Don’t Show Me The Money

Surprisingly, employers are realizing that cash rewards don’t have a good long lasting effect and value with employees. If you’re planning to hand out cash rewards for first quarter performance, don’t expect your employees to remember them. People commonly use their cash rewards to pay bills and many receivers can’t remember where they spent their cash bonuses.

Ideally, employees would use cash incentives to treat themselves and then remember when and why they earned the specific reward. However, those good intentions often fall by the wayside when the check is cashed. The realization: if you really want to reward your employees, don’t show them the money! An employer’s best bet is personalized incentives, rewards, and corporate gifts that show appreciation and gratitude and offer something unique and special.

It is a reality that very few people enjoy spend the money on a special treat for themselves – and even less splurge on a vacation or special outing. Money may at first glance seem like the best gift, but monetary rewards fall short because they aren’t memorable. Instead of feeling personally rewarded and proud of their efforts, most employees spend bonuses on necessities like groceries and gasoline, which have no lasting value.

Motivating employees with memorable rewards is a challenge, especially given the diversity of today’s workforce. Today’s employees are most motivated by rewards that fit their individual lifestyles and desires. Allowing employees to choose rewards that have personal meaning will have significant, sustained value. So why not give something that will be enjoyable and remembered for a long while?

Whether you’re considering recognition plan for the first time or you need to revamp an existing program – take your process to the next level. Your bottom line will thank you and so will your employees. It is well worth the extra effort!