A ll human beings have a need to be appreciated and recognized by others. S ymbolic rewards such as the title of «Employee of the Month» with a diploma or plaque, cost little money and can have a big emotional impact. One thing company can do in this context is to create motivation contests for employees, and give symbolic awards to the winners.
A s long as real skill and performance are awarded and appreciated, the actual financial value of the award often comes second place. Company can establish rewards called «Thanks! Y ou Made a Difference!» This award is given by co-workers recognizing groups or individuals. T he employee being recognized receives a standing ovation from co-workers, a certificate commending his or her performance, a cluster of helium ballons, a photograph of the event, and other small items with the Office logo displayed. W e also can use a Recognition Lottery in which previously recognized employees can win awards, such as a reserved parking spot for 6 months, lunch with the Commanding Officer, having their pictures displayed in a prominent place, or having a hallway named after them.
N onmonetary awards can often be shown to co-workers and friends as a trophy given in appreciation of good work. A check or a bank statement is generally something that employees don’t display. S o, there are a host of benefits that companies can offer to attract and retain top talent. H ere is a list of a few for you to consider.
F lex-time schedulesOn-site childcareFree or discounted parkingFree or discounted food and drinksGym membership discountsIn-office massage or yogaCasual FridaysMentoring programs for career advancementFree or discounted educational and training opportunitiesWork opportunities in multiple locationsCross-training in other areas of the businessAnnual or quarterly company partiesWhile everyone needs money for the expenses of everyday life, most current and long-standing employees rarely view cash as good motivation. I f an employer pays fairly, employees desire appreciation and other non monetary rewards in exchange for a job well done. T his trend is becoming more popular as businesses explore ways to motivate employees without breaking the budget.
T he benefits are far greater for business to offer what employees desire: opportunity to grow, flexible hours, recognition, opportunity to contribute, and autonomy, than to compensate employees with cash. I think such compensation will reduce turnover and will be more effective.
