As a famous saying goes, money cannot buy happiness. Hence, providing nonmonetary benefits by firms is essential in boosting the enthusiasm of employees and making them feel a part of the firm. It could be anything! Awards, thanks, praise, or even recognition of one's work. That can make a person feel motivated which will eventually benefit the company.
We asked entrepreneurs and business owners about the nonmonetary perks and benefits in their businesses and here are the responses.
#1- Going to professional events
To take some time off to further one's education or go to professional events is a non-monetary incentive. A newfound enthusiasm for their profession and an increase in their level of expertise could result from this. It's a great way to help your company and its employees grow. However, you might want to keep this choice available for courses that aren't directly relevant to your career. A culinary lesson taken at the employee's request may provide an additional source of intrinsic motivation. Consequently, it may serve you better to leave it up to the preferences of each employee.
Thanks to Hank Williams, Autowiringpro!
#2- Learning new things
A large portion of the workforce is eager to learn new things and advance in their careers. They need guidance from an experienced person to help them reach their potential. Businesses that invest in employee development through peer mentoring have a greater chance of retaining talented employees, promoting internal promotion, and creating a cohesive and effective team.
Thanks to Sean Stevens, Immerse Education!
#3- Valuing every employee
At Bar None Games, we focus on creating a culture of trust, respect, and collaboration, where everyone feels heard and valued. We prioritize employee development and offer a variety of learning and growth opportunities, such as weekly team meetings, monthly training sessions, and regular feedback sessions. We also provide flexible working hours, allowing employees to better manage their work-life balance.
Thanks to Lilian Chen, Bar None Games!
#4- Providing leeway in work schedules
One of the primary reasons employees quit their jobs is because they are unable to balance their professional and personal responsibilities. You can find a solution to this by providing options for work-from-home or flexible scheduling. Businesses that provide their employees more leeway in their work schedules have seen enormous benefits. Imagine it like a getaway, a day at the spa, tickets to a live game, or even more. They are wonderful employee benefits that when they are collectively made a part of the experience.
Thanks to Gene Fitzgerald, BOS!
#5- Providing personalized mentoring
Our business supports every employee with personalized mentoring and development. As a company that offers business coaching, it matters to us that our employees have the same access to the same guidance and information that is crucial to building a successful career. Our employees take it as writ that their workplace will encourage and support their personal development, readily accommodating any courses or coaching they elect to take in an effort to build professional skills.
Thanks to Marco Scanu, Visa Business Plans!
#6- High freedom
The best nonmonetary benefits to my business are the high amount of freedom I have. Since I do telesales I have the ability to switch my system on and off as I choose. This allows me to focus on family time when needed or to take off for lunch whenever I want. You cannot get this kind of flexibility with other jobs so being able to flip a switch on my system is great. This helps me never miss time with my family or emergencies if they come up.
Thanks to Tim Connon, Paramount Quote!
#7- Being flexible with the work schedule
Extra time off and flexible work arrangements are some of the non-monetary perks of my business. I value the opportunity to take time off when needed to recharge, pursue personal interests or address family needs. This increased flexibility in scheduling can also help reduce stress and improve my work-life balance, leading to increased morale and productivity. However, business owners need to have clear policies and guidelines to ensure that they do not abuse such perks.
Thanks to Dmytro Sokhach, Admix Global!
#8- Recognizing and rewarding employees
Here are some benefits of my business. Recognizing and rewarding employees for their efforts and accomplishments can contribute to the development of a positive company culture and enhance morale. Providing generous vacation time, paid time off, and parental leave can demonstrate to employees that their well-being and work-life balance are valued by the company. Offering perks such as free snacks and beverages, a relaxed dress code, and company events can contribute to the development of a positive and enjoyable workplace culture.
Thanks to Samar Pahwa, Health Keeda!
#9- Offering employee training programs
We research and invest in our team members' professional development to help them enhance their job skills, knowledge of the industry, and career advancement. We offer employee training programs, seminars, and workshops at no cost. We don't just aim for employee satisfaction – we want to create a meaningful career experience and a professional growth path. I believe that investing in our team members is the foundation of our success.
Thanks to Dana Ronald, Tax Crisis Institute!
