Ensuring the best from employees and for them is important to achieving organizational goals. There are diverse organizational motivational tools that have been adopted and are being adopted to keep talented hands on deck and get the best out of them. And of all the motivational tools, intangible rewards is one of the most effective of them.
Intangible rewards, sometimes referred to as intangible benefits, are non-monetary perks offered to employees occasionally in appreciation for a particular achievement or crossing a milestone. According to a survey carried out by Mercer (2010) which assesses the tactics employers are using to promote employee attraction, retention and engagement, it was established that non-cash rewards have been increasingly accepted by organizations as a means to enhance employee retention and engagement as it shows the difference in employees satisfaction on the job. Examples of intangible rewards include:
A little light shown on one's hard work can go a long way to ignite the active engagement of an employee at work. Recognition provides a sense of pride and also validates an individual's abilities, self-worth, and value to the organization. It could be in the form of awards given at annual celebrations for exceptional performance or promotion.
workplace autonomy is a micromanagement-free work environment that is based on trust. Hence, it encourages productivity, creativity, and passion by allowing employees to manage their workflow.
Employees stay progressive and happy when they work in a laid-back environment that prioritizes their well-being, they feel comforted that their employers will put their mental and physical well-being first.
organizations that support employees' skill values, and long-term objectives, and create an avenue to pick up new skills not only have retained employees, but also valuable assets for organizational effectiveness.
Employees' active engagement.