But if you think pay and benefits are the only levers a company has for keeping your employees engaged and happy, you are mistaken. In fact, non-monetary factors may be the differentiating factor in keeping your best employees, according to . It emphasizes that creating a work environment that makes employees feel more desirable tends to engage them more at work.

This may seem counterintuitive in some ways. But this mindset may help keep your best employees, while actually decreasing your expenses.

A recent demonstrates how happy and engaged employees can boost productivity and can advocate for your company, as well. More than 50% of CFOs, however, lack an understanding of such return on human capital investments.

If your business is facing reduced salary budgets, do not fret -- yet, at least. Investing in these types of non-monetary benefits may actually do more than pay raises when it comes to creating a top-notch workplace. Some suggestions:

* I wrote about the power of remote working engagements in a past CFOWorld post. Allowing employees more freedom to choose where they work will demonstrate a level of trust and confidence that they need not be micromanaged.