Non-monetary incentives are another type of incentive. Most of the company don’t focus on this type of incentive. These incentives can help your employees to stay determined and motivated. This will make a positive impact on their work as well. As a company, it is important to understand what kind of incentive suits your employees the best. There are various non-monetary incentives but not every type will be motivating for the employees. These incentives highly depend on the individual’s life and what is his/her needs currently.
What Are Non-Monetary Incentives?
It is the opposite of monetary incentives. Non-monetary incentives are incentives that are not given in cash. These incentives motivate your employees. There is no fixed time to provide a non-monetary incentive. A company provides this type of incentive according to the performance of the employee. This boosts the morale of the employee hence it is very vital. Every company should practice giving these incentives. There are different forms of Non-monetary incentives. Let us get to it in detail.
Different Forms of Non-Monetary Incentives
There are different forms of non-monetary incentives. Which incentive is suitable for which employee varies from one employee to another. The situation and the lifestyle of an employee determine the need for an employee. According to the need, the company should provide incentives.
This is also a kind of incentive. You should let the employee know that he/she is providing a useful contribution. This should be said to them at regular intervals. It will only help them to stay focus and they will also know that the company values their presence.
Every company teaches team building. Yes, it is important but what also is important to learn how to be independent. Every now and then the company should provide employees such a task that they gain confidence in doing tasks alone too. Feeling independent is also important and this can also be one of the types of non-monetary incentives.
3. Flexible Timings
There are employees who are not always able to match the office timings. Hence you can plan a different schedule that does not affect the organization’s work and also helps the employee. This will motivate the employees. As the company is trying to make some sacrifices and in return, the employee will work with more determination.
Leaves can also be effective non-monetary incentives. If there is an issue with the employee, the company can compensate the working hours some other day and provide him a leave. This would show the employee that the company values the employee. Of course, the reason for leave should be valid and if it includes family you should show that family comes first. At the same time also make sure that the employee needs to compensate for the working hours and he will happily do it.
5. Company Trips
Being caught up inside the walls every day can be a little monotonous. Hence the company can try a form of non-monetary incentives i.e. to take the employees on trips. Taking employees on a short trip every month is feasible and also it will refresh the employees. This will ensure that they don’t burn out. Employees if burned out work, will decrease their productivity and it will affect the company ultimately.
This brings us to the end. These were the different forms of non-monetary incentives that a company can use to motivate and encourage their employees. This will have a chain effect and ultimately help the company. Another non-monetary incentive could be to help the employees make their work easy. This is possible if there is a portal for employees. Read the Albertson Login portal article to know about it.