You don’t have to open the checkbook every time an employee does something worthy of recognition at your organization. Savvy employers are learning that non-monetary rewards often have as much impact as a cash bonus. In fact, the U.S. Office of Personnel Management cites several benefits of using non-monetary rewards, including:
- Memory: A plaque or similar reward that sits on a desk is a reminder of a job well done, while money can be spent quickly
- Trophy value: A physical item can be shown off to coworkers and family
- Flexibility: Nonmonetary rewards are applicable for a variety of situations
- Cost: Cash bonuses are expensive
Non-monetary rewards aren’t just limited to plaques. Before you decide kind of non-monetary reward programs you want to roll out, first think about the importance of recognition for your company. While it’s important to reward people for meeting goals, you also want to reward people for displaying the behaviors that align to your corporate culture.
Here are some non-monetary rewards you can consider: