Your perks program does not need to be monetary for success
- Kartikay Kashyap
- November 3, 2023
Non-monetary rewards can reduce employee attrition by 70%.
There is a reason why some companies have become leaders in their industry. They understood the importance of cultivating a culture where employees could innovate and thrive. What made the difference? It was their reward strategy. We have great examples in technology, hospitality, retail, and various other sectors where companies provide extraordinary perks to their employees, which help their people give better results at work.
Flexibility in timing, hybrid work culture, in-house gyms and spas, and nap pods for taking a small nap break between work or providing an indoor playing space Such perks make the lives of employees easier and help them perform better at their jobs. And do you know what the best part is? They do not involve much cost for the organization. These perks are mostly non-monetary in nature or just involve a one-time cost for the organization. Moreover, they come with great benefits as well. Your employees stay happy, and you can cultivate a culture of creativity and innovation.
Why non-monetary perks are a must-have
No doubt, monetary rewards excite any employee. After all, all of us are working to earn more money and improve our lives. But non-monetary perks also play a crucial role. It keeps our spirits high and makes us thrive in the workplace. Moreover, it also helps to create psychological safety and plays a part in caring for the wellbeing of our workforce. Further, non-monetary perks have a great impact on the workforce. As per a study conducted by Advantage Club, non-monetary rewards help reduce employee attrition by 70%. This should encourage employers to incorporate non-monetary perks into their organizations.
A positive gesture
When an organization provides free lunch service or reimbursement for ordering dinner for staying at work after working hours. These are some positive gestures that are well received by your people. They feel valued and cared for, motivating them further to perform better and work towards the organization’s success.
Belongingness
When employees are valued at the workplace, it further enhances engagement. When the employee sees that their employer is trying to make efforts to ease their stress levels and maintain work-life balance and overall wellbeing, the bond between the employee and the employer deepens, and there is more connection. In return, when the relationship or bond enhances, the probability of the employee staying in the organization increases. This way, the company can also control its attrition rate.
Better health and work-life balance
Non-monetary perks such as flexible working hours, hybrid work, nap breaks, indoor playrooms, and health and massage centers address employees’ wellbeing and work-life balance. This way, the employees can take care of various issues that others normally have with their workplace and perform better at work.
Cultivates innovation and performance
Physical health, mental health, or spending more time with the family are some crucial areas that worry an employee. Let’s say an employee falls ill or an employee’s partner is expecting a child, and the company does not have a paternity leave policy; the employee will get stressed out between handling work and managing personal issues. If the company gives perks like unlimited sick days or a paternity leave policy, it becomes easier for the employees to handle challenges on the personal front. This allows the employee to feel more relaxed and apply creative thinking. The result: Innovative ideas! Better performance! And great results.
Attracting potential talent
Having attractive perks like unlimited leaves, an in-house gym and health centers, nap breaks, or indoor playing areas makes your workplace more attractive. People are always attracted to and want to work for organizations that provide flexibility and an environment where they can dedicate time to their family needs while working for the organization. Such perks create an aspiration among others. They aspire to work for such companies, which helps create a culture where employees can thrive and devote time to their personal lives.
Some non-monetary perks that many employers provide to their employees
- Flexible work timings
- Hybrid work policy
- Work-from-home policy
- Paternity and Maternity Leaves
- In-house gym and health facilities
- Paternity and Maternity Leaves
- Ergonomic chairs
- Spa and Yoga
Are these perks only afforded by big employers?
Most of the above-mentioned perks are purely non-monetary in nature. Work from home, flexible timings, hybrid work, or paternity or maternity leave are all possible in any company. These do not involve any costs. It is all about the mindset of the leadership team and the founders. If they trust their employees, all these perks can be implemented.
Employee perks are also being revolutionized with technology. Employee perks are turning into better employee experiences. And this is being revolutionized by the technology of today. Though this will come at a cost, it would be worth investing in since virtual reality and mixed reality are changing the landscape of employee perks. Additionally, employees are more inclined toward flexibility. They want flexible perks that they can customize as per their requirements.
