Non-Monetary Incentives: What Is It, Types And Benefits of It

Non-Monetary Incentives: What Is It, Types And Benefits of It

There are many different types of nonmonetary incentives that can be used to increase employee productivity. In this blog post, we will discuss a few of the best ones. Non-monetary incentives are often overlooked, but they can be very effective in motivating employees. Some of the most popular nonmonetary incentives include time off, flexible work schedules, and gift cards or other tokens of appreciation.

What Does “Non-Monetary Incentives” Mean?

What Does "Non-Monetary Incentives" Mean?Non-monetary incentives are rewards that don’t involve money. They can be given to employees, customers, or anyone else as a way to encourage them to do something. Many businesses use non-monetary incentives to increase employee productivity or motivation.

These non-monetary incentives can take many different forms, but they all have one goal: to make the recipient feel appreciated and valued.

While monetary incentives (such as bonuses) can be effective, they’re not always the best option. Non-monetary incentives can be just as powerful, if not more so. They show employees that you value them and their contributions, which can lead to increased loyalty and motivation.

Also, there are many non-monetary incentives that cost very little or nothing to implement. This makes them an attractive option for businesses of all sizes.

Different Types of Non-Monetary Incentives

Different Types of Non-Monetary Incentives

There are many different types of non-monetary incentives that companies can offer to their employees. Some of the most popular options include:

Flexible Work-Hours

There are a lot of employees who would prefer to have a more flexible work schedule. This could mean being able to start and end their workday at different times or having the ability to take a longer lunch break. Giving employees this type of flexibility can lead to them feeling less stressed and more productive when they are actually working. Incentivizing employees with a flexible work schedule is a great way to show that you are invested in their well-being.

Another non-monetary incentive that can be very effective is offering paid time off. This could be in the form of extra vacation days, sick days, or even just half-days off. Employees who have this perk will likely feel appreciated and motivated to work hard so that they can take advantage of it. There may also be some employees who end up working harder so that they can earn more paid time off.

Work-From-Home Opportunities

In today’s technological world, there are a lot of jobs that can be done from home. If your company is able to offer work-from-home opportunities, it can be a great incentive for employees. This perk can lead to increased productivity as employees will likely feel more comfortable working in their own environment. It can also save the company money on things like office space and equipment.

Complimentary Services

Another non-monetary incentive that companies can offer is complementary services. This could be anything from a gym membership to child care. Complimentary services can be a great way to show employees that you are invested in their well-being. They can also lead to increased productivity as employees will likely feel more relaxed and less stressed when they have access to these types of services.

Company Outing

Completing a task or reaching a goal can be very rewarding for employees. However, sometimes it can be even more rewarding to spend time with their coworkers outside of work. This is where company outings come in. Company outings can be a great way to show your employees that you appreciate their hard work and dedication. They can also lead to increased morale and team-building, which can eventually lead to increased productivity.

Free Lunch Breaks

There are a lot of employees who would love to have a free lunch break. This is especially true for employees who have to buy their own lunch every day. Offering a free lunch break can be a great way to show your employees that you appreciate their hard work. It can also lead to increased productivity as employees will likely feel more relaxed and less stressed when they don’t have to worry about buying their lunch.

Free Coupons

Some free coupons are one-time-use while others can be used multiple times. Free coupons are a popular non-monetary incentive because they’re easy to obtain and can be given to employees for a variety of reasons. For example, an employee who meets their sales goal for the month could be given a free coupon to use at the company’s café. This would be a great way to show your appreciation for their hard work while also providing them with a perk that they can enjoy.

Discounts

Similar to free coupons, discounts are another popular non-monetary incentive because they’re easy to obtain and can be given to employees for a variety of reasons. Discounts can be offered on things like company products, services, or even events. For example, an employee who meets their sales goal for the month could be given a discount on their next purchase from the company store. This would be a great way to show your appreciation for their hard work while also providing them with a perk that they can enjoy.

Nap-Rooms

There are a lot of employees who would love to have a place to take a nap during their break. This is especially true for employees who have to work long hours. Offering a nap room can be a great way to show your employees that you appreciate their hard work. It can also lead to increased productivity as employees will likely feel more relaxed and less stressed when they have the opportunity to take a break and take a nap.

Free Movie Outtings

There are a lot of employees who love to go to the movies. This is a popular non-monetary incentive because it’s easy to obtain and can be given to employees for a variety of reasons. For example, an employee who meets their sales goal for the month could be given a free movie ticket. This would be a great way to show your appreciation for their hard work while also providing them with a perk that they can enjoy.

