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Best Non-monetary Referral Rewards
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Typically, a company employee referral program is perceived to be an opportunity to earn some extra cash. Is this the case always? Not really. Recent employee referral program trends indicate that things are slowly changing and a perception shift is seen with employees with respect to reward management. Of course, cash rewards and referral bonuses are based on the level of the position to be filled in. In addition to the monetary rewards, employee referral programs are increasingly focusing on the non-monetary or bonuses given in kind. Of course, the rewards need to be as per employee referral program guidelines. Employees are evolving and there are other expectations from the company.
Lets touch upon a few interesting options under the non-monetary benefits.
1-Gadgets and more
This is the click age. Smart phones, speakers, LED TVs etc. so many interesting gadgets are coming out every day. Employees are very fond of flaunting these, especially the junior set who consider this beyond their reach. If they were to be given a choice of few latest gadgets as a reward, they would be surely motivated to get new members on their team. To quote an industry feature, it was reported that Intel for last year had, “Last year, the prize was a choice between a $1,000 travel voucher or a home-entertainment system.”
“Money and gifts like motorcycles and flat-screen TVs are up for grabs for referring employees every quarter,” at Juniper Networks.
2-Destination holidays, trips and getaways
All employees fancy going to one particular vacation spot either with family or by themselves. By giving out a holiday package to a destination of their choice, can really egg them on. An all expense paid package coupled with few days leave thrown in, you are a winner. These employees will want to be repeating their chance at bagging another similar incentive so will continue referring good candidates. “Cognizant's referral programme, called 'Bring Another You', contributes 40% of the total pool of employees, and offers cash prizes of .`5000-50,000, paid vacation, cars.”2
At Pricewaterhouse Coopers, “Employees who make referrals are also in the running to win prizes ranging from a mountain bike to a trip abroad.”
3-Performance/appraisal linked incentive
While this cannot be a mandatory, it can be made as an attractive option. If the employee referral program is anyway going to add value to their own growth and ranking in the organization, the employee will consider it as a priority and add it to his goals for the annual review. He will focus on this aspect like he does on his performance oriented goals for the year in review.
Who does not like to be praised or recognized for their efforts? Announcing them at internal events, putting up their photo for the good job done on the notice boards or their cubicles can generate added confidence and make these people popular amongst their teams. Having a chat with the CEO or senior management can boost their sense of pride about their company. Additionally, employee referral benefits such as widespread recognition can make them feel special and they will want to continue doing better.
5-Help them pursue a passion/learning
Employees are people with unfulfilled dreams perhaps, or having no or less time to pursue their passions. A good employee referral program can offer to sponsor a class, or a course in which the employee is interested in. It could be anything from salsa classes, to parasailing, to skydiving to music; anything they desire to pursue.
6-Help them to help better
Some employees maybe passionate about doing extra for a charity or a cause they hold dear. You can have a program which donates something on behalf of the employee, thus making him come closer to supporting his loved cause. Goes a long way in expanding the goodwill of the organization internally and externally too.
Author Bio :
Savio Vadakkan is the Marketing Professional at ZALP, a unique employee referrals solution. ZALP helps organizations with company employee referral program & employee referral benefits also using advanced employee referral program trends techniques.
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