An investigation carried out by Randstad on employer branding showed that the two main motivators for employees are job security and a competitive salary package. With many countries in a tight economic situation, it can be difficult for hiring managers and small business owners to offer extra money when their own budgets are already struggling to stay afloat.
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We leave you 10 excellent non-monetary incentives that you can use to motivate and retain the best talent:
Offer flexible work schedules, such as working outside the home once a week, or for staff to choose their own work schedule instead of the typical 9 to 6.
Provide extensive training plans - both at home and abroad - for staff to complete accredited courses and professional training.
Offer tangible recognition for outstanding staff by either sending an email from business leaders with congratulations on a job well done, delivering a handwritten recognition note or mentioning their successes during team meetings.
Provide a day off (outside the annual vacation) as a reward for the completion of a successful task.
Create a monthly theme day at the office to improve energy, for example, International Food Day where each staff member brings a plate of food from their country or region of origin.
Offer rewards based on specific personal interests; Membership to a local gym or tickets to the latest theater show.
Offer time outside of normal work commitments to work on projects that your staff may find relevant and not necessarily related to your core business.
Create a monthly or quarterly awards event that shows the efforts of the staff that continually excel in their field.
Provide the opportunity to participate in volunteer work - this can offer not only a good rest from the office, but also the added benefit of increased morale through altruistic activities.
It offers the possibility of changing roles for a day, week or month, this generates a challenging, dynamic, teamwork environment and companies have staff who understand the business from different perspectives.
Remember, the rewards are designed as a way to show your appreciation for hard work and, while extra money is often cited as motivators for employees, it is often the intangible, non-monetary rewards that have the greatest impact on the staff morale Regardless of the benefits you offer your employees, try to make your workplace an environment where effort and commitment are recognized and rewarded.