We all want to reward employees for doing good work. However, sometimes it’s hard to know whether to give out a financial bonus or another kind of reward. We’ve written a little blog to weigh out the pros and cons, and see when it’s appropriate to use certain kinds of rewards!

Financial Employee Rewards

A financial employee reward is always going to be useful for staff. They can often be an easy way to show them that the work they are doing is impactful and benefits the company. Financial rewards are a good way to show a basic level of appreciation. Bonuses are simple, but effective at increasing productivity and morale. However, they don’t quite have the same level of sentiment attached to them as non-financial rewards do.

A few financial employee reward ideas

Bonuses

The most common financial reward, but an effective one. Quarterly or annual bonuses are a simple and efficient way to boost productivity and job satisfaction.

Commissions

Applicable to sales roles primarily – commissions are an effective way to boost productivity levels and business.

Profit shares

Make employees feel like a part of the company, if the company is succeeding financially why shouldn’t they!?

Non-Financial Employee Rewards

Whilst receiving a financial bonus is always appreciated the term ‘money can’t buy happiness’ still rings true. Money alone is not going to provide loyalty and job satisfaction. To genuinely make an impact on employees' experience working within the office, there should be some non-financial employee rewards implemented. If someone at work is struggling to stay motivated and focused at work, throwing money at them isn’t necessarily going to resolve the issue. Rewards such as verbal praise, recognition, and well-being gift boxes are a great way to make employees feel better about work.

A few non-financial employee reward ideas

Gift Boxes

Check out our gift guide blog for a more in-depth look at how you can utilise corporate gifting to improve your wellbeing strategy.

Flexible working / Extended holiday

Rewarding employees with extra holiday can be a real motivator in the office – work hard, play hard is an ethos we think most offices should champion.

Verbal praise

Simple but effective, sometimes a pat on the back and a well done can be enough to boost morale – but we’d suggest pairing this with some other rewards and incentives!

Check out this article on how you can praise people at work in a professional way: https://sg.indeed.com/career-advice/career-development/how-to-praise-someone-professionally

What do we think?

Altogether it’s probably best to maintain a balance of financial and non-financial employee rewards in the workplace. Whilst relying solely on financial rewards may help keep employees relatively happy, non-financial rewards are really what help raise team morale and create a more successful corporate environment. As with most things in life, balance is key. So it’s up to you to find a balance between financial and non-financial rewards that work within your company!

Why not check out our blog on 'How to make staff more productive through wellbeing improvement' for some more ideas on how to better your workplace!