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Non monetary rewards

Non-monetary rewards are those that do not involve money. They include praise, thanks, recognition, and awards. They are intrinsic or internal benefits that can be gained from an employee’s work. They help employees to feel valued and motivated.

Non-monetary rewards are the most effective way to motivate your team. They can be a powerful way to show your appreciation and increase employee retention.

What are non monetary rewards?

A monetary reward is a specific amount of money given to an employee to complete a task or goal. These rewards can come in the form of bonuses, commissions, or incentives and can be based on performance, merit, or seniority.

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Why are non monetary rewards important?

Non-monetary rewards can be just as valuable to your employees as monetary rewards. In some cases, they are more valuable than money. When you offer non-monetary rewards, you show your employees that their hard work is appreciated. You're also making them feel more valued.

Employees want to feel like they're part of something bigger than themselves — and that's what non-monetary rewards can do for them. Non-monetary rewards show that you care about your employees' well-being and that their contributions matter to the company.

What are the different types of non monetary rewards?

Non-monetary rewards come in all shapes and sizes, and finding the right ones is key to driving your team's engagement.

Here are the different types of non-monetary rewards for employees:

Recognition: This can be as simple as public praise, a compliment over an email, or a handwritten note.
Awards: These are great ways to recognize employees' accomplishments and can include trophies, plaques, and certificates.
Perks & Benefits: These are another type of non-monetary reward that can be used to incentivize employees.
Gifts: They don't have to be expensive — sometimes, a branded gift card worth $10 can show someone how much you appreciate their hard work and dedication.
Time off: Vacation time is one of the employers' most common non-monetary rewards. It's also one of the most valuable because it can't be taken away from you.

What are the advantages of non monetary rewards?

The advantages of non monetary rewards are:

They are less expensive than monetary rewards.
They are easy to use across departments and teams.
They can be personalized to fit each employee's interests and needs.
They can be given without concerning the tax implications of giving cash rewards.
They are less expensive than cash bonuses or raises, so they are ideal for your budget.

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What are the disadvantages of non-monetary rewards?

The disadvantages of non monetary rewards are:

If you have a large team, and the goal is to improve productivity across the board, then giving out non-monetary rewards might not be enough.
They can be less motivational than money and may only be appropriate for some employees. Often, they can be challenging to administer.
It can be difficult to find an appropriate non-monetary reward that fits within your budget and also meets your employee's needs and expectations.

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 deeply impact the employees' overall performance and attitude. They are highly 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, bringing a positive change in the environment and enhancing employee performance. Employees who have a positive attitude towards their job feel committed to the organization and get engaged.

Encuestas sobre el pulso de los empleados:

Se trata de encuestas breves que pueden enviarse con frecuencia para comprobar rápidamente lo que piensan sus empleados sobre un tema. La encuesta consta de menos preguntas (no más de 10) para obtener la información rápidamente. Pueden administrarse a intervalos regulares (mensual/semanal/trimestral).

Reuniones individuales:

Celebrar reuniones periódicas de una hora de duración para mantener una charla informal con cada miembro del equipo es una forma excelente de hacerse una idea real de lo que les pasa. Al tratarse de una conversación segura y privada, te ayuda a obtener mejores detalles sobre un asunto.

eNPS:

eNPS (employee Net Promoter score) es una de las formas más sencillas y eficaces de evaluar la opinión de sus empleados sobre su empresa. Incluye una pregunta intrigante que mide la lealtad. Un ejemplo de preguntas de eNPS son ¿Qué probabilidades hay de que recomiende nuestra empresa a otras personas? Los empleados responden a la encuesta eNPS en una escala del 1 al 10, donde 10 significa que es "muy probable" que recomienden la empresa y 1 significa que es "muy improbable" que la recomienden.

En función de las respuestas, los empleados pueden clasificarse en tres categorías diferentes:

Promotores
Empleados que han respondido positivamente o están de acuerdo.
Detractores
Empleados que han reaccionado negativamente o no están de acuerdo.
Pasivos
Empleados que se han mantenido neutrales con sus respuestas.

What are the examples of non-monetary rewards for employees?

Some of the most common non-monetary rewards examples and ideas are:

Healthcare benefits
Charity donation
Life insurance
Vehicle allowance
Flexible work schedules
Personal time off
Socially appreciating employees
Employee discounts
Professional development opportunities

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