#10- Opportunities to regularly work outside
Bellhop offers you stress-free movers and packers services. At Bellhop, we offer people the chance to work outside regularly, meet new people every day, and stay in excellent shape, without having to break their backs as they would in more industrialized work. We recently started requiring our office team to do at least one shift per month on a truck in order to better integrate our workforce, and we actually had to tell some people that they can only do this once per month, not more.
Thanks to Nick Valentino, Bellhop!
#11- Offering a four-day workweek
As an e-commerce business with a fully remote team, I offer Fridays off when all of our goals are met. This gives my team something to strive for and keeps them motivated. Many industries are facing a shortage of workers right now, and I think offering a four-day workweek could become a common benefit just like a 401K or dental insurance. Who says 40 hours needs to be the status quo for full-time employment? To be honest, I think the five-day, 40-hour workweek is becoming a little outdated (and modern companies are starting to catch on!
Thanks to Stephanie Venn-Watson, Fatty15!
#12- Implementing wellness programs
Here are some of the top nonmonetary benefits that we offer. Providing professional development opportunities, not only help employees enhance their skills but also demonstrate the company's commitment to employee growth. Implementing wellness programs can improve employee health, morale, and overall well-being. Hosting team-building activities, such as company outings or volunteer days, fosters team bonding, and improves communication and collaboration.
Thanks to Rohan Kadam, Biking Know How!
#13- Equipping employees with tools for success
We believe in equipping our team members with the tools they need to succeed so that they can reach their maximum potential. To support their growth and development, we offer a range of opportunities, like training programs, mentorship, and job shadowing. We produce a highly trained and knowledgeable workforce by investing in the growth of our team, but we also cultivate a culture of continual learning and progress. We encourage our team members to take charge of their own professional development.
Thanks to Simon Murray, Camera Matics!
#14- Providing work from home
Working from home is liberating for many people. This level of comfort boosts the spirits and allows you to better focus on the tasks. Additionally, advanced technology has made working from home just as efficient as working in the office, thanks to video meeting software, project management software, and other advanced tools. Just about everything you need and more to work productively is well within the confines and comfort of your own home, and is a key nonmonetary perk within our business
Thanks to Andrew Chen, Videeo!
#15- Access to educational courses
We provide our employees with access to continuing education courses as a nonmonetary benefit. This helps our employees enhance their skills and advance their careers, while also contributing to the growth and success of our company. Continuing education courses are a great way to help employees stay up-to-date on industry trends and developments. This can be a valuable investment for the company, as it ensures that employees have the skills and knowledge necessary to succeed in their roles.
Thanks to Hannah Sanderson, Clever Canadian!
#16- Taking leave for personal development
We offer a sabbatical program as a nonmonetary benefit to our employees. After a certain amount of time with the company, employees are eligible to take a leave of absence for personal development, travel, or pursue other interests. Sabbatical programs offer a great opportunity for employees to take time off to pursue personal interests or development. This can help improve employee satisfaction and retention by providing a break from the regular work routine and allowing employees to come back refreshed.
Thanks to Wishein Ali, Best in Ottawa!
#17- Providing mental health support
We provide our employees with comprehensive mental health support as a nonmonetary benefit. This includes access to counseling services and resources to help employees manage stress, anxiety, and other mental health issues. Mental health support is an essential aspect of employee well-being. By providing access to counseling services and resources, employees can get the help they need to manage their mental health and feel supported by the company.
Thanks to Adam Ng, Trusted Malaysia!
#18- Giving paid leaves for volunteer work
We offer volunteer time off the program as a nonmonetary benefit to our employees. This allows employees to take paid time off to volunteer at non-profit organizations or participate in community service projects. It encourages social responsibility and supports causes important to our employees. Volunteer time off programs encourage social responsibility and give employees a chance to give back to their communities. This can improve employee engagement and job satisfaction, as employees feel more connected to their work and their company's values.
Thanks to Lorraine Thompson, Best Florist Review!
#19- Providing wellness programs
Offering nonmonetary benefits and perks is essential for creating a positive work culture that attracts top talent, improves employee engagement, and boosts productivity. Some examples of these benefits include flexible working arrangements such as remote work options or flexible hours, generous vacation time off policies, gym memberships or wellness programs, career development opportunities like training sessions or mentorship programs, recognition programs designed to reward employees for their hard work and dedication towards the company's success.
Thanks to Vaibhav Kakkar, Digital Web Solutions!
