Compensation and Benefits, an area within Human Resources that oversees employee pay and non-monetary benefits for an organization's employees, is often seen as being crucial in terms of employee satisfaction and retention.
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Financial rewards (cash, gift cards and perks) are one of the most widely utilized and effective means of rewarding employees, but there are other strategies you can employ to motivate and retain top performers.
1. Give them a day in the office
Non-monetary rewards are an effective way to show employees your appreciation. Host a special team lunch or host an employee who has earned it with a small party. Give employees one-on-one face time with leadership or take them out for casual meetings at local coffee shops; just ensure there are no work related meetings scheduled during this time!
As another way of rewarding employees, offering them a day off is an effective way of showing our appreciation. This gesture should especially come into effect after they have worked tirelessly to meet or even surpass your expectations. Talk with them to determine an afternoon that works well and make sure there is coverage if necessary.
Employees can also receive a technology or equipment stipend to stay current with the tools necessary for their jobs. This is an easy and inexpensive way to show appreciation without breaking the bank, while at the same time acting as a retention tool - giving employees more autonomy in the workplace environment while increasing overall satisfaction with your company.
2. Give them a month of Audible
One great gift you can give your employees is an Audible subscription; this will show them that you care about both their personal and professional development while keeping them entertained after work!
Employees appreciate when their employers offer non-traditional rewards that go beyond cash bonuses or vacation days; such as flexible work schedules or other perks that make life simpler or more fun for them. Offering such incentives helps set you apart from competitors while showing your employees that you sincerely care about them.
Comparably shows that Audible CEO Don Katz enjoys an average approval rating among his employees. However, Don does not score highly in any other categories on our culture survey, such as Compensation or Professional Development or Company Culture and Environment or Coworkers. Yet most of the 54 Audible employees who responded to our culture survey say they are satisfied with both their job and overall happiness.
3. Help them pay off their student loans
Millions of Americans carry student loan debt, and a recent study discovered that nearly half of job hunters consider student loan repayment benefits an essential aspect when selecting a company. To address this problem, some companies are starting to provide loan repayment benefits as part of their employee compensation packages.
Estee Lauder offers its employees a program that pays them $100 monthly toward student loan debt up to the cap of $10,000, while Carvana, an online car-buying platform, offers full-time employees up to $1,000 annually towards their student loan debt.
IRS Section 127 allows employers to offer up to $5,250 tax-free annually in student loan repayment assistance to employees through employer programs such as BenefitEd. To establish such a program for your staff members, BenefitEd offers comprehensive administrative solutions while helping determine an offer amount which meets IRS minimum wage requirements for student loan repayment programs.
4. Let them be the world champion of the office
Being tied to your desk for hours on end or having endless client meetings can become tedious over time, which is why offering flexible schedules or working from home options to your employees may help break up their routines and relieve some of that boredom.
Remind your team how their efforts are contributing to helping the company realize its vision, as employees are more likely to remain committed if they understand they have a part in its achievement.
Don't be afraid to change up rewards and recognition programs regularly; even beloved rewards may lose their shine over time; keep them interesting by regularly refreshing them!
5. Help them finish their education
Staff that feel valued as workers and as individuals tend to perform at their best and bring great results for the company. While financial motivation can help your employees to perform their best, non-financial rewards such as providing educational opportunities can also provide them with something useful - which ultimately benefits both employees and your business.
Compensation and benefits specialists oversee programs that reward an organization's employees, such as salaries, overtime bonuses, healthcare coverage, transportation benefits, PTO time off or any other perk that make working at their organization an enjoyable experience. When designing employee pay packages they often take into account prevailing wage rates, industry standards and the cost of living in their locality as well as salary/labor market surveys conducted to design employee benefits packages that comply with federal/state laws; set performance improvement goals or devise communication strategies as needed.
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