Corporate events and employee incentives go hand-in-hand. In order to keep your workforce engaged in events and arouse their curiosity, you have to designate a segment of events for employee awards. Especially in the annual dinners, you can present various teams with incentives and acknowledge their efforts through noncash rewards instead of cash-in-hand.
While cash is attractive as an incentive, noncash incentives can have their own charm and additional benefits. A physical object acting as a reward will be more memorable than cash, which your employee will spend in no time.
This article aims to introduce you to reasons noncash awards can be better than monetary benefits when you are arranging a corporate event.
Four reasons incentives in corporate events should be noncash
Events are an important business component that you have to indulge in, so as to survive in the corporate world. Most, if not all, of these business events are somehow related to the milestones that businesses achieve with hard work of their workforce. All good business owners are always seeking new ways to appreciate their employees for their performance and employ goodwill gestures for it.
Following are the reasons noncash incentives can be fruitful to use in your next business event:
1. Enabling collaborations
When you are handing in cash to your employees as a gift, the amount can be only too big. It will expand in no time, and there will hardly be a memory of it in their minds. In the meanwhile, you are solely putting a burden on your profits account, and raising the expectations of other employees from you, which can prove deadly.
Your other option is to get tailor-made handy products from your sponsors and collaborating businesses with the company’s logo, and a one-liner appreciation. You can employ creativity in this regard for your corporate events in Dubai with the help of planning professionals and enable your collaborators to enhance your event concept.
2. Room for uniqueness
When you are moving towards noncash incentives, you can not only benefit from the collaborations of your partners and sponsors; you can also employ a range of creative ideas. These creative ideas can either be derived from internet sources or with the help of event professionals who have experience in event incentives and goodie bag ideas.
Uniqueness goes a long way, and people remember it more than the cost of a gift. When your company has a trend of unique incentives in annual dinners, employees will be motivated to perform well and look forward to being surprised by something heat-warming in return for their sweat and blood.
3. Strong sense of belonging
When you give personalized gifts to your employees on their achievements, it improves the sense of belonging that they have with the company they work for. When they know their workplace as one that values their employees and knows how to acknowledge their role in the achievement of business goals, they have a sense of pride in hearing their name attached to their company.
For a business owner, there is no bigger achievement than that. You can tailor goals to make them challenging but, at the same time, maintain their achievability before offering an inventive, which can be something like an expensive brand’s voucher, or a mobile phone if you are a telecom production company. You can even gift the employees return tickets for a famous travel destination.
4. Source of Motivation and engagement
When you are giving away luxury noncash awards, for example, dining gift cards to a fancy restaurant, it will drive better results because maybe in this way, the employee can enjoy a nice evening with his/ her family at that restaurant. You can also give them family tickets for an expensive sport.
These things weight much more than cash in hand because it gives the sense of a perk which their workplace has bestowed upon them. You can gain maximum benefit out of such an activity in your corporate events Dubai with the help of experienced professionals. Such a gift, which is either luxury or non-luxury but is rare to get, will become a signature of your company. It will serve as a source of motivation for your employees.
Do you believe in noncash awards for employees?
Incentives can be the highlight of dinner. But you can make them much more than that as well. How? By giving out noncash incentives to your employees at annual dinners. There are many options that can show how the employer is thoughtful and appreciative of the workforce in general, and those performing exceptionally well, especially.
Make sure you are not encouraging the one-size-fits-all approach towards goals that employees have to fulfill. And make sure, lastly, that the incentive programs are frequent and an integral component of your brand.