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Compensation: Beyond the Paycheck

When money is tight, employers have to get creative when it comes to employee rewards.  Fortunately, there are multiple little to no cost ways to show your employees how much their hard work is valued and appreciated.  Non-monetary compensation includes any benefit or reward that an employee receives from their employer that does not have a tangible value. This includes career and social rewards such as praise and recognition, opportunity for growth, job security, flexible hours, task enjoyment and friendships.  Recognition of accomplishments and regular communication are rated by full and part time office workers among the top non-monetary rewards.  Monetary rewards cannot be replaced but should definitely be supplemented by some or all of these non-monetary rewards and benefits.  Non-monetary rewards can raise employees’ self-esteem and in turn increase their motivation to work. Non-financial rewards can often satisfy employees just as well as financial by making them feel like a valued part of an organization.

A challenging job that offers employees a chance to learn new skills and grow is consistently scored high by employees when asked about job satisfaction.  Employees appreciate the opportunity to be part of the team, to work closely with management, and to be involved in key decisions.  Given the opportunity to be involved in or take on new projects and to learn new skills fills an intrinsic need in many employees as well as provides development for advancement.  Other ways to offer learning and development opportunities might include giving time off to attend classes or conferences, bringing a topic expert in to speak to a group, on-line training programs, or encouraging involvement in professional and trade associations. These types of programs can often be performed outside of working hours and the return on investment to the company can be huge.

Career advancement is also important to employees.  Employers with a formal career path program that helps employees meet their career goals, are much more likely to retain employees.  With a clear and present career path, employees will not only understand there is room to grow, but that efforts will be made from the top down to facilitate that career growth. This can create employee loyalty and a genuine caring about the business.

Recognition of employees’ work and efforts can be far too infrequent in today’s high paced work environments, but are vital to employees’ job satisfaction.  Recognition can be given in many forms from simple verbal praise to special achievement awards.  Sincere praise and thanks given to employees for their hard work and efforts is invaluable and can take many forms such as cards, lunch or coffee outings, or creating a mini break celebration to recognize them in front of team members.  Some examples of special recognition awards include a reserved parking space, employee of the month, a public thank you, mention in the company newsletter, an extra vacation day, service anniversary celebrations, annual awards ceremonies or lunch with the CEO and executive team.

Flexible hours and a relaxed work environment can increase desire and motivation. Giving a little latitude in work schedules to allow employees to take time for family or personal issues can go a long way to building trusting, good relationships with workers. Also, providing leeway within reason on dress code can make for a much more relaxing and comfortable work environment.  Many offices are trending toward more casual dress every day instead of just ‘casual Fridays’.  A relaxed work environment also applies to things like personal calls, flexible break times and allowing employees to work from home.

These are just a few of the non-monetary benefits or compensation that can go a long way in creating Employee/Employer loyalty and respect. Of course monetary compensation and awards cannot be ignored.  As a company, it is important to utilize benefits survey data, compensation surveys and salary reports in order to plan a budget, including competitive employee salaries and benefits. Competitive pay, together with employee recognition and other non-monetary compensation will help you to hire and retain a happy, talented team.  WageWatch surveys over 5,000 hotels, resorts and casino properties in the United States and the Caribbean.  WageWatch’s proprietary survey process enables human resources professionals to access the most up-to-date and accurate wage and benefits data and prepare custom reports based on their needs and requirements. Additionally the WageWatch Compensation Consulting Team is available to assist you with all of your compensation needs such as pay structure design and implementation, market competitive analysis, internal equity audits to address employer concerns and add creditability to pay practices and much more. For more information, please contact WageWatch at 480-237-6130 or contact us online.

This entry was posted on Wednesday, October 30th, 2013 at 2:01 PM and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.