For most organizations, retaining workers can be a challenge. Surprisingly, most employees value a good working environment and other incentives more than money. While a company’s workforce may leave for a variety of reasons, money is often touted as the main motivator. However, there are some isolated cases where employees have shifted to jobs that pay less money.
An employee can leave to work closer home or move to another town to enjoy a lower cost of living. Besides the remuneration, employees expect other rewards after reaching some milestones in the company. Employers can motivate their employees with monetary and non-financial rewards to thank them for their commitment, loyalty, and dedication.
Motivation through Non-Cash Rewards
Companies should not exclusively use money to motivate their staff. While money is important, the strategy can lose its effectiveness if the employees begin to think that the company values money more than anything else. Instead of offering money, the company can be creative with the benefits it offers. For example, providing shopping vouchers can be a great idea. Companies can also offer gift cards and vouchers for hotels, travel, and even discounts at amusement parks. For some employees, a discount program that gets them cheap Disneyland tickets and restaurant vouchers can can be just as motivational as cash.
Surprisingly, non-financial rewards can sometimes have a more substantial impact on employee motivation and gratification compared to traditional financial rewards. Besides financial bonuses, employees list career development, work environment, recognition, and other opportunities for growth as the main reasons for leaving for a different company. As such, even well-paid employees will leave a company if the benefits are insufficient. Companies with non-financial incentive plans can motivate, attract, and retain their talented workforce.
Motivation through Gifts
While monetary rewards can motivate employees, the secret is to combine financial and non-financial rewards. Money can be forgotten as soon as it is spent. However, a visit to a luxury hotel builds memories that will remain with an employee for years. While monetary awards can only be differentiated by their literal value, there is room for creativity while offering other gifts. In addition, gift vouchers provide different types of value in terms of price, size, and emotional importance to the worker. A visit to an exotic place with the family or a loved one will make a huge impression on the performance of the employee. Such gifts encourage your workforce to exert themselves and engage more deeply with their work. Even if your employees do not come early and leave late, the work they do while in the office will be of a significantly higher quality.
A company that offers these extra perks demonstrates that it is doing well financially. In addition to the financial aspects, such a company also demonstrates that it has a sound management board that cares for its workforce. Gifts can be used in a variety of ways to motivate the employees. The special bonuses include cash rewards, gifts, and commissions. Matching rewards with employee achievements is another way to encourage your workforce to put forth extra effort.
With gifts, rather than financial rewards, your employees don’t always know what to expect. Employers and managers can use personalized gifts as an opportunity to build a stronger relationship with their teams. Gifts show more commitment compared to money because the employers actually need to spend time deciding what to buy.
Matching Rewards with Benefits
Offering commensurate rewards that match employee achievements is an effective way to keep your employees motivated. While money is a simple, straightforward way to give reward your employees, gifts pose some challenges to the employers. Fortunately, they give your company higher returns compared to monetary gifts. Research a variety of offers that will suit your employees and their families.If you enjoy the content at iBankCoin, please follow us on Twitter