Money is the reason we go to work, right? Well, there are a lot of other incentives for people going to work, and some of these are not always monetary. There are a lot of other ways that you can offer people security and a rewarding workplace without having to increase their pay or cleverly investing in a few other simple incentives for those you want to be involved in your company.
Startups, in particular, can be one of the employers that have to be more frugal in how they employ people and approach their recruitment strategies.
What are Non-Monetary Incentives?
Non-monetary incentives are any benefits and bonuses that can be offered to employees that aren’t just a simple boost in their pay or financial bonus structure or an addition to their pay packet at the end of the month. There are a lot of other positives that many people enjoy from their jobs, and startups can ensure they provide these to give their business a better rate of staff retention.
Non-Monetary Incentives For Startup Employees
Over recent years this has become the norm in a lot of workplaces. In certain industries, many people have come to expect the option to work in their own time. Realistically, as long as the work gets done, does it make a difference to your company if you allow someone to work in their preferred time?
Flexible working is great for people with families, and it also has a number of benefits for those who like to travel, for instance. Suppose you can give your employees this extra freedom. In that case, it can also cultivate an excellent level of trust between your company and the people involved and even ensure that employees stay attached to the business.
Being able to afford health and dental care can be a big issue for many households, and we never know when something is going to go wrong with our health or our family’s health. Negotiating a health or dental insurance policy for your employees will likely give you a more appealing employment package.
Your health is the most important thing, and it is a huge bonus if an employer can provide extra help and peace of mind that you will be able to get treatment if you need it.
Extensive Training Plans
As well as financial rewards for their efforts, employees want to know that they are appreciated and that there is a plan for their future. In an ambitious startup business, then there is every chance that you will want to help to improve the skills of the workforce but also help them to better their careers.
Training staff and getting your employees to the point where they have better skills and more impressive resumes and certifications benefit everyone. Implementing training isn’t free, but it is a very good investment for businesses, and employees tend to appreciate it.
Employees do not like feeling like they are ignored and forgotten about. So while employers shouldn’t necessarily cloud their day with constant meetings, regularly checking in is a good idea. This is a way to ensure that everyone involved in your business knows that they can raise questions and understands the direction they are going in.
Having a line management structure to provide one-on-one check-ins is a very good way to keep staff motivated and happy and ensure they feel involved at all times.
Tangible Rewards and Gifts
A lot of little extras can go a long way, such as rewards and gifts in the form of Christmas hampers, bonuses when your company is doing well, and gifts such as tickets to events.
This also gives you a great way to provide personal rewards that the employees will actually like and value, and that has involved that extra bit of thought in showing your employees that you care about them and consider their wants and needs. Small gestures can also sometimes go a long way to improving motivation in the workforce.