A Focus on Non-Monetar y Benefits
established communication plan is also essential for the
use of the wellness program; it is a waste of resources if no
one knows about it. Finally, wellness programs can foster
a sense of community within your workforce.
Non-financial incentives can
make an employee feel like a
valued player and companies
can embrace these incentives to
retain their top talent and affirm
vital relationships with employees.”
Non-financial incentives: Recognition Programs
Globoforce Limited recently did a study on recognition
programs and their effect on the workplace. Employees want
recognition: 81 percent of participants said recognition made
them more satisfied with their work. Recognition programs
are typically inexpensive—or free—to the employer; making
it a win-win situation for both parties. Despite this, 41 percent
of respondents said they had not been recognized in six
months or longer. This is a huge opportunity for companies
to improve performance metrics, lower their attrition rate,
and hopefully attract new prospective employees.
Globoforce’s study demonstrates the positive impact
of recognition to employees. 76 percent of consistently
recognized employees love their jobs, compared to 37
percent of those who were not recognized within the last six
months. Appreciation has been proven to drive performance
and improve worker happiness. 78 percent of workers
indicated they would work harder if their efforts were better
recognized and appreciated. One could call it the “warm
and fuzzy” effect.
Employee turnover, and their associated costs, can be reduced
significantly through Recognition programs. Employees who
don’t feel appreciated are 40 percent more likely to look
for a different job.
As Globoforce’s study states: “Employee engagement is
linked again and again in studies to motivation, productivity,
and increased earnings and profits for companies.”
Non-Financial Incentives: Career Development
Employee training and developme