Generally, the role of non financial reward in both small and medium sized enterprises SMEs and large organizations cannot be overemphasized or downplayed as it plays significant role in employees’ retention and the organization’s growth. There are various types of non financial rewards that an employer can use to motivate its workforce in order to achieve organizational goals with due consideration to Self Determination Theory SDT , and Herzberg’s Two Factor Theory of Motivation Hygiene. When non financial rewards are properly utilized in an organization, employees become committed to organizational goals they are well motivated and staff turnover is low. This paper looks at the pros and cons, and as well as the benefits to humanity and the society inherent in the role of non financial or non monetary reward in employee retention Russian SMEs practices. Non financial rewards, employees, employee retention, motivation, motivators, demotivators, employee turnover, Self Determination Theory SDT , Herzberg’s Two Factor Theory of Motivation Hygiene, Small and Medium Sized Enterprises SMEs , economic volatility, job satisfaction, recognition. 32-41 Issue-3 Volume-10 Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadiku