Managing performance

Non-monetary ways to celebrate employee success

Non-monetary ways to celebrate employee success

5 minutes

People always assume that the best way to recognise exemplary employee performance is by giving out monetary rewards. Who wouldn’t say no to money, right? Everybody needs money and it’s the main reason why we work.

 

However, several studies have challenged the notion that monetary rewards are the best incentives for exceptional employee performance. Non-financial factors may be more effective as a reward and motivate them to go above and beyond in their roles. So aside from money, how do you reward your team for their performance and ensure that they are motivated to continue delivering outstanding results?

What motivates people to perform?
According to a study by TINYpulse, corporate culture plays a significant role in motivating employees. The survey asked over 200,000 employees from 500 organisations the question, “What motivates you to go the extra mile?” Surprisingly, money was in 7th place, with the first three spots clinched by camaraderie and peer motivation, intrinsic desire to do a good job, and feeling encouraged and recognised.
How to reward good performance outside of remuneration

There are several effective ways to acknowledge and celebrate outstanding performance without using financial incentives. 

Ownership accountability
This can include leading projects, managing teams, or overseeing key initiatives. Providing employees with a sense of ownership not only recognises their competence but also instills a deeper commitment to the success of their work.
Building skills for resume
Investing in employees' skill development not only benefits the individual but also adds value to the organisation. Offering training programs, workshops, or educational opportunities contributes to the growth of the team’s skill sets and equips them with valuable skills for their resumes. It serves as a tangible and marketable benefit, contributing to their professional development and career advancement.
Time
Granting additional time off or flexible work arrangements acknowledges the importance of work-life balance. Providing employees with the flexibility to manage their time according to personal needs and commitments shows a commitment to their well-being.
Recognition
Recognition is a powerful non-monetary reward that can take various forms, including verbal praise, written acknowledgments, or public appreciation. Acknowledging employees for their exceptional performance not only boosts morale but also reinforces positive behaviour. Recognising achievements in team meetings, company-wide communications, or through internal platforms creates a culture of appreciation, motivating employees to continue delivering outstanding results.
Training
Providing employees with access to training opportunities enhances their professional development. This could include workshops, seminars, or online courses relevant to their roles or career aspirations. Investing in continuous learning communicates a commitment to their growth within the organisation, contributing to job satisfaction and increased loyalty.

 

These rewards not only acknowledge the immediate achievements but also focus on the long-term growth and well-being of the individuals within the organisation.

What are the benefits of non-monetary incentives?
1
The reward can be given immediately.
Unlike monetary incentives, which may be tied to payroll cycles, non-monetary rewards can be delivered promptly, providing instant recognition for outstanding performance.
2
They are memorable.
Whether it's public recognition, a personalised thank-you note, or participation in a special project, these experiences create lasting impressions and foster a sense of pride and accomplishment.
3
They provide great value for money.
Non-monetary incentives may be more budget-friendly for organisations compared to traditional monetary rewards, allowing companies to allocate resources strategically while still effectively motivating and engaging their workforce.
4
They tap into intrinsic motivation.
Recognising and addressing the individual needs and desires of employees sparks a sense of purpose and passion, driving them to perform better because they find fulfillment beyond financial compensation.
5
They help engage employees.
Regular acknowledgment and rewards contribute to a positive work culture, fostering a sense of belonging and commitment among team members.
6
They can help with attraction and retention.
Organisations that prioritise employee well-being, growth, and recognition are more likely to attract top talent and retain valuable team members.

 

What’s interesting is that there’s no one-size-fits-all approach when it comes to rewarding good performance.  Employees within a team bring diverse skills, motivations, and preferences to the table, so you need to tailor your incentive system to meet their unique needs. What resonates as a meaningful reward for one employee might not have the same impact on another. By taking the time to know each team member, acknowledging their contributions, and considering their preferences, you can create a more inclusive and effective reward system. 

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