Managers may think that all an employee wants is a promotion or a raise. But did you know that non-monetary rewards can be more effective motivators? In the latest Mediabistro feature, managers and workplace experts tell how you can reward your staff without expanding your budget. “Most studies show that employees don’t actually perform better for more pay, once they have enough to live fairly comfortably,” said career strategist and former HR consultant Mark R. Gerlach. “So rewarding them in more meaningful ways can lead to higher satisfaction.” So what are some of these more meaningful ways? Here’s an idea:
The phrase “time is money” can be taken literally when devising employee rewards. Executive coach and management consultant Kathi Elster, co-author of Mean Girls At Work, recommends “allowing a more flexible schedule” when a staffer deserves a reward. She encourages offering employees a chance to work from home two days a week or going down to a four-day week for a set period of time.
For more, read 5 Ways to Reward Your Employees Without Breaking Your Budget. [subscription required]