There’s more to keeping your employees happy than giving them the right wage.
Although it’s important to pay talented teams the rates they deserve, you should also be looking for other ways to engage your staff and improve their loyalty to your business.
Non-monetary incentives are an excellent way to connect with your team on a deeper level, stop them from changing employers and even save some money on hiring and recruitment.
All you need to do is figure out what kind of benefits are most likely to impact your team.
Here are just some non-monetary incentives to consider this year.
Recognition and Praise
We all like to feel appreciated, particularly when we’re devoting our time and effort to our career.
Around 55% of employees in one satisfaction survey revealed that supervisor attention and praise would help them feel more valued.
When offering recognition and feedback, make sure you’re punctual and careful in the positive comments you make.
Don’t just tell someone they did a good job, let them know exactly what they did right so they know what to replicate in the future.
Similarly, try and make sure you follow up with positive feedback as quickly as possible after an employee does something right.
This means you’re less likely to foster resentment in your team because people don’t feel like they’re getting enough attention.
Remember that different kinds of staff will appreciate different forms of recognition too.
Some people will love getting public praise, whereas others will prefer a private message, so make sure to take those preferences in mind.
Learning or Growth Opportunities
Investing in employee development and training is another excellent way to keep team members engaged. Today’s staff want to feel like they have a future in your organization.
Many modern employees also appreciate having the opportunity to develop new skills.
Speak to your employees about the talents they’d like to develop when working for your business.
Something simple, like allowing your employees to take a leadership course, or develop their technical knowledge, could make them far more likely to want to stick with your organization.
If you don’t have any direct learning opportunities available, consider allowing team members to learn on the job.
Give them increased responsibilities, or put them in touch with a mentor inside your current team.
Offering new learning opportunities could even help you to take advantage of your team members’ new skills.
For instance, if your marketing team now knows how to use social media effectively, they can help promote your business in more channels.
That way, your employees can see how much they contribute to your company, while the company benefits directly from their newly acquired knowledge.
Work-Life Balance and Flexibility
Now more than ever, employees are looking for more flexibility in the way they work.
Most teams have already gotten used to working at home part-time since the restrictions of the 2020 pandemic.
Going forward, experts agree that many team members will want to split their time between working in the office and operating remotely.
Not all of your staff members will be able to work from home all the time, but some will be perfectly suited to a remote schedule.
For instance, remote work is great for administrators and IT professionals, particularly if they’re working mostly on the cloud and with digital software.
The number of people now telecommuting or working from home at least part of the time is growing faster than ever.
Some employees even say they’d be happy to take a decreased salary and fewer benefits if it meant that they had more control over their schedule, and the option to work remotely at times.
Therefore, don’t underestimate the power of a more flexible schedule.
Benefits Adapted to Different Generations
Companies now have around five different generations all working together in the office at the same time.
Each group of people comes with specific preferences regarding benefits.
According to one study, Generation Z (the youngest group in the workforce right now), are more focused on company values than salary.
This means your younger employees are more likely to stick with you if they feel they share the same values as your business.
If you’re trying to attract a younger audience, showing that you care about issues like the environment, or gender equality, could make you more appealing.
Alternatively, if you’re trying to reach older generations, you may focus more on perks like flexible schedules, remote working, and the opportunity to work with the latest technology.
Get to know the diverse groups of employees in your team and tailor your strategy to suit them.
This could even mean having individual meetings with each employee to find out what they want from your company.
Experimenting With Gifts and Experiences
Finally, there are various ways to reward and engage your staff with something valuable that doesn’t involve monetary compensation.
For instance, a branded mug or jacket shows your employee you value them as part of the team, and also gives you an opportunity to showcase your company’s identity.
Swag is often less expensive than increasing someone’s salary.
You could also look into paying for experiences that might be valuable for your employees.
For instance, providing a team member or group with tickets to visit an industry event where they can network with other professionals encourages personal growth, and gives you the benefit of new connections in your industry.
Make sure you think carefully about the kinds of gifts that might appeal to your employees.
Most people won’t be blown away by a free branded pen, but they’d love the opportunity to win a company iPad so they can work better from home.
Keeping Your Team Incentivized
Money can be an excellent way to appeal to your employees and keep them engaged—but it’s not the only option.
Sometimes, it’s worth thinking outside of the box to find new ways of incentivizing your staff without breaking the bank.
Simple strategies, like offering your staff the right training, or providing opportunities to work remotely can make a world of difference when encouraging staff to stick with your brand.
In today’s competitive hiring environment, make sure you have what it takes to retain your staff.
— Lisa Michaels is a freelance writer, editor, and a thriving content marketing consultant from Portland. Being self-employed, she does her best to stay on top of the current trends in business and tech. Feel free to connect with her on T