Incentive Schemes – Can You Reward Without Money?

Incentive Schemes Without Money

Incentive Schemes – Can You Reward Without Money?

  • July 08th, 2015
  • CategoriesBlog

A successful business owner knows that dedicated, hard-working employees are the backbone of any company. To keep a business thriving, these employees need to feel like they matter. Their effort and achievements should be rewarded and recognised.

Occasionally, an organisation will find that its employees have lost a bit of motivation. Perhaps the company is simply in a slump or maybe negative circumstances have come about. Whatever the reason, this is a great opportunity to offer incentives to employees to help boost productivity, fuel creativity, and encourage healthy competition.

In both these instances, it is clear that some sort of tangible, attractive award should be offered. Money always talks, it is true, but it isn’t possible for every organisation to offer financial rewards to outstanding employees. This could amount to hundreds of thousands of dollars. Fortunately, there is a vast range of incentive options out there that will please your employees and won’t cost your company a cent.

Enhance The Office Environment

Many studies suggest that some of the best rewards for employees are those that involve the office environment. Comfortable, open, and casual office environments are beloved by employees who feel more at ease and at home, and end up being more productive overall. Some companies swear by a “no shoes” rule, which removes a part of typically formal office attire and allows staff to feel relaxed. Another option is to have a dedicated quiet space where employees can meditate, nap, or simply find a few moments of peace. These types of rewards can make the work atmosphere a much more welcoming place where employees want to be.

Encourage Group Participation

If you’re looking to promote employee engagement or give productivity a lift, shared activities are an effective and enjoyable method. Contests where employees compete to win attractive prizes can help build team spirit. These competitions are a lot of fun and many staff members find this helps them improve their relationships with colleagues and motivates them to do great work. Even if the activities don’t involve competition, group participation gets everyone in the game. One company suggested each team member bring in a baby picture of him or herself. All week long, coworkers were entertained by attempting to guess who was who. And best of all, productivity increased that week by a significant percentage.

Showcase Achievements

One thing about monetary rewards are that they are typically private. Non-monetary awards, however, can be shared openly. The majority of employees love being recognised publicly for their efforts. You can offer a special prize like a coveted space in your office parking lot, or provide a fun gift like cinema tickets. Men and women alike appreciate a gift of flowers. These can ornament their desk and let everyone know they’ve had an important recent achievement.

Simple Recognition Goes a Long Way

At the end of the day, rewards and prizes are a wonderful way to show your appreciation, but by and large, employees simply desire genuine recognition of their hard work. A verbal “thank you” speaks volumes, as does the personal touch of a handwritten note or a standing ovation given during your next company meeting. Sometimes, simplicity makes a great statement.

Now that you’ve got some great ideas for rewarding your employees, let’s get you some excellent new staff members! On Line Recruitment and Labour Hire is your source for the best talent in your industry. Contact us today for further details on our temporary and permanent recruitment services or exceptional labour hire opportunities.

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Written by On Line Recruitment