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In today’s tough economic market, many companies are limited when it comes to giving more money or richer benefits.   Never under estimate the importance of non-monetary benefits when trying to attract and retain top talent! More employers are using non-cash incentives to motivate employees, yielding positive results.   It is not always dollars and cents that will attract the best and the brightest.

Here are a few ideas that won’t break the bank…

1. Recognition and praise- Many employees feel that a “good job” or simple pat on the back is few and far between in today’s face paced work environment.   Recognition can be very motivating, helping to build feelings of confidence and satisfaction.   An effective way to have an employee continue their good work and success is to offer them praise-whether verbal, written or ideally public acknowledgement.
2. Flexible hours- Many employees’ top priority is to find an ideal work/life balance which is so often challenging to achieve.   By allowing some flexibility in the work schedule desire, motivation, trust and loyalty can be increased.
3. Career Advancement Opportunities- Employees know that they need to learn new skills, grow, and continue to build on their knowledge and experience.  By taking advantage of on-going professional development, employees will feel accomplished.  Employee training and educational benefits can often outweigh an increase in salary and encourage an employee to excel!
4. Make work fun- Every office needs a boost in team spirit and morale from time to time!  Plan something as simple as a “pot luck” to gather employees or a “guess who” game, sharing and learning interesting and unknown facts about your colleagues.   Finding some time to have fun, relax, and socialize will ultimately lead to increased productivity for your staff!
5. Empowerment and Autonomy- No one likes a micro-manager.  Giving the employee the opportunity to work independently and have the power to make decisions will increase satisfaction and productivity.
6. Enhance the work environment- Sometimes it’s the little thing that can make a difference- free coffee, books and magazines, employee of the month parking space, etc…get creative!  Your employees will appreciate it and the company’s budget will too!

These types of rewards can be very meaningful and motivating to employees.  Try to take advantage of these ideas during these challenging economic times!