Free Coffee Breaks

There are a lot of employees who would love to have a free coffee break. This is especially true for employees who have to buy their own coffee every day. Offering a free coffee break can be a great way to show your employees that you appreciate their hard work. It can also lead to increased productivity as employees will likely feel more relaxed and less stressed when they don’t have to worry about buying their coffee.

Constant Communication

It’s important to keep the lines of communication open between you and your employees. This is a great way to show your appreciation for their hard work while also keeping them updated on company news and events. Communication can also lead to increased productivity as employees will likely feel more invested in their work if they feel like they’re being kept in the loop. It also allows you to provide feedback and offer suggestions on how they can improve their performance.

How To Select Non-Monetary Incentives?

How To Select Non-Monetary Incentives?

Selecting the right non-monetary incentive can be tricky. You want to make sure that the incentive appeals to a wide range of employees and motivates them to achieve their best work. Here are a few tips:

Evaluate Your Employees Needs

One of the best ways to select the right non-monetary incentive is to evaluate your employee’s needs. What motivates them? What do they value most? Once you know what drives your employees, you can choose an incentive that will resonate with them. Sometimes many factors contribute to employee motivation, so it’s important to take a holistic view. Also, some employees may not be motivated by any of the traditional incentives. In these cases, it’s important to get creative and think outside the box.

Consider The Cost

Another important factor to consider when selecting a non-monetary incentive is the cost. You want to make sure that the incentive is affordable and doesn’t put a strain on your budget. Many inexpensive options can still have a big impact on employee motivation. It’s important to weigh the cost against the potential return on investment before making a decision.

Think Long Term

When selecting a non-monetary incentive, it’s important to think about its long-term effects. Will it still be motivating after six months? Will it lose its appeal over time? These are important questions to consider when making your decision. You want to make sure that the incentive is something that will still be motivating for employees in the long run.

Get Feedback From Employees

One of the best ways to select a non-monetary incentive is to get feedback from employees. What do they think would be motivating? What do they value most? Asking for employee input can help you choose an incentive that will have the biggest impact on employee motivation.

Try Something New

Don’t be afraid to try something new. Sometimes the best way to find a great non-monetary incentive is to experiment. Try out different options and see what works best for your employees. You may be surprised at what you find.

Non-monetary incentives are a great way to show your employees that you appreciate their hard work. By offering perks that appeal to a wide range of employees, you can increase productivity and motivation in the workplace. Keep these tips in mind when selecting a non-monetary incentive for your business.

Benefits of Non-Monetary Incentives

Benefits of Non-Monetary Incentives

There are several benefits of non-monetary incentives that can help increase employee productivity.

Motivates Employees

There are several benefits of non-monetary incentives. One of the most important benefits is that it motivates employees. Monetary incentives are not always the best way to motivate employees. In some cases, non-monetary incentives can be more effective in motivating employees to do their best work.

Improves Morale

Another benefit of non-monetary incentives is that they can improve morale. When employees feel appreciated and valued, they are more likely to be happy with their job and have a positive attitude toward their work. This can lead to increased productivity and a more positive work environment.

Reduces Turnover

Another benefit of non-monetary incentives is that they can reduce turnover. When employees feel valued and appreciated, they are less likely to leave their job. This can save the company money in the long run by reducing recruiting and training costs.

Helps To Retain Top Talent

Non-monetary incentives can help to retain top talent. When employees feel valued and appreciated, they are more likely to stay with the company. This can save the company money in the long run by reducing turnover and retaining top talent.

Makes Employees Feel Good

Last but not least, non-monetary incentives make employees feel good. When employees feel appreciated, they are more likely to be happy with their job and have a positive attitude towards their work. This can lead to increased productivity and a more positive work environment.

Non-monetary incentives are a great way to increase employee productivity. If you are looking for ways to motivate your employees, consider using some of the benefits of non-monetary incentives listed above. Your employees will appreciate it and your company will reap the rewards in terms of increased productivity and retention of top talent.

Conclusion

Employee productivity is essential for the success of any business. There are a variety of ways to increase employee productivity, but some of the best methods are non-monetary incentives. These incentives can include things like flexible work hours, additional vacation days, and company-sponsored events. By offering these types of incentives, businesses can create a more positive work environment that will lead to increased employee productivity.

Do you have any other suggestions for non-monetary incentives that businesses can use to increase employee productivity? Share your thoughts in the comments below!

A Word From MantraCare Wellness

Employee wellness programs are the key to improving employee motivation, productivity, and retention. At MantraCare Wellness, we have a team of health experts, counselors, and coaches who serve corporate employees with 10+ wellbeing programs including EAPEmployee Diabetes ReversalCorporate MSKPCOSEmployee FitnessCorporate YogaEmployee meditation, and Employee Smoking Cessation.