What is Intangible Rewards ?
‘Intangible Rewards’ refers to those rewards that are provided to an employee which doesn’t have a monetary value. These kinds of rewards are usually given for any task completed successfully and they don’t cost much.
Some of the most common types of intangible rewards include praising the employees, thanking them, publicly recognizing their talent or public acknowledgement of their achievement, etc. It might also include having a team outing or a team meal.
It helps the employee receiving the reward feel recognized and motivated. Along with boosting the employee morale, it also helps in engaging the employee and improving their loyalty towards the company.
