Are you wondering how your company can attract and retain talent without spending a fortune? Employee benefits don’t have to be monetary to be valuable. When you’re looking for cost-effective ways to cultivate loyalty, think outside the box. These creative employee perks and incentives make your company a great place to work without burdening your bottom line.
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Why non-monetary incentives?
Saving money isn’t the only reason to invest in non-monetary incentives. Bonus checks and raises, while appreciated, are quickly spent by employees. Non-monetary incentives, on the other hand, shape company culture in a way that leaves a lasting impact. Non-monetary incentives boost engagement, job satisfaction, and loyalty among current employees and attract new talent looking for a positive work environment.
Compressed work weeks
Work-life balance is a top priority for employees today, but the standard work week doesn’t leave much time for other responsibilities. Compressing the work week into four days instead of five gives workers more time to attend to personal commitments without a reduction in hours or pay. While not suited to every job role, compressed weeks are a great perk for employees who want to spend more time at home and less on the road.
Professional mentorship programs are challenging to coordinate, but profoundly worthwhile for the organizations that pull it off. Mentorship opportunities attract career-minded individuals and increase engagement and upward mobility within the organization. However, mentorship programs can also hinder a company when done wrong. Mentorship shouldn’t be a replacement for training, but rather an opportunity for employees to develop their career roadmap.
Tuition assistance is more expensive than other ideas on this list, but it also offers some of the best ROI thanks to the impact on turnover rates and recruitment costs. This benefit isn’t as expensive as you might assume either. Online degree programs are much more affordable than traditional universities and allow employees to continue working while advancing their business skills. Educational benefits are also tax-deductible as long as employers meet certain criteria.
Experiential rewards are growing in popularity as employers look for unique ways to make employees feel valued. Instead of a cash bonus, experiential rewards give employees something to remember, whether that’s a fun day off, a one-on-one dinner with the boss, or a memorable gift.
The cost of a gym membership is a drop in the bucket of a company’s budget, but it has a big impact on morale. Companies are shifting from on-site fitness facilities to gym reimbursement and virtual workouts to accommodate work-from-home employees. Group fitness classes in particular are popular because they encourage participation. Companies can keep it interesting for employees by offering a variety of online fitness options.
Healthy food delivery
The last thing employees want to do after a day at work is head to the grocery store. To help employees make healthy choices on and off the clock, employers are bringing fresh food to the office. Services like DoorDash for Work, meal kit subscriptions, and local farm share deliveries simplify healthy eating and create a culture of wellness at work.
Paid volunteer work
Wellness isn’t just about meeting employees’ physical needs. Employers can give their team a stronger sense of purpose by compensating employees for time spent volunteering in the community. The opportunity to give back helps employees find meaning in their work and demonstrates your company’s commitment to the community.
These days, a competitive salary isn’t enough to attract and keep your best employees. Businesses need to brand themselves as a place where talented people want to work. That means investing in more than a paycheck and creating an environment that motivates employees to give their best today and into the future.