Financial rewards are a proven employee motivator, but they are not the only or most effective motivator. Money in the workplace represents the so-called hygienist and employers’ task is to provide employees with adequate wages. In certain situations, such as sudden cancellation of orders, problems in the market, unforeseen events and occurrences, it may happen that even wages (related mainly to the flexible part) are adjusted.
Regardless of the situation in which the organization finds itself, superiors can ensure that those who are above average at work and in cooperation with others are rewarded, as they can use non-financial rewards, which are more favorable for the employer and more motivating for the employee.
It is a mistaken belief that if there is no money, there is no possibility of achieving good business results. If we imagine; in many companies that offer their employees higher wages, employees are still not engaged in work. Non-financial rewards are usually those that arouse internal motivation in an individual and thus influence greater motivation, satisfaction and efficiency of employees.
Each individual has his own reward system in his brain, with which he evaluates various stimuli that come from the outside world. Only a sufficiently strong and important stimulus will provoke action in an individual. That is why it is important for employers to know what employees want, what they expect from the company, what they are like by nature, and how to motivate them to be as efficient as possible at work.
IT IS GOOD TO KNOW!
When awarding, it is necessary to pay attention to the degree to which the awards are tax-deductible and what is considered creditworthiness.
How to tackle non-financial rewards?
It is very important that employees are informed about what exactly we will reward and what they must achieve in order to receive the reward. It is therefore imperative that we define exactly what the award criteria are, that the evaluation is as fair as possible and that individuals understand why someone won an award and why they didn’t.
We also encourage non-financial rewards among colleagues. We ourselves know that we work better and with greater motivation when others praise us, and the same applies to our colleagues. That is why we do not skimp on praise when we are in the role of a manager, or when we are in the role of an employee and we recognize the effort of our colleague. Then we praise him, he will help us faster and easier when we ever ask him for help.
Let’s encourage employees to nominate their colleagues as recipients of certain awards. With this, we encourage our employees to recognize good qualities in their colleagues and thus strengthen mutual connection.
Who can be rewarded with a non-monetary reward method?
It is important that the awards are adapted to the specific wishes and capabilities of the individual company. There are some suggestions that may come in handy: we can choose a manager, an employee selected by the customers, the most collaborative team, an employee of the year, a mentor … We have been diligently doing this for quite a few years now with the selection of best Mikro+Polo employee. Maybe, depending on the suggestions, we will add another plaque this year.
It is extremely important that the employee to whom the award belongs actually receives the award. For example if the manager of the month should receive a value or gift voucher for an event or relaxation, we must enable him to actually use it. In this case, we have a good example from last year, when all the recipients of the micropolov plaque received a massage and could use it during working hours.
Employees or the department can be invited on a trip. Teambuildings are also part of the rewards, and at the same time, good relations between colleagues are strengthened. There would be many more suggestions for non-financial rewards. And emphasized again. We do not skimp on praise if someone really deserves it. For many, this is the best reward.
Source: Project Polet