Non-monetary Incentives

Are you looking for ways to attract the best talent on a budget? There are some great options for employers to boost their total rewards statements for their employees:

• Offer flexibility when possible: telecommute for a specified number of hours per week (or even entirely if the work allows), alternative schedules outside of normal business hours/ flextime to assist in a work/life balance (a quiet office outside of business hours can be extremely productive void of distraction), or compressed workweeks.
  • Elizabeth Sheley states in HRMagazine. “More organizations have shifted their focus to how potential changes in schedule will affect the product. Reduced absenteeism, though often overlooked, is also a legitimate business rationale; flexible options not only strengthen commitment, but also give employees more time to handle the very situations that sometimes lead to absenteeism.”

• Do their errands: Not literally. Try these—schedule a car detailer to come to your location weekly where employees can sign up and pay to get off work to a clean car, have a dry cleaner make a stop at your company on their route, or organize a weekly food runner service for employees to place their families dinner orders to be dropped off on their way out the door. This is truly helping employees achieve a greater work/life balance by allowing them to spend less time running errands and more time with their families. Priceless!!

• Recognition: At staff meetings, allow for a brief open floor forum to allow co-workers to give a shout out to others they’ve seen doing a great job or really helped them on a project. Personally thank them for a job well done. Write a note, thank them with flowers, send an email; however you do it, just make it a routine to recognize efforts.
  • HRWorld states: Reward effort as well as success. Even if their ideas sometimes fail, you want employees to keep producing them, said Alan Weiss, president of the Summit Consulting Group Inc. “When I consulted with the CEO of Calgon, we created an annual award for ‘the best idea that didn’t work’ and presented a loving cup at the annual awards dinner. This stimulated innovation and positive behavior, not ‘winning.’” Read more at: http://www.hrworld.com/features/25-employee-rewards/

• Philanthropic efforts: This can be as simple as having quarterly, after hours, unpaid organized activities to clean up a local playground or beach, serve with Meals on Wheels, head to the local animal shelter, volunteer with Habitat for Humanity as a group, etc. The key to this incentive’s success is seeking input from your employees on what they will connect with (I recommend rotating causes based on engagement rates).  Read about what Forbes has to say on how to implement at: http://www.forbes.com/sites/drewhendricks/2013/12/18/how-charitable-giving-can-boost-office-morale-while-helping-the-community/
• Tip: This is a growing trend with employee engagement and can be widely successful with attracting and retaining Millennials!
• Educate: Do you have experts in the field working for you? Would they be willing to share their knowledge through a Lunch and Learn (Record it!) or host a webinar for others interested in learning more about the subject? Capitalize on the talent you have, enrich knowledge base of entry level staff, and create valuable training content for future reference.

Now that you’ve put a few of these in place, make sure your employees know about it through company newsletters, staff meetings, emails, or write it in the sky!

There are many non-monetary ways to be a great place to work, attract the best talent and keep the best talent. Get to know your employees and what is important to them to create a total rewards program that best fits your organization, aids in top talent acquisition, and increases retention of your most valuable asset.