Did you know that less than 20% of Irish employees are actively engaged at work? No doubt your employees are looking for a competitive salary, promotions and raises, a retirement fund, and health insurance. But apart from these monetary incentives, many employees are also looking for other non-monetary benefits that will foster improved engagement and greater satisfaction in the workplace. According to a study by Systems Dynamics, employees in Ireland are more responsive to the carrot and not the stick. This means that employees respond better to incentives that address their psychological needs.
The following are 9 non-monetary incentives that will make your employees become more engaged, loyal, and productive at your company.
Praise and recognition are effective workplace motivators. Many employees work harder when they feel appreciated. In turn, workers who feel that they matter and play an important role to the company they work for, are likely to remain on the team. Recognising employees could be as simple as adopting an employee of the month initiative, rewarding employees with gift cards to reputable restaurants, or giving an employee a pat on the back for a good job.
One of the main incentives you can use to motivate your employees is to show them that you value their input. Many employees end up leaving their jobs because they feel like their contributions do not add any value or are not appreciated. One way of showing your employees that you appreciate their contributions is by letting them head projects or by seeking their opinion on crucial decisions.
Employees appreciate independence. They want clarity about their job description and how much time they have to complete a particular task. When your employees have clarity about their responsibilities and targets, they then want the independence and freedom to perform the job without someone micromanaging them. Give your team the benefit of the doubt by trusting them to get the job done.
4. Professional Growth
Motivated employees do not want stagnant career progression. For an employee to remain engaged, they should be able to perceive forward momentum. If an employee cannot see any options for growth and expansion, they are likely to look for a company that offers these opportunities.
When you present your employees with opportunities to grow, this shows that you believe in their potential. Employees need to develop and learn new skills. One way of aiding this process is by assigning them new responsibilities. You can also promote development by training your employees, because after they learn new skills, they are able to face bigger challenges. Promoting career growth and development could be as simple as assigning a senior mentor to guide employees in the right direction.
Employees appreciate flexible working schedules. Most management experts advise employers to give their employees some latitude to set their own work schedules. This allows them to enjoy more time with their families and friends. Provided your employees do not abuse the privilege, flexible hours help to build trust and commitment for your business.
6. Working Remotely
If your employees have responsibilities or jobs they can manage to perform from home, then you could let them work remotely. Even a single day of working from home can greatly impact an employee’s motivation and attitude. Working remotely reduces expenses such as gas and child care, and enables your employee to spend additional time with their loved ones.
7. Extra Leave
Aside from introducing remote working, additional leave is also a strong employee incentive. Give your employee a few days off to use when they deem fit. This will reduce the instances of employees calling in sick. These free days can allow your employee more time to spend with family or to unwind and relax.
Employees want to enjoy working. There is nothing that can dampen the spirits more than 8 hours of drudgery. If you want your employees to relish coming to work, make the workplace an enjoyable place to be. Determine entertaining ways of celebrating success, and encourage your employees to enjoy one another’s company. The more workers are emotionally connected, the more they are likely to help one another and share the rewards of accomplishment.
9. Volunteer Work
Sometimes working in one place can seem to be self-serving when you and your employee are the only people benefiting from your efforts. Allowing your employees time to engage in breaks from the office through volunteer work gives them a boost of morale - knowing that they are giving back to the community.
Research has long shown that non-monetary incentives play a significant role in the motivation of employees and the culture of an organisation. While providing monetary incentives is not bad, you should strike a balance between the two to ensure that your employees are fully satisfied while working for you. Implementing some or all the incentives mentioned above is definitely going to change your employee's’ attitude towards work and boost productivity in your office.