Mobility - July 2020 - 49

MONETARY INCENTIVES

NONMONETARY INCENTIVES

PROS

CONS

PROS

CONS

*	 Monetary incentives
are always expected.
*	 You could retain
employees for
longer.
*	 Money speaks
louder than most
perks.

*	 More money doesn't
always mean more
loyalty.
*	 Monetary benefits
can't fix cultural
problems.
*	 Monetary incentives
are hard on the
budget.

*	 Good fringe benefits
attract millennials.
*	 Nonmonetary
incentives are trending now.
*	 Many of these benefits are inexpensive.

*	 Some nonmonetary
incentives can be a
waste of money.
*	 Full participation isn't always
guaranteed.
*	 Nonmonetary
incentives can be
an organizational
nightmare.

Options for employers are seemingly endless.
Randstad.com offers other popular ideas that have the
ability to generate enthusiasm from employees:
*	 Create a monthly office theme day to boost
morale-for example, an international food day for
which each staff member brings a dish from their
country of origin.
*	 Provide the opportunity for staff to engage in volunteer work, which not only can offer a nice break
from the office but also increases morale through
altruistic pursuits.
*	 For businesses with multiple office locations,
offer a change of scenery by switching roles for
a week or month.
These creative policies have the potential to
enhance the company's image in both the eyes of
the public and the employee, while meeting the
needs of the individual-thereby enriching the
employee experience.
THE EXPATRIATE EXPERIENCE
AND ITS HIDDEN BENEFITS
There is another perspective that is particularly
relevant to the talent mobility community: the
opportunities that assignments can provide to
talented individuals.
Whether a move is to a domestic or international location, employees typically receive pay
and benefit advantages to compensate for uprooting the individual and any family members. But
when it comes to foreign assignments, employers
often forget or ignore intangibles that accompany
employee mobility-intangibles that leadership

should promote to its advantage when employees
focus only on pay and benefits.
International assignees-and family members who
go along-have the opportunity to experience the
nuances of an unfamiliar culture, acquire language
skills, broaden their worldview, and interact with
local residents during everyday transactions such as
school, shopping, transportation, dining, and others.
Many companies also implement programs to assist
working spouses in their search to find a position in
the host country-or may offer other options to meet
their needs for educational study or volunteer efforts.
Further, the employee, now away from headquarters, is able to hone leadership, problem-solving, and
initiative skills-not only boosting the individual's
personal development on the job, but also increasing
the chance of success in achieving the goals of the
assignment. On repatriation, or even reassignment
to another location, these abilities can become useful
and valuable additions to the employee's skill set.
Worldwide ERCĀ®'s blog post "Mobility as a
Reward or Incentive" illustrates the positive points
of international assignments. "We know that younger
professionals crave experiences. After all, we're living
in an era where the word 'bleisure' is entering our
vocabulary (when employees combine business and
leisure travel). According to a study by the Global
Business Travel Association Foundation, millennials
extended work trips for leisure at twice the rate of
baby boomers and at a rate 15% higher than [that of]
Gen X travelers," notes the article.
It goes on to say, "Imagine if rewards were
experiences rather than financial remuneration.

worldwideerc.org | Mobility 49


http://www.Randstad.com http://www.worldwideerc.org

Mobility - July 2020

Table of Contents for the Digital Edition of Mobility - July 2020

Mobility - July 2020 - Cover1
Mobility - July 2020 - Cover2
Mobility - July 2020 - 1
Mobility - July 2020 - 2
Mobility - July 2020 - 3
Mobility - July 2020 - 4
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Mobility - July 2020 - Cover3
Mobility - July 2020 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com