4 Types of Employee Rewards and Incentives
Rewards and incentives were initially created to motivate employees to deliver more value to the employer, however, if the employee reward solutions are poorly chosen, they will not deliver the desired outcomes. To better choose staff recognition rewards and incentives, let’s look at the different types:
Monetary Incentives: Cash is king, but it doesn’t last very long, unfortunately, and you need to offer a substantial amount to really make it worthwhile.
Non-Monetary Rewards: Perks such as telecommuting, company cars, off-days and so on each bring their own range of benefits and drawbacks. Some employees may prefer to further their education than telecommuting once a week.
Employee Recognition: Employee of the Month announcements, award ceremonies and verbal praise are great for people who want to build their resumes (and may possibly leave your company for greener pastures). Recognition is crucial, but keeping employees happy requires a more physical show of appreciation.
Employee Assistance: On-site daycare, fitness centres, healthcare and similar programs have been proven to result in happier, healthier and more fulfilled employees, but it requires much investment on your part. It’s mostly impractical for smaller companies.
When choosing employee reward solutions, you need to achieve a fine balance between the benefits of each of the above programs, your budget, your goals and the company culture. Experience rewards and incentives are perfect, because:
- everyone loves an adventure, whether it’s thrill-seeking, romance, or new skills.
- experiences leave lasting memories and are therefore highly appreciated.
- are more cost-effective than installing a gym or paying double salaires as bonuses.
- few people know how to find these adventures and will marvel at your thoughtfulness.
- even fewer people understand the importance of investing in experiences.
Experience rewards and incentives are good for the mind, body and soul. They boost feelings of wellbeing and self-worth and bring about a sense of camaraderie when experienced in a team building setting. Next time you’re looking for innovative employee reward solutions, look no further than Celestial Gift Experiences.
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