24 Non-Financial Rewards Leaders Can Use
Okay, as Leaders we are constantly looking for ways to motivate our team members for high performance. And, most of us are still aware of budgetary constraints brought to us by the Great Recession.
Yes, budgets are still tight and were established for this year using last years financial results and projections, therefore there is little room for financial rewards or big bonuses for our high performers or to engage team members with the possibility of any financial rewards.
So what do we do without any financial rewards – which managers believe is the number one method to engage their people for higher levels of performance. Well, research indicts there are a number of methods available to reward outstanding performance – even without any financial inducements.
Here is a list of 24 ways to reward your individual performers using non-financial rewards…
- Recognition by Important People in the Company
- Give ability to take action (greater empowerment)
- Have time off to do anything they want
- Self-evaluation of performance
- Participation in Strategic Discussion and Planning Sessions
- Leadership Roles with others including their peers
- Involvement in Project Management
- Tele-commuting and/or working from home
- Collaboration with suppliers and vendors
- Working with and Coordination of consultants
- Team Leadership Roles
- Involvement in the Hiring Process
- Varied and/or specialized job assignments – Including Critical Assignments
- Public face for the organization
- Overseas work or projects
- Attend external Educational and Developmental Opportunities
- Serving non-profits or community groups while representing the company
- Sabbaticals (Especially if needed for higher education or specialized training)
- Paid time off for personal projects
- Budgeting responsibility and accountability
- Increased ( or in some cases decreased) travel
- Attending Internal Training and Development Sessions
- Increased interaction with Customers – especially in a Team Selling Environment
There you have a quick reference list of things to do for providing rewards to your team members. Enjoy the excitement and renewed energy of your people.
However, one word of caution. When the company results improve and the budgets are reevaluated make certain people on your team who deserve more or those who sacrificed during the downturn are first on the list of financial rewards they have earned.
To think “regular” people do not need some financial incentives is only valid for the non-caring and purely task driven individuals. These individuals (can’t even call them leaders in good conscious) are not in touch with true reality.
Hard working and results producing individuals need their rewards – assuming you want to see more of the same type of results. Oh, by the way, there is a reason the first non-financial is shown as recognition. Try it out with anyone you catch succeeding at work.
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