What are the benefits of non-financial reward? How to reward employees without money? Do non-monetary prices target the poor? See all full list on randstad.
Non-Monetary rewards are the benefits given to the employees of the organization to increase the employee job performance, employee loyalty towards the organization, employee morale, etc.
The Non-Monetary rewards as the name suggests does not involve direct money. Compensation given in a transaction which does not involve cash. A non - monetary reward can consist of almost any material object such as jewelry, precious metals or an automobile for example. In business, a non - monetary reward can also be a service such as improvements made on a property or repairs done on a car.
Then other non monetary rewards can become a powerful tool in motivation process. Remember that rewards are designed as a means of showing your employees appreciation for their hard work, and while money is often cited as a staff motivator, it is often the non - monetary and intangible rewards that have the most impact on employee morale. Providing the right non - monetary rewards can help enhance employee engagement, loyalty and job performance.
There are a number of non - monetary rewards that you could offer to your employees.