Non-Monetary Rewards in the Workplace

Satisfactory Essays
Non-Monetary Rewards in the Workplace

Employers want maximum efficiency from there employees, Non-monetary rewards can help achieve this goal. Maybe, the most common reward an employer can give to its workers is verbal recognition. Communicating with workers on a daily bases, letting workers know how there performance has progressed on a professional level, has shown to boost morale in work environments. The occasional "Thank you" can help promote loyalty and positive performance from employees. Employees that feel appreciated at there job seem to have better attitude, work more hours and appear to have better attendance. Small rewards on the job such as encouraging work performance with free company shirts or hats, giving recognition to teams or departments for a job well done make big impressions on employees.

Companies have found that money is and important motivator for high levels of employee productivity. However, money incentives by its self may not be as affective and it may not render the loyalty from employees many companies strive to achieve. The combination of monetary and non- monetary rewards have proven to be affective in an completive job market, as it helps to keep employees from straying to companies that offer appetizing bonuses and incentives.

Big corporations use a wide variety of non-monetary incentives to show appreciation to there employees on a daily, weekly and yearly bases, one such example of such rewards is attendance recognition. Attendance at any job is a very important aspect of an employees work performance. Poor attendance by and employee can cost a business time and money. Creating ways to keep poor attendance low is on obvious benefit to any company. Giving an extra week vacation at the end of a fiscal year to an employee for perfect attendance, his or her picture on a wall, there own personal parking spot are some ways companies reward good attendance.

Employers must make workers believe there work performed is important and appreciated. Congratulating longevity of employment from employees has been a very common thing at most corporations across the country. Companies recognize that longevity on a job allows workers to master there job task and perform them better. Being that this is the technology age having and employee that has been with a company through years of changes and advances, gives a company an irreplaceable edge to a company and its customers.
Get Access