non-financial rewards

• benefit-in-kind (BIK) - employees receive products, services or discounts instead of money as part of their income eg. company car
• benefit-in-kind advantages = it can help to attract new employees and retain current staff
• benefit-in-kind disadvantages = it can be difficult for the employer to find a BIK that motivates all staff
• Benefit-in-kind is also known as perks or fringe benefits
• job enlargement - employees are given additional duties on top of their normal role in the firm
• job enlargement advantages = it helps to reduce employee boredom and can make the role more satisfying for the employee
• job enlargement disadvantages = employees may be unhappy with the changes imposed by management and could become uncooperative
• job enrichment - employees are given more responsibilities and are able to make decisions on behalf of the business
• job enrichment advantages = it prepares employees for future promotions in the business
• job enrichment disadvantages = employees could make poor decisions which could damage the firms reputation
• job sharing - employees share a position in the firm - can be done in a number of ways - working one week off the next - working alternate days
• job sharing advantages = it improves work-life balance and can hep to retain staff
• job sharing disadvantages = poor communication between the employees who are job sharing can result in slow task completion
• extra holidays - employees are given more annual leave
• extra holidays advantages = it can help to retain staff in the business who value personal time over work time
• extra holidays disadvantages = it can be difficult for management to schedule holidays and ensure that there are sufficient numbers of staff available at all times to run the business effectively
• flexitime - employees choose their own working hours within an agreed time frame
• flexitime advantages = it helps to retain staff as it can reduce their commute time and improve work-life balance
• flexitime disadvantages = it can be difficult to schedule meetings as employees may want to start and end their work day at different times