I think that introducing new algorithms just for the sake of diversity is not such a great idea especially if you have the intention of getting students to be proficient in multiple algorithms. Achieving proficiency in one algorithm is hard enough.
I do think that the "standard algorithms" are suboptimal for understanding and for checking your work. Here are "alternative" algorithms which I would actually make the new standard if I had the power. These are not my own inventions: they are known in the education world as "partial sum", "partial product", or "scaffold" algorithms.
Addition
This algorithm reinforces place-value concepts. Instead of placing a random "one" above the 8 (not understanding that this one actually represents ten!), we explicitly show the partial sums.
We can verbalize our reasoning: "I need to combine 789 units with 62 units. First I combine the 9 singles with the 2 singles to get 11 singles.
Then I combine the 8 tens with the 6 tens to get 14 tens (which is 140)..."
We can also check our work. The standard algorithm is hard to "debug": you can get single digit sum wrong, forget to carry, carry to the wrong place value, etc. Looking back at your work it is very hard to tell where an error happened.
With this algorithm, if the student made an error like 80 + 60 = 120 they can see exactly where the mistake was made and how to fix it.
The only disadvantage is a few extra lines of writing.
Multiplication
Again we reinforce place value. We also make the use of the distributive property explicit here.
We can verbalize our reasoning coherently: "I want 24 groups of 357 units. I start with 4 groups of 357 units. So I need 4 groups of 7, 4 groups of 50, and 4 groups of 300. Then ..."
It is also nice to pair this with an area model to see where the partial products come from geometrically.
Again we can check our work: instead of crossing things out and carrying we explicitly show each partial product. If we make a mistake on a single digit multiplication fact (like $4 \times 7 = 24$), or make a place value error (like $20 \times 50 = 100$), we can pinpoint exactly where the error was made and correct it.
Division
We can verbalize our reasoning coherently: "I have 937 units which I want to share equally with 4 groups. First I put 200 units in each group which uses 800 units, leaving me with 137 units remaining. Then I put 30 units in each group..."
Note that this reasoning continues to make sense even with decimal quotients! "I have 1 unit left. I break that unit into tenths, so I have ten tenths. I put 2 tenths of a unit in each group, leaving me with 2 tenths of a unit remaining..."
Again we can check our work and see if the mistake was with a division fact, a multiplication fact, or subtracting incorrectly.
Any use for multiple algorithms?
I do think that, if you have the time, it could be nice to very occasionaly give students the challenge of figuring out why an alternative algorithm works. The goal is not to teach them to use a new algorithm: it is to show that many methods are possible and that they are all based on reasoning.
One I like is the following alternative algorithm for subtraction:
The standard algorithm is on the left, while the "novel" algorithm is on the right.
In the standard algorithm we think about breaking down one ten into ten ones so that we have "enough ones". This is an important idea!
You could challenge your students to explain the reasoning behind the second algorithm. Can you do some more subtraction problems this funny way? Do you think it will always work? Why? Is this method easier or harder for you to use? Are there any situations where choosing this algorithm might make it easier?
This algorithm relies on the principle that $A - B = (A + C) - (B + C)$ which is also an important idea: the difference is invariant under shifts.
For an interesting situation, consider $1000 - 1$ using the standard algorithm vs. this new algorithm. Of course, if you really understand our number system you should be able to compute the difference without an algorithm. However, it is instructive to compare the "multiple borrowing" in the standard algorithm to the relatively clean treatment with this alternative algorithm.