What are some non-monetary ways to incentivize employees?
I would like to find more ways to motivate my team. Additional compensation is tough right now. What have others found useful to motivate employees other than more compensation?
The Business.com team published an article on the three pillars to incentivizing employees without financial reward.
1. Recognition - employees will respond well to praise and feeling valued at the company.
2. Flexibility - promoting work-life balance will benefit the culture of the company and the productivity of employees.
3. Opportunity - providing unique learning opportunities helps employees gain professional development which can hold more value than monetary incentives at certain times.
You can read the full article here:
When you are monetary tight, then why to give incentive even if it is kind. It is like bribing the employees.
Genuine employee look for the right salary at right time and their dues as per the job contract.
Rest all is fine.. I have seen when undue incentives are given to the staff, then the expectation becomes high and lots of complication get started.
Value your staff, treat them as individuals. What do they want. One team member might love fishing but not have time, find a way of measuring what he should do in a week and give him time off when it's achieved. Others might like golf, set up a social golf group, they pay but you allow the time to go play. A simple completion between teams with perhaps even a small trophy passed from team to team. Social events. All this costs little / no money but people feel valued, part of a community and as such are possibility more like to be loyal too.
It depends on what you do. You could make a game out of it where people can win a free medium pizza for lunch at the end of the week or month. One thing that made Google skyrocket was they decided to have an entire day of "playtime" every so often where the developers got to goof off exploring ideas. That wound up benefiting the company with tons of new innovations that boosted profits. I don't know if this is applicable to your company in some way but allowing people to work and have fun at the same time is always a great motivator. If you provide more details on what you do it would be easier to brainstorm more relevant things that would actually be applicable to what you do.
As others have mentioned, making sure employees feel appreciated is important. Giving constructive feedback is extremely helpful. Make sure that the employees that you have feel that they are cared about and have opportunities within the company to grow (i.e. an advancement path is in place, of course can be limited by company size, resources, etc.). Also, making sure employees can spend time together outside of work can be critical to creating a more unified company culture.
Kindness. Public recognition [a sign in the store window and/or on social media]. A personal 1-1 lunch with the boss.
Personal development, by far, is the best way to motivate and retain your team. Coaching, local seminars, team building, anything that involves development of the individual. It will cost a fraction of raising compensation but will pay dividends in the long run. You may have heard that adage: "What if we train our employees and they leave? What will happen if we don't?"
Give them personal and leadership development. Study the book The Five Dysfunctions of a Team by Patrick Lencioni. Give them all a copy of it. Model the trust dysfunction for them. It will pay huge rewards.
I developed a reward system by using the Amway gift catalogs. A point system was set in place and once the employee accumulated points they could cash in the points for a catalog at different levels from $25 to $100. We made it a big deal at company meeting when an employee was awarded their catalog. It was a tremendous success.
The challenge? Tracking points>
Appreciation wins every time. I can show you what me and many other business people are doing to challenge the status quo.
Try to structure their jobs so each person finds the most satisfaction between your set of tasks and their non-business life.
Effectively, you have to ask your employees: "What drives your well-being?" and then work with them on creating common ground. Sometimes this can be done as a group effort, where people "join in" on projects as a reward or get organizational and "in-group" recognition for their successes.