The Benefits of Giving Non-Cash Rewards
Every business has an inherent goal of differentiating itself from the market competition. Yes, the product is a huge part of making a business unique and desirable, but as an employer, it’s just as important to give your employees something of value beyond the dollar sign.
As more and more employees come to expect a bonus, cash becomes views as part of someone's salary rather than a rewards. By giving your employees something other than cash, you are:
- Creating memorable experiences for your valued employees while creating positive brand association
- Inaugurating a tradition within your workplace, that all employees can work towards
- Allowing your business representatives to boost moral and come back
- Increasing employee satisfaction and retention at your company
- Giving something money cannot: time, memories and trophy value
The Benefits of Receiving Non-Cash Rewards
As an employee, they almost always have a goal in mind to keep grinding. Sometimes cash may be the single-most important factor in your productivity at work, but often times, it's easy to become burnt-out by constantly chasing money.
Some of the proven ways non-cash rewards can benefit an employee are, they:
- Allow a reward or experience associated with your company
- Give a goal that makes them feel valued beyond the regularly-scheduled paycheck
- Provide opportunities to learn something about themselves and the world around them
- Boost moral and overall satisfaction in their current position