What are the Best in Class Non-Monetary (e.g. Non-Bonus, Non-Stock, or Non-Salary) Benefits for Innovation Based Companies?
Hung, Elysia; Wang, Kan
[Excerpt] Different employee groups have different preferences in terms of non-monetary benefits. Employees who move from organization to organization quickly might prioritize work environment, whereas others might emphasize career development. Thus, when creating non-monetary benefits systems, it is important to recognize differences in what employees value. Nonfinancial rewards can also foster perception of fairness and can play an important role in employee engagement. The top reasons that employees leave an organization are nonfinancial reasons, such as poor work climate, lack of career development opportunities, and unclear direction of the organization. To target these key issues, we focus on three major components of non-monetary categories and case examples of nonfinancial rewards for each: work life balance, career development and learning, and company culture/employee engagement.
Human Resources; HR; non-monetary; benefits; rewards; innovation; innovation based company; career development; non-financial rewards; work life balance; learning; culture; employee engagement; workforce; women; gender; diversity; reduced work schedules; time off; child care; elder care; flexible work hours; coaching; mentoring; tuition support; conferences; sabbaticals; high potential employees; career maps; competency model; communication; health insurance; free housing; alumni programs; morale; pet friendly; attracting talent; talent
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