Dear Students,Non-Financial Rewards are excellent supplements to Financial Rewards. Such practices of institutionalising non-financial rewards provide 'psychological income' to employees and the improve their quality of work place life.
Given below are a few non-financial rewards:
- Appreciation Letter.
- Star of the month.
- Employee of the Year.
- Excel Awards.
- Celebrating achievement of milestones.
- National Level Awards.
- Long Service Awards.
- Cultural evening.
- News Letter/House Journal.
- Informal get-together, picnics.
- Continuous training & development opportunities throughout career.
- Sports Competition.
- Clubs.
- Medha Pratiyogita (Quiz).
- Involving families ("Connect" family).
- Respect & Fair Treatment.
- Good working environment.
- High Impact Touch Points (Birthdays).
- Straight Talk.
- "Buddy Program".
- 1-on-1 Supervision.
- "Theatre" (for bringing out latent talents of employees through "fun-and-learning" on a particular theme).
- Shadow Boards (young people mix-up with senior managers in formal meetings).
Remember, an organisation should be driven more on "Value of purpose" than on "Value of performance". More so, HR is the "conscience-keeper' of business. So, the onus of creating a 'value of purpose-based organisation' rests on HR.
Best wishes,
Prof. D. P. Chattopadhyay
(Globsyn Business School)
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