The Indian Information Technology (IT) sector continues to experience increasing employee turnover and changing workforce expectations, making non-monetary rewards an essential component of talent management. This study examines the impact of non-monetary rewards, including flexible work arrangements, employee recognition, career development opportunities, learning and upskilling, wellness initiatives, and work-life balance, on employee satisfaction and retention in Nifty 50 IT companies. Using a descriptive and analytical research approach, the study explores the reward preferences of Millennials and Generation Z employees and evaluates emerging practices such as AI-enabled recognition systems. The findings indicate that well-designed non-monetary reward strategies significantly enhance employee satisfaction, strengthen organizational commitment, and reduce turnover intentions by fulfilling employees' psychological and professional needs. The study recommends adopting a comprehensive non-monetary reward framework to build an engaged, productive, and sustainable workforce in the Indian IT sector.