Sometimes referred to as "perks" in business, employers often use a variety of non-monetary compensation programs to entice and attract employees. An employer can offer non-monetary compensation like free magazine subscriptions, or theater or sporting event tickets to motivate and reward employees. Whether it's providing a low-key, relaxed work atmosphere or top-of-the line computer equipment and tools, workplace perks can make the difference in where you decide to work.
Coffee and Donuts
As simple as it may sound, an employer who offers free coffee, donuts or food is providing employees with non-monetary compensation. While those fresh bagels might add to your waistline if you're not careful, a cup of 'Joe' and a fresh bagel in the morning helps to supply you with energy at the start of your day. After working hard on a special project, a lunch or dinner treat is a welcome reward for a job well done.
Companies that rely on employees staying on the cutting edge of technological or industry advances offer non-monetary compensation by way of conferences, seminars or workshop training. A few days away from the office at a high-tech conference where your travel, hotel, food and entertainment costs are covered by the company is a non-monetary form of compensation. In such instances, you not only get out of the office for a few days, but you get to travel and learn new things.
Flex schedules are one of the easiest ways to entice employees without adding compensation. Maybe you're an early riser and like to get off work early. A company that lets you start your day early, work only four days a week, 10 hours a day or offers a three-day weekend twice a month is a perk that can't be turned down. If you're a mother, a flex schedule comes in handy as you take care of your family's needs and hold down a job at the same time.
Work and Life Balances
Sometimes work puts extra demands on you that include overtime or work-through-lunch schedules to meet a deadline. If you are in a salaried, exempt position, the company doesn't have to pay you overtime. But if you need to take a half-day off here and there for personal business, a wise employer doesn't deduct those days from your vacation accrual.
When you have to adhere to a rigorous dress code to go to work, it definitely impacts your wallet. But if you don't deal with face-to-face customers, one way to offer non-monetary compensation to employees is to relax the work environment and dress code. Providing top-of-the line ergonomic workstations is another way to entice employees to stay.
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