Non monetary rewards

Why are non monetary rewards important? 

It’s clear that non-monetary rewards can play a significant role in motivating employees and improving overall employee satisfaction. But what exactly are some of the benefits of non-monetary rewards? 

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Let’s take a look at some of the benefits of non-monetary rewards.

1. Non-monetary rewards offer more flexibility: Non-monetary rewards allow you to give something unique to each employee based on their individual preferences, rather than simply handing out cash for everyone. 

2. They’re easy to give: When you offer your employees non-monetary rewards, there’s no paperwork to fill out or forms to sign. They don’t cost anything either. All you need is an idea and the right timing! It can be as simple as sending flowers after an employee has finished a big project or giving them lunch at their favorite restaurant after they complete a difficult task.

3. They can be personalized: Non-monetary rewards give you the opportunity to personalize your thank-you gift for each employee based on their preferences and interests.

4. Improve employee engagement: Employees who feel appreciated and valued tend to be more engaged and productive. They also feel more loyalty toward their employer, which can help with retention rates.

5. Increased productivity: When employees feel appreciated by their employer, they are more likely to be motivated to work harder and more efficiently, which can lead to increased productivity.

6. Improved customer service: When an employee feels appreciated by their employer, they will be more likely to go above and beyond for customers — this can result in improved customer satisfaction and word-of-mouth marketing for your company!

7. Boost employee morale: One of the biggest benefits of non-monetary rewards is that they can boost employee morale. When you reward your employees for doing a good job, it makes them feel like they’re valued members of your team. This can improve their overall experience at work and make them more likely to stick around in the long run.

What are the advantages of non monetary rewards? 

Here are the advantages of non-monetary rewards:

• They can be personalized to fit each employee's interests and needs.
• They don't have to be given out in public or at work.
• They can be given without having to concern yourself with the tax implications of giving cash rewards.
• They're less expensive than monetary rewards. 
• They’re are much less expensive than cash bonuses or raises, so they're ideal for your budget.
• They're easy to use across departments and teams.

What is the impact of non monetary rewards on employee performance? 

Non monetary rewards are an integral part of employee motivation. These rewards are non financial, but they have a deep impact on the overall performance and attitude of employees. Nonmonetary rewards are very effective in boosting employee performance. When employees feel motivated, they work with passion and dedication.

Effective non- monetary rewards can change a person’s attitude in the workplace which itself brings a positive change in environment and also enhances employee performance. When employees have positive attitude towards their job, they feel committed with the organization and get engaged.

Nonmonetary rewards also improve employee satisfaction level and thus boost morale of employees at workplace. When employees feel satisfied at workplace, they perform better and give their 200% effort towards achieving organizational goals and objectives.