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The Benefits of Giving Non-Cash Rewards to Your Employees Author: Evan Curtis

The Importance of Non-Cash Rewards

The competition of retaining employees is becoming more and more challenging. According to Forbes, “millennials were three times more likely than non-millennials to change jobs in the last year, and 91% don’t expect to stay with their current organizations longer than three years.”

While here are many uncontrollable factors in team member retention, one key element that is proven to provide increased satisfaction and loyalty is the decision to incentivize using non-cash rewards such as merchandise, experiences and/or travel.

The Benefits of Giving Non-Cash Rewards

Non-Cash Rewards create memories that last a lifetime.

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

Tangible Rewards you can work towards

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

See how GALACTIC PERFORMANCE SOLUTIONS can help achieve your business objectives.

Solutions@GalacticPS.com

(817) 462-0400

Created By
Evan Curtis
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