Top 6 non-monetary benefits in the UAE
Incentive programs are a great way to reward employees and boost motivation at work. When employers think of the incentives that their employees would like, cash incentives, bonuses, and gift cards often come to mind. However, these days employees are often looking for more personalized incentives from their employers. While monetary rewards are still appreciated, it now takes more than financial rewards to retain and motivate a workforce. In this Pacific Prime Dubai article, we cover the top 6 non-monetary benefits that your employees are bound to appreciate.
Why non-monetary benefits are a good idea
Before we get into the non-cash employee benefits that could work for your company, we should discuss the benefits of non-monetary incentives so you know why they matter.
Nowadays, employees tend to be more enthusiastic about non-monetary incentives than they were in the past. This is likely due to our desire to feel appreciated by those we work for and with. Whether it’s a one-on-one lunch or a bonus annual leave, non-cash benefits are more significant than giving employees some extra money to spend on something that they’ll probably forget.
Incentives of this nature go a long way in creating a lasting impression on employees and makes them feel like they are recognized for their contribution, and that they are a part of something bigger. Here are some of the benefits of non-monetary incentives to keep in mind.
They stand out
Picture when someone gives you a thoughtful gift versus when they give you a gift card. Which one are you more likely to remember? Unlike monetary incentives that get grouped with everything else money-related, non-monetary incentives are easy for employees to recall, thereby making them more valued.
They attract young professionals
These days, Gen Z, millennials, and young professionals entering the workforce are more attracted to fringe benefits, or benefits that supplement their salary. Young professionals are looking to join companies that offer fringe benefits such as employee perks, wellness initiatives, and extra days off, to name a few.
They are easier to discuss
Employees want to be able to talk about the incentives they receive for their accomplishments and hard work. It’s easier for employees to share their excitement about the lunch with their manager, their workplace wellness retreat, or their company trip than it is to share details about the bonus they received.
The top 6 non-monetary benefits employees are after
Now that you recognize the benefits of non-monetary incentives, it’s time to decide which incentives are suitable for your organization and your employees. The following are some of the most sought-after non-monetary incentives that employees are looking for.
Don’t feel like reading? Check out our video of the top 3 non-monetary employee benefits for employers to consider here:
1. Flexible work arrangements
Flexible work policies make it possible for employees to choose when and where they work, making it a huge non-monetary incentive for most. Remote work arrangements, telecommuting options, and flexible work hours are great incentives. This type of flexibility makes it easier for employees to achieve a work-life balance, as well as allows them to make the most of their most productive time. Not only do flexible work arrangements make work more enjoyable for employees, but it also increases employee engagement and loyalty.
2. A rewards and recognition program
Effective employee rewards and recognition programs are a great incentive. After all, giving employees recognition for their hard work can go a long way in making them feel valued. These types of programs work best when they are personalized, and also allow employers to get creative. While a ‘thank you’ email or card can do the trick, an honorable mention at a large meeting or on your company’s social media page can be even more special.
3. An extra day off
Extra days off are pretty much the perfect incentive since everyone can appreciate them. We could all do with an additional day off on top of our annual leave days and weekends, whether that’s to see to personal responsibilities, catch up on sleep, or spend time with loved ones. Plus, employees will come back to work feeling appreciated and motivated, making it a win-win situation.
4. Courses and workshops
An employee who wants to improve their career or personal skills will be motivated to take courses on their own. However, they might not be able to afford such training or have enough time for it. As an employer, consider providing courses and workshops so your employees can access them and improve their skills. They will also appreciate that you are investing in their personal development.
5. Employee Assistance Programs (EAPs)
Employee Assistance Programs (EAPs) are created to help employees resolve their personal issues that could otherwise affect their work performance. Some of the most common issues that an EAP can address include:
- Alcohol or substance abuse
- Child care needs
- Financial issues
- Relationship problems
- Stress and/or burnout
6. Health-related benefits
These days, employees expect to receive health insurance benefits from the company they work for. Aside from health insurance coverage, other medical-related benefits that can contribute to an effective employee benefits plan include gym memberships and mental health wellness programs.
While there are other non-monetary benefits that employees can appreciate, such as experiential rewards and mentorship programs, the six incentives mentioned above will go a long way in making your employees feel like they’re valued and working for the right company.
Need help with your employee benefits plan?
There are no limits when it comes to incentives you can offer your workforce. However, you have to consider what will work for your employees and what your budget allows. Fortunately, Pacific Prime Dubai can do all the hard work for you.
As a specialist in employee benefits in Dubai and the UAE, we have the knowledge and expertise to create the ideal benefits package. We are also a leading global insurance broker, which means we can help you secure group health insurance, as well as other types of insurance. Contact us for impartial advice or a free plan comparison today!
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