You’d like to reward your team for their loyal service, but big raises simply aren’t an option. So, what else can you do? Here are three non-monetary bonuses your employees will love!
Top Non-Monetary Bonuses for Employees
Flexible Working Arrangements
During the pandemic, many businesses shut down their physical offices and their employees became remote workers. Now, as life slowly returns to normal, some people are interested in maintaining these flexible arrangements. In fact, a recent survey highlighted this trend. When asked if they would rather work from home or get a $30,000-a-year raise, 64% of respondents chose work from home. Of course, remote work isn’t practical for every organization. Nevertheless, there are multiple types of flexible working arrangements. These include:
Work From Home (WFH) or Remote Work
Whereas work-from-home employees work exclusively from their homes, remote employees may report to the office one or more times per week. Both options reduce or eliminate commute times and provide greater freedom. Understandably, some companies worry about drops in productivity. Therefore, you’ll want to design an effective remote program.
Flexible Work Hours or Flex Time
Flex time redefines the traditional 9 to 5 schedule. However, the amount of flexibility can vary widely. For example, one company could allow employees to work whenever they want so long as they get the job done. While another organization may ask employees to report every day for an 8-hour shift but with flexible start/end times.
A compressed workweek lets employees work 35 to 40 hours in less than five days. Often, this involves a 4/10 schedule or four 10-hour days. Although compressed schedules give employees a three-day weekend every week, some people dislike longer days.
Additional Time Off
Everyone likes an extra day (or two) off. Plus, this perk is a wonderful way to rejuvenate your team. You may decide to grant additional downtime after the completion of a successful project. Or you could reward individuals with bonus vacation days. Some organizations even mix time off with fun. For example, you could call a surprise Friday off to create an impromptu long weekend.
Professional Development Opportunities
According to a 2019 report, 94 percent of employees say they would stay at a company longer if it simply invested in helping them learn. And, as a bonus, professional development benefits organizations too. After all, better-trained employees tend to be more loyal and productive. Although programs like tuition reimbursement may be expensive, there are budget-friendly possibilities. For instance, many businesses provide on-the-job training so employees can expand their skill sets. Online classes are another lower cost but effective option.
Are You Looking for More Ways to Reward Your Employees?
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