Glossary of Human Resources Management and Employee Benefit Terms
Non-monetary rewards are those that do not involve money. They include praise, thanks, recognition, and awards. They are intrinsic or internal benefits that can be gained from an employee’s work. They help employees to feel valued and motivated.
Non-monetary rewards are the most effective way to motivate your team. They can be a powerful way to show your appreciation and increase employee retention.
A monetary reward is a specific amount of money given to an employee to complete a task or goal. These rewards can come in the form of bonuses, commissions, or incentives and can be based on performance, merit, or seniority.
Non-monetary rewards can be just as valuable to your employees as monetary rewards. In some cases, they are more valuable than money. When you offer non-monetary rewards, you show your employees that their hard work is appreciated. You're also making them feel more valued.
Employees want to feel like they're part of something bigger than themselves — and that's what non-monetary rewards can do for them. Non-monetary rewards show that you care about your employees' well-being and that their contributions matter to the company.
Non-monetary rewards come in all shapes and sizes, and finding the right ones is key to driving your team's engagement.
Here are the different types of non-monetary rewards for employees:
The advantages of non monetary rewards are:
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The disadvantages of non monetary rewards are:
Non-monetary rewards are an integral part of employee motivation. These rewards are non-financial, but they deeply impact the employees' overall performance and attitude. They are highly effective in boosting employee performance. When employees feel motivated, they work with passion and dedication.
Effective non-monetary rewards can change a person's attitude in the workplace, bringing a positive change in the environment and enhancing employee performance. Employees who have a positive attitude towards their job feel committed to the organization and get engaged.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
Some of the most common non-monetary rewards examples and ideas are: