In my previous blog I reviewed the principle that money is a very important motivator, but not necessarily the prime motivator. Non-financial rewards can be more efficient than cash and create higher impact on people’s motivation. Creating the right culture and environment can be very effective.
Many small businesses are unable to finance reward schemes for all staff, but business owners should not under estimate the non financial benefits that could make a big impact.
Non-Financial Reward Ideas
Do these Non-Financial Motivators apply to your business?
1. Working with good people in a good team
2. Working for a good boss
3. Being treated as an individual
4. Being empowered and trusted
5. Being recognized for good performance
6. Work which is stimulating and challenging
7. Good training in a professional framework
8. Promotion prospects
9. Security in the job
10. Back up from the company if there is a personal problem
11. The company identifying and dealing with stress
12. Work which allows a work life balance
13. Working for customers who appreciate going the extra mile
14. Working for a company ‘going places’
15. Working in a successful company
16. Being a fun place to work – professionally and socially
17. Not being a ‘small cog in a big wheel’
18. Working in a good environment/office
19. Being a respected part of the community
20. Able to tell my family I work in a decent job for a decent company – in other words having status and self esteem
The ultimate theme in this list is the growth of employees. Staff will always perform best when the environment is encouraging their personal growth. Create opportunities for your staff to help their career, professional and personal growth.
Taking the time and effort
Motivating staff does not necessarily need to cost your business money, but a bit of time and effort to create the required opportunities to retain staff motivation. Simple things like praise, encouragement, recognition, honest communication and growth of an individual can make a huge difference to staff morale and ultimately help the growth of your business.
And Finally Financial Rewards
In addition to the above, financial rewards can be valuable to help secure some identified key people within your business. For committed, hard working employees who provide valuable contribution, then financial rewards could help secure and retain them.
1. Profit share
2. Other Bonus based on objectives
3. Share options
4. Improvement to Conditions
6. Private Medical Insurance
7. Health Screening
8. Childcare Vouchers
9. Car Allowance
10. Life Assurance
Securing your key people with financial incentives
As a growing business, you may have established a core of people of maybe in account management roles or middle management positions who could help take the business forward. The business owner may be delegating responsibility to these individuals, allowing them to start directing the business and exploiting its full potential.
These people are clearly of value to the business now and in the future and therefore financial incentives are important to consider.
In my next blog I have put together a checklist of things to benchmark where you are in your business and hopefully trigger ideas about things that you may want to develop further.