Compensatory bonuses are usually included in employee benefits programs. Employers believe that offering rewards and creating clear means for earning them can motivate employees to increase their efforts and produce better projects than ever.
Many companies rely on monetary gifts to achieve these objectives, but cold hard cash might not be the best resource to use. The Harvard Business Review reports that a recent study at a German university showed that tangible presents were more effective motivational tools than money. Researchers hired students, divided them into three groups (one was given a pay increase, another got a water bottle and the last received nothing) to put books away at the schools library and monitored their performance. The workers who got bottles had the highest output of everyone, while the remaining subjects produced the same results.
With that in mind, let's take a look at some of the items you can use as bonuses for your staff.
Prime parking
According to the American Express OPEN Forum, one possible solution is to give an employee a prime parking spot. If you have a large parking lot or garage, this means picking one that's close to the office so that a staff member doesn't have to walk a great distance in the rain or cold.
For establishments without a dedicated lot, there are a couple potential alternatives. One is to pay for someone's commuter pass to ensure that he or she can take the bus, train or ferry without having to buy tickets every day.
The gift that keeps on giving
Forbes suggests giving Starbucks gift certificates to top performers. However, you don't have to stop there, and you probably shouldn't because some of your employees might not like coffee or that particular chain.
Consider getting gift cards to other businesses, such as restaurants that employees frequent for lunch. Workers will appreciate this gesture when they earn their rewards and don't have to worry about paying for meals.
Flex time
Finally, Richard Martin, president of Alcera Consulting, told HR World that flex time can be a great bonus in the right circumstances and can help further the connection between an employer and workers.
"As long as the employee is deserving and doesn't abuse the privilege, this can go a long way to building trusting and mature relationships with key workers," Martin said.