#20- Providing free snacks
These can range from flexible work schedules, remote working arrangements, additional vacation days, and professional development resources. All these benefits are important for employee engagement and job satisfaction. They also help us attract and retain high-caliber talent, which is essential for the success of any organization. We also offer other perks such as free snacks, monthly team-building activities, and yearly company retreats. These fun activities help build relationships between employees, which is key for fostering collaboration and creativity in the workplace.
Thanks to Sweetlana Portnaya, Top10!
#21- Providing convenience and access to doctors
We prioritize health over everything. Hence, when considering a medical procedure abroad, doctor-listing businesses offer additional benefits such as convenience and access to specialists. By using these services, individuals can easily search for doctors in different parts of the world based on their preferences and find specialists who are the most suited to provide them with the care they need. These businesses can help individuals compare costs and options so they can determine which solution best fits their needs and budget.
Thanks to Pankaj Srivastava, Clinic Spots!
#22- Going for company outings
In my experience, offering flexible work arrangements can greatly improve employee satisfaction and work-life balance. Additionally, providing opportunities for professional development, such as attending conferences or receiving training, can help employees stay engaged and motivated. Other perks like company outings, team-building activities, and health and wellness programs can also contribute to a positive work culture and foster a sense of community within the team. Overall, investing in nonmonetary benefits and perks can lead to a happier and more productive workforce.
Thanks to Laura J. Taylor, Incrementors!
#23- Offering a birthday off
Here are some nonmonetary befits that can be provided. Offering an extra day or a birthday off, a longer lunch break, a later finish on Friday, or a later start on Monday are all examples of ways to reward staff with extra time off. Additionally, this is a terrific approach to show not just your staff but also your social media followers that you care. Recognizing employees for personal accomplishments is also beneficial. Write a blog on their path to reach their goals, or interview them about it.
Thanks to Rashid Khan, Dubai's Best!
#24- Conducting team-building activities
One of the most important nonmonetary benefits is a positive work environment. I also offer flexible work hours and remote work options, which help my employees achieve a better work-life balance. Other nonmonetary perks that I've found to be effective include team-building activities, professional development opportunities, and company-sponsored events such as retreats and outings. By providing these nonmonetary benefits and perks, I've been able to attract and retain top talent while also creating a strong company culture that values both personal and professional growth.
Thanks to Ranjith Tharayil, Certify Me!
#25- Organizing team lunches and fun days
Events like trivia nights, conferences, fun days, and team lunches are fantastic ways to reward your employees collectively. They also provide valuable team-building opportunities, giving employees a chance to engage with their peers and get to know each other better. This level of engagement outside the office is pivotal to a healthy workplace and company culture, so we don’t take these times together for granted as a worthwhile nonmonetary benefit.
Thanks to Dakota McDaniels, Pluto!
#26- Opportunity to keep learning
Thanks to the nature of my business, I'm always learning – from technological innovations to digital marketing practices and everything in between. I get the opportunity to work with a wide variety of clients from different industries, which keeps things fresh and exciting. I also love the challenge of finding creative and innovative solutions to marketing problems. The work can be demanding, but the satisfaction of seeing a campaign succeed makes it all worth it.
Thanks to Keren Dinkin, Epic Owl!
#27- Opportunities for professional development
Some of the nonmonetary perks we offer include flexible working hours, opportunities for personal and professional development, and team-building events designed to promote collaboration and camaraderie. These benefits have proven to be a catalyst for increased employee engagement, loyalty, and productivity. We've found that investing in our team's well-being not only enriches their lives but also drives our success as an organization.
Thanks to Thomas Costello, Reach Right!
#28- Giving every employee a chance to speak up
The vast majority of workers have fantastic suggestions that might benefit the company, but they may be hesitant to voice them. Perhaps they don't believe their suggestion will be heard, or it's outside of their area of responsibility. Give yourself a place to stand. In addition to inspiring your employees with the chance to make an obvious difference and advance in their careers, you may find new avenues of business development by looking in unlikely places.
Thanks to Royal Hernandez, Starandlink!
#29- Investing in well-being and growth
At United Capital Source, we recognize the importance of fostering a positive work environment and offering nonmonetary benefits and perks to our employees. These include flexible working hours, work-from-home options, professional development opportunities, and team-building events. We believe that investing in our employees' well-being and growth ultimately leads to higher productivity, increased job satisfaction, and stronger loyalty.
Thanks to Jared Weitz, United Capital Source!
|