If your company’s budget doesn’t allow for intrinsic monetary compensation, never fear. Focus on other areas where you can provide flexibility among your team. For example, can you give your employees more leverage on where they conduct their work
? Chances are that they’d appreciate having more of a say here. After all, around 60% of workers
said that they’d like to have the option of choosing where they clock in every day.Intrinsic Rewarding
Forbes article suggests, more “extrinsic” rewards, i.e. monetary compensation, are excellent and appreciated short-term bonuses for a job well done. But, they don’t offer the long-term fulfillment needed among a team. Instead, focus on rewarding your team with opportunities that affect their overall well-being. For starters, instead of placing monetary bonuses in the hands of employees directly, consider using these funds to cover the cost of learning opportunities
, such as skills courses, which team members can then choose and grow in an area that helps in their current or future roles.