Using non-monetary rewards to retain top talent

In an expanding economy, retaining top talent becomes even more important. With the country showing the strongest economic growth in over a decade, competitors will likely be looking to expand and take advantage of new growth opportunities. This means that more positions will be available, especially for those with a strong work history. As a result, talent management and employee retention becomes an even more crucial endeavor. 

However, keeping top performers satisfied is not always an easy task. Without support from leadership and a culture that is focused on engaging and rewarding its employees, organizations can quickly see their most productive team members leave for greener pastures. 

To keep employees engaged and excited about the opportunities their employer offers, it is necessary to recognize good performance. While financial incentives may not always be manageable, non-monetary incentives have been proven to work as well or even better in terms of motivating employees. An effective manager should have insight into their team members' preferences, and pay attention to what each motivates different employees. If you are unsure of the best ways to engage and reward employees, don't hesitate to reach out to them and have a conversation over lunch or coffee. 

Receiving a reward that reflects their likes conveys the unspoken message that, "My employer values my work, and sees me as more than a number on a balance sheet." This could be something as simple as tickets to go see a new movie they have been talking about, or a few hours extra PTO time so that they can make it to their child's sporting events. 

Remember, no one wants to continue working for an organization where their accomplishments go ignored. A one-size-fits-all award system is also equally ineffective. Effective retention strategies rely on clear communication and management that understand how best to motivate their individual team members.

If you are looking to boost employee engagement and retention, using non-monetary rewards can be a great strategy. However, having an organization culture that celebrates employee achievements helps engage employees from their very first day. Change management consulting can help organizations build a culture that leads to higher performance and retention.