit alternative.
2. Public recognition
As corny as it may sound, a simple (public) thank you can go a long way when it comes to non-monetary rewards.
The easiest way to ensure that employees are thanked when they need it is to create an organization-wide culture of recognition supported by a constructive peer group.
Peer recognition can take many different forms, from simple expressions of gratitude and post-it notes to personalized Slack emojis, (virtual) points or badges, and much more. Additionally, it’s a fantastic approach to inspire individuals to uphold the company’s ideals.
3. Lifestyle benefits
As the title indicates, these non-monetary incentives are intended to promote an employee’s lifestyle. This is a pretty broad topic, and usually, it relies on your offices’ locations, the employees you hire, your budget, and other factors.
Intriguingly, this is frequently the area where businesses’ top non-monetary benefits choices diverge the most. However, irrespective of the sector or location, some benefits which are frequently requested are:
- Yoga classes/gym memberships
- Child care assistance
- Domestic assistance insurance
- Healthy diet incentives
- Life insurance
4. Personalized Rewards
The advantage of personalized rewards over transactional rewards is that they are more memorable. Additionally, they enable you to create an emotional bond between you and your employees.
Here, the sky truly is the limit, with some businesses offering their employees a trip of a lifetime when they reach a particular milestone.
But the good thing about personalized rewards is that you can customize them according to your employees’ preferences and your company’s spending plan.
5. Fringe perks
Another type of non-monetary incentive is fringe perks. In short, they are extra benefits that you give to your staff.
You can provide employees with a tonne of other ancillary perks, such as health programmes, free lunches at work or restaurant vouchers, commuter incentives, movie tickets, traveller checks, etc.
Non-cash rewards can be a useful tool for rewarding your staff for a job well done. They will, however, only be effective in conjunction with a fair remuneration scheme. In this manner, a number of non-monetary rewards might assist in transforming a good team into a great one.