Simple, effective & budget friendly staff rewards

How to... motivate your staff using non-financial rewards

In this month’s ‘How to’ guide, we look at some popular non-monetary ways you can reward your staff throughout the recession. Sure, most people are motivated by money, at least in some part, and for this reason financial rewards are still important - but money is far from the only motivator.

Research conducted by GfK NOP revealed that employees do respond well to non-monetary rewards, in particular being offered development opportunities (90 per cent ranking it as effective), being given a non-monetary prize or award (87 per cent), or simply being thanked (74 per cent).

These are tough times for employers. On the one hand there are financial pressures to reduce the size of the pay bill while at the same time still offering a reward package that motivates employees in these uncertain times and that will help retain them when the economy eventually picks up.Charles Cotton, Reward advisor at the CIPD

Creating a tactical rewards package which also incorporates non-financial rewards is beneficial to both parties – employers save money, and employees are recognised on a more personal level. Take a look at some of our simple tips and start planning today!

1. When opportunity knocks...

Provide the right opportunities for learning and development and enhancement of existing skills. This might include arranging internal training programmes or mentorship schemes. There are dozens of industry conferences and trade shows that are running, and a lot of them are free - so why not approve travel for selected members to attend (based on their performance of course).

2. Build a recognition culture!

Recognition ranks as one of the most powerful motivators playing an important role in effective reward schemes. Whether it’s praise for a job well done, or a manager who listens to their employees and acts on their suggestions, appreciation can go a long way.

* Make them winners!

A good place to start would be to arrange your very own ‘Employee of the Month’ awards. Colleagues get the chance to nominate each other based on anything from: great attitude towards their work to winning new client contracts. Praise in public and announce the winner via a company-wide email or at your next company meeting. If your organisation is medium to large, it’s also worth considering a team based ‘Employee of the Month’ award – so that it’s more achievable and also keeps its motivational power.

* Send Thank You cards

UK employers are risking losing significant numbers of staff, in many cases because they’re not even taking the time to do something as simple as saying a formal thank you.Sukhi Ghatore, Associate Director in GfK NOP's Business division

An email from the Regional Director, or a simple Thank You card for exceptional work can help employees feel valued and appreciated. It’s inexpensive and effective – so no excuses, give it a go!

3. Eliminate Monotony. Introduce Job Enrichment!

Give your employees the chance to undertake more interesting and challenging tasks. This will help them to gain a greater sense of achievement, eliminate monotony and increase efficiency. Before you do this, it’s a good idea to make a note of your employee’s strengths and areas of interest – so that you make best use of the resources available.

If you’d like to find out how Ceridian can help you offer your employees an effective rewards package with Flexible Benefits, please contact 0800 0482 737.