When was the last time you were appreciated by someone? And how did it make you feel? We’re sure your answer was positive 😄. It’s a human tendency to feel good when someone showers you with gratitude.
This is especially true in an organizational setup where everyone is putting in effort and working towards the furtherance of a common goal 💪🏼. Employee recognition and rewards are a simple yet sure-shot way to let your workforce know you value them.
As an employer, there are various ways you can thank your people 🙏🏼. Here’s a bunch of monetary and non-monetary rewards for employees that can help you give your employees what they deserve! ❤
🤑 What Are Monetary Benefits For Employees? 🤑
Monetary benefits are rewards provided by an employer that are financial 💵 in nature. These may include cash rewards, bonus components, commission, gift cards, and more.
The rationale behind providing monetary benefits is simple. Since money is a motivator for employees, they are bound to feel appreciated and adequately rewarded for their hard work when they receive cash or its equivalents.
Monetary rewards are primarily tied to the employee’s performance and reflect their contribution to the company. However, cash isn’t the only way to show appreciation. You can do it with non-monetary rewards, too.
🌴 What Are Non-Monetary Benefits For Employees? 🌴
Non-monetary benefits are non-cash perks 🎁 that can boost employee morale and at the same time increase employee engagement. They are tied to factors such as job satisfaction, a flexible and positive work environment, and fringe benefits.
The main goal of non-monetary benefits is to help build a relationship of trust and care with your workforce. When non-monetary benefits are given to employees, it increases their loyalty and improves employee retention in the long run.
However, focusing on non-monetary benefits alone may not work. You should combine them with monetary incentives to bring out the best amongst employees. There are several monetary and non-monetary benefits that you can provide.
Top 10 Monetary And Non-Monetary Rewards For Employees
Companies can motivate employees with a range of monetary and non-monetary rewards. We listed a few of the most effective employee benefits below.
1. 🏠 Flexibility at work
One of the biggest reasons employees leave is their inability to manage personal commitments along with work. You can solve this dilemma by offering work from home or flexible working opportunities.
Companies offering flexible arrangements have seen immense benefits and also experience higher employee retention rates.
2. 🪂 Experiential rewards
Experiential rewards have gained popularity in the modern workplace. These include an event or experience that the employees can tangibly witness or feel. Think on the lines of a trip, a spa session, a live match, or more.
They’re excellent employee benefits to foster a better bond between team members when they’re collectively made a part of the experience.
3. 🪄 Wellness programs
Health, both physical and mental, is of paramount importance, especially after the pandemic. It’s time you kept up and offer your employees holistic wellness benefits such as mental health counseling and access to wellness events.
4. 🌱 Professional development opportunities
Employees deserve to upskill and gain more knowledge at work. And you can make this possible by providing access to free learning courses or higher education subsidies.
You can also aid them with mentorship programs or additional responsibilities at work to learn and grow.
5. 🎗️ Recognition
Often, a simple ‘thank you’ goes a long way. While you can shower your workforce with several tangible benefits.
Further, recognize them at the company level, or on social media to enhance their morale. You can also roll out a personalized gratitude note to show your appreciation.
6. 💰 Bonus payouts
One of the most popular monetary benefits for employees is bonus payouts. Typically, you offer bonuses over and above standard compensation, and no doubt, it’s a great way of rewarding employees.
You can link it to performance and pay annually, quarterly, or even monthly.
7. ⬆️ Pay raises
While earning a living is not the only reason employees are at work, it is one of the most dominant ones. They expect to be compensated well for their efforts, and a good way to do so is through competitive pay raises.
Conduct adequate research to understand market rates and ensure you pay your people in line with the standards, if not more.
8. 📈 Profit sharing
Another way to reward employees is to offer a share in the profits of the organization. In this type of monetary benefit, employees receive a part of the profit based on their position and time in the company.
Profit sharing is also a powerful way for employees to feel a sense of ownership and can thus help in enhancing their job performance.
9. 💹 Gain sharing
Similar to the above, another monetary benefit for employees is gain sharing plans. These include cash compensation that they receive as a result of better productivity in one or more areas of the company, such as content creation, customer support, etc.
This is a tried and tested method of incentivizing employees to take more responsibility and perform better.
10. 🃏 Gift cards
One of the most popular monetary benefits to employees are gift cards. You can offer them based on personal preferences such as a music subscription, a shopping voucher, or a restaurant coupon.
Further, you can fix a value on gift cards based on the performance of the employee or other parameters.
✨ Shower Your Employees With Rewards ✨
Recognizing and rewarding your employees in a structured manner can have a host of positive effects in the long term. With this, companies can earn higher employee satisfaction and even boost company reputation.
At Loop, we help you take care of the non-monetary part with our holistic health and wellness offerings. Our group health insurance plans come with 24/7 doctor support, mental wellness initiatives, and access to two complimentary wellness sessions.
Is it time to supercharge your team? Yes, give your employees the care they deserve starting prices are Rs. 499/-. Talk to our experts for more.