A monetary reward program is one of the most traditional, straight forward ways to incentivise employees. These can take the form of pay raises, scheduled bonuses, cash awards, and profit-sharing. There are benefits to monetary rewards; they’re well-received without being personalised and they can avoid the problem of unsatisfactory compensation. However, more recently, it’s non-monetary rewards that are proving to more effectively achieve long-term business goals, by having a longer-lasting impact on employee motivation.
As much as anyone enjoys extra compensation, recent studies have shown that monetary rewards aren’t actually what employees value most. In fact, according to a study by the Incentive Research Federation for the Incentive Marketing Association, 65% of employees prefer non-cash incentives instead of monetary rewards.
A non-monetary employee rewards programme also offers businesses the opportunity to be more thoughtful, creative and personal when it comes to making employees feel valued. At Randgo, we believe that every business has unique needs, and therefore requires a customised rewards programme, designed to be part of the business’s DNA. By understanding your employee’s needs, you can more effectively drive the right behaviours and influence outcomes in your business. Here are some examples of the non-monetary, reward-based employee perks and rewards Randgo specialises in:
Customised reward packages
What will motivate your employees to consistently contribute their best work? Offer customised reward packages that provide employees with the kind of benefits and experiences that they value and enjoy.
What will help employees remain engaged with and committed to their work? Develop a mutually valuable dynamic that will build deeper relationships and make brand ambassadors out of your employees.
What will help your employees feel supported and taken care of while working for you? Create access to employee wellbeing solutions that will make life better for them, allowing them to show up as their best selves at work.
What will incentivise your employees to achieve your business targets? Build a routine of recognising and rewarding the kind of work that assists your business in reaching its unique objectives.
The benefits to a non-monetary, customised employee rewards program go beyond higher employee performance too. Unlike monetary rewards, they can directly impact company culture on a day-to-day basis, and allow for a better workplace atmosphere. Specific and innovative employee rewards also contribute to a positive perception of your company, which can attract prospective employees. Who wouldn’t want to work somewhere after hearing about all it’s great, unique perks?
Randgo offers an array of employee reward solutions that attract, retain and engage employees by adding value to their lives. Discover rewards like savings on daily necessities, discounted travel, mobile benefits, funded benefits with leading brands, and more.
Find the reward in rewarding your employees with creative, customised solutions for incentivising them. With the help of Randgo, create a work environment that celebrates your employees and their achievements in the way they value being celebrated. Meet the individual needs of your employees and, in turn, meet the needs of your business and implement a Randgo Rewards programme that will deliver a meaningful return on investment.