If you want your organization to succeed, and if you want to attract the best talent to open positions, you need to offer multiple incentives. But money isn’t the only thing that can attract great workers to your company and keep rockstar employees at your brand rather than a competitor’s.
In fact, there are many non-monetary incentives you can leverage to boost company morale, attract new workers, and maximize workplace productivity. If you don’t know where to start, read on – we’ll break down nine non-monetary incentives you should consider introducing into your company ASAP.
No company can thrive with an “all work, no play” attitude. In fact, forcing your employees to only work at the office – and to only interact with each other in workplace contexts – is a recipe for low company morale and low company loyalty: two things you definitely don’t want as an executive or business owner.
Instead, you should take advantage of one of the best non-monetary incentives you can use to boost company morale: after-work parties and celebrations. “For example, after securing a major deal or launching a product successfully, you should take your employees out for a celebratory dinner at a local restaurant,” says Gabriel de la Serna, CEO and Founder of Onpost. “Put the bill on the company tab so everyone can relax and enjoy themselves in comfort.”
After-work parties and celebrations, like birthday recognitions, cocktail hours, and more provide two major benefits to your company:
- They let everyone unwind and see your company as a place to have fun, not just earn a paycheck
- They allow your employees to bond with each other. Employees who bond with each other are more productive, work better together, and are less likely to jump ship for a competing organization, even if the pay is better. They’ll feel loyalty to their fellow coworkers and your brand at the same time.
That’s why celebrations, parties, and even casual Fridays are so important in the best companies. Let your employees unwind and relax from time to time. Do this, and your business will gain a reputation as a great place to work at, especially compared to stricter competing companies.
Flexible Working Schedules
The COVID-19 pandemic made remote work possible for millions of workers. “Even if your company has gone back to the office in large part or entirely, you might consider offering flexible working schedules for your employees,” says Randee Machina, Director of Marketing at Simpli Pleasures.
Fully remote or hybrid remote and in-person working schedules are advantageous to your employees for a few reasons:
- They allow employees to juggle multiple responsibilities, like raising a family, with their workplace duties
- They let your employees minimize the time and money they spend on gas or commuting, which is always a perk
- They let your employees pursue other interests, like going to school or working another job
Simply put, flexible working schedules benefit your employees, which benefits your company in a roundabout way. Karim Hachem, VP of eCommerce from Maxine of Hollywood says, “Many Millennial workers are interested in companies that offer flexible or remote working opportunities. Giving them flexible working schedules can improve company morale across the board, plus make it easier to account for sick days, employee emergencies, etc.”
As a side benefit, remote work schedules often mean you have to spend less money on renting big office spaces. “You may be able to downsize your office space if your employees don’t all come to the office at the same time anymore!” says Rachel Roff, Founder and CEO of Urban Skin Rx.
Employees don’t just care about money when it comes to choosing where to work. They also want to know that they won’t be burned out in a matter of weeks or months.
One of the best non-monetary incentives to use to boost company morale is providing longer breaks, especially lunch breaks. “Too many companies work their employees to the bone by only allowing short breaks of between 10 and 15 minutes,” says Jae Pak, Founder of Jae Pak MD Medical. “Even with a few breaks throughout the day, this usually isn’t enough time to relax, recharge, and return to work with new energy.”
Instead, you should give your employees longer breaks of up to an hour, particularly for lunch. Longer breaks may even result in improved productivity alongside better company morale. With longer breaks, your employees have the time they need to rest from a stressful work session or even run a few errands before they are back on the clock.
Longer breaks will be easier to implement as you draw new employees to your company, too. Juan Pablo Cappello, Co-Founder and CEO of Nue Life says, “As you fill out your roster, you’ll be able to ensure all of your positions are filled even with longer breaks removing some of your employees from their posts for significant chunks of time.”
More Leave Time
Similarly, you can improve company morale and inspire your employees by giving them more leave time. This doesn’t necessarily have to be PTO or paid time off. But offering more sick days, so your employees don’t have to worry about recovering quickly or getting their coworkers sick, is a good way to show that you care and keep your workforce safe simultaneously.
If you can afford it, more PTO may be wise as well. It’s not a direct monetary incentive like a raise, but it can still have a major impact on the attractiveness of your organization and the longevity of your employees.
One-on-One Review Sessions
Everyone likes to feel appreciated and recognized by their boss. To that end, it’s always a good idea to offer one-on-one review sessions, especially for employees who are looking to improve their skills or climb the corporate ladder.
One-on-one review sessions are beneficial for a few reasons:
- They give you the opportunity to provide feedback, both positive and critical, to employees so they work even better in the future
- They give you the opportunity to tell employees how much you appreciate them
The last benefit is especially important if you want to improve company morale. It’s a good way to practice strong leadership in your organization, especially if you run your own small business.
Social Media Recognition
Posting about high-performing employees on social media is another good non-monetary incentive. “A simple post highlighting an employee’s achievement, or the employee who sold the most of a particular product, can achieve the same benefit as one-on-one review sessions but also give that employee’s friends, family members, and coworkers the chance to congratulate them,” says John Berry, CEO and Managing Partner of Berry Law. All of this contributes to a positive, supportive work culture.
Company raffles are fun non-monetary incentives that can improve your workplace culture and company morale. Attach the raffle tickets to some positive action from your employees, like selling a product or acquiring a new lead, and make sure the prize is worth the effort. The prize can be anything from a new desk chair to an extra day of time off to something else entirely.
Be sure to rotate who can participate in the raffle regularly and try to get everyone engaged in the activity. “The more your employees participate, the more fun they’ll have in the better they’ll feel at work!” says Andrew Adamo, VP at Bullion Shark.
Employee of the Month Programs
Employee of the month programs can improve company morale and get your employees engaged in positive activities, like boosting sales numbers. “It’s best to attach some perk to the employee of the month award beyond mere recognition, such as a free lunch, a gift card to a local restaurant, or something else,” says Natália Sadowski, Director of Aesthetics at Nourishing Biologicals.
However, you should never attach a raise or strictly monetary bonus to an employee of the month program. If you do this, some employees can feel detached from the activity, leading to lower morale and workplace engagement despite your best efforts.
Lastly, consider implementing new workplace perks at your office or business location. Some smart workplace perks include:
- Free coffee machines
- Snack machines or regularly restocked snacks
- Free gym memberships for company employees were with the organization for a certain amount of time
- Memberships to other clubs or organizations with the same eligibility criteria
Workplace perks can improve company morale by simply making your office a better place to work at. “No one wants to work at an office that feels isolated from the rest of the world and that doesn’t have any amenities available, especially if competing organizations have things like coffee stations,” says Ryan Delk, CEO of Primer.
By adding workplace perks, you’ll make every day at the office more enjoyable for your employees. This, in turn, will make each workday just a little bit brighter.
As you can see, there are plenty of non-monetary incentives you can use to draw people to your company or to keep your current workers happy. Improving company morale is a major concern for all executives, so you should implement at least some of these non-monetary incentives at the earliest opportunity.
Combined with a competitive salary, your business will quickly become seen as the best place to work at in its industry. Good luck!
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