Posted in:Total Rewards
It is well understood that a strategic Bonus Program is an important part of most companies’ compensation packages. Whether it is an annual bonus program, merit bonuses, or achievement bonuses, monetary rewards are valued by employees across all sectors.
Rewarding your star employees, however, can – and should – go beyond monetary bonuses. For instance, Millennials have been shown to value non-monetary rewards just as much as, if not more than, cash rewards.
A recent feature in USA Today told the story of 28 year-old Account Manager, Ali Dockery. Upon winning a sales goal challenge, Dockery was rewarded not with a cheque, but with tickets to the World Series. “Having this unforgettable experience with my dad was so much better than a cash incentive, which would have disappeared into my bank account or gone to pay rent,” she told USA Today.
Her employer, Eventbrite, is just one of many organizations embracing non-cash rewards that range from gift cards and other tokens to extra paid time off, professional development support, and even simply giving praise to recognize people who contribute and go the extra mile.
Other major players who are leading the way in terms of non-cash rewards include:
EllisDon rewards employees with shortened work hours in the summer, allowing staff to take full advantage of Canada’s fleeting summers. EllisDon also focuses more on ensuring responsibilities are taken care of than restricting employees to a specific number of vacation days each year.
ComPro Business Solutions
ComPro motivates employees with perks such as laser tag outings, company barbecues, and go-karting days. Whereby, they make great efforts to build team cohesion through social activities.
Toyota Motor Manufacturing Canada
Toyota’s Canadian outpost offers a strategic employee recognition program that includes birthday lunches, service awards, and a professional development program that covers the cost of tuition fees, books, memberships and licenses.
Other low-cost, high-value rewards that you can provide to your employees include team-building excursions, special work assignments, expatriate assignments, and sabbaticals. Your Honiva HR Services Consultant can help you create an effective non-cash rewards program that will bolster your ability to remain competitive and retain top-notch talent while keeping your budget top of mind.
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