Non-monetary incentives and performance-based pay incentives are the most effective ways to drive higher motivation and productivity in a team. However, non-monetary incentives have benefits that financial ones don’t. For a start, they are more direct. The recognition itself is the reward, ensuring that the focus stays on the employee’s achievements. This gives them a more immediate impact.
They also improve employee retention. According to a recent survey by SurveyMonkey and Bonusly, 63% of people who feel recognized at work say they are very unlikely to seek a new job in the next six months. In contrast, 43% of people who feel unrewarded are extremely likely to seek work elsewhere.
Giving employees pay raises to reward their commitment to your company is important. However, an employee who only stays for the money is easier for other companies to recruit. In contrast, non-monetary rewards can help build relationships with employees, which they won’t get at other companies.
Non-Monetary Incentives to Recognize Performance
Rewards and job perks can come in many forms but can also require more creativity when it comes to remote workers. These are 6 of the best ways to recognize the successes of your remote teams:
1. Send out Personalized Tangible Gifts
While trophies and personalized apparel are standard rewards for in-office employees, companies don’t always extend these gestures to remote teams. As a result, those companies are missing out on an effective motivator.
Besides creating an atmosphere of friendly competition and recognition for top performers, these gifts can act as physical reminders of their achievements working for your company and your appreciation of them. As a result, they provide ongoing motivation to the employee who receives one and the other team members who aspire to do the same. Uniform branding is another way to boost the entire team’s bond to the company.
2. Workstation Support
While remote working has many benefits for employees, one of the potential drawbacks is the cost of creating a home office space. This is another area where businesses can provide a valuable perk to remote workers. For example, Shopify provides each remote employee with a $1,000 budget for home office furniture, ensuring everyone has an appropriate workspace.
Think about creating a budget to help employees get the office furniture they need to be comfortable and focused when they work from home. Businesses already invest in providing a professional environment and ergonomic workspace for in-office employees and reap the rewards of increased motivation and productivity. Extending this benefit to remote employees is a win-win situation.
3. Celebrate Their Success
It is easy for remote employees to be left out of celebrations and opportunities for the team and wider business to recognize their successes. This can create a feeling that remote workers are less central to the business than in-office employees.
In addition to the more tangible rewards and perks you offer, publicly celebrating your employee’s achievements is just as valuable. Announcing the recent successes of your employees through your blog and social media and within each team helps reinforce an employee’s value to the business as a whole.
4. Flexible working and Additional Time Off
Flexible work options are among the most popular work perks, especially for remote workers. Offering remote employees more control over their schedule adds another perk to their job.
It also boosts motivation and productivity in the long term, as your employees can arrange their schedules to accommodate their personal lives better and achieve a better work-life balance. In fact, according to a Gartner survey, 43% of remote workers say that more flexibility in working hours is the most significant factor that increased their productivity in 2021.
5. Online Professional Development courses
Giving your employees time off to attend an event or workshop that could benefit their career is an excellent non-monetary perk.
Remote employees want to develop their skills and advance their careers just as much as in-office teams, and helping them pursue opportunities and goals that matter to them ensures they will see your company as a place they can build a career.
Similarly, consider getting teams together for in-person group events and team-building exercises to reward their hard work or for reaching an important milestone. However, this might not be possible for teams spread across multiple regions or countries. But if you can do it, opportunities for remote workers to build relationships in person can be invaluable in strengthening a team.
6. Online One-on-One feedback
Individual feedback and coaching are often underlooked as job perks but can significantly impact job satisfaction. Giving employees constructive feedback provides an opportunity to help your teams improve their skills and understanding of your business and regularly show appreciation for their hard work and their value to the team.
Just as importantly, it also allows your employees to provide feedback of their own on how the business operates and how it could be improved and to suggest changes that could enable them to improve their output.
Recognizing the achievements of remote employees is an essential part of providing long-term motivation and job satisfaction. There are many ways to do this, from sending out tangible gifts to adding valuable job perks. The best approach for your business will often be a combination of several of these ideas, so it can be good to get feedback on the rewards that matter to your employees.
What Non-Monetary Incentives Do You Use?
If you have ideas about non-monetary incentives that might be helpful to readers, share them in the comments section below. Thanks!
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