Lots of business people like to think that cash is the only thing there is in terms of workforce motivation. Cash is nice, right? You need it to get by; you need it to live; and you obviously need it to be able to get to work the next day. It also allows you to buy the things you really want when you have enough of it, right? Most people tend to think that when trying to motivate your employees, cash will do everything they need. That’s where most people tend to be wrong. Normally, when people receive cash as a reward, it just goes towards debt or bills or some other obligation, and doesn’t really motivate recipients the way their managers would like. There are tons of other rewards out there that function much better than cash ever could. These rewards are more cost effective; provide a greater ROI than cash; and provide your workforce with much more motivation.
These rewards can be undermined; however, through improper management and, even worse, underwhelming rewards. Many programs are underfunded and not supported fully by the officers of the given company, causing them to under perform. This is a shame. When properly supported these programs show proven and documented increases in employee loyalty, productivity and ROI.
A well executed and fully supported non-cash incentive rewards program can offer some of the following perks:
- I Want – When you offer a large number of available rewards you offer your participants a greater chance of having something they want but wouldn’t necessarily buy for themselves.
- Attainable – Tie your rewards to an earned points system where participants earn as they go and can redeem their points for whatever they want. This allows participants to spend or save as much as they need to get what they desire most.
- Always There To Remind Me – Cash goes away quickly and impersonally. If you reward your participant with a reward such as a mountain bike or a vacation, that is much more likely to stick with that person emotionally.
- Big Ticket – Give your participants the ability to save up for big ticket items that they or their family may want.
These rewards are personal because they allow the participant to choose what they want. They’re valuable because a participant can save for bigger items that are more valuable to them. They provide ROI by helping drive employees to want to succeed for themselves and in turn – you. To read more about employee recognition then look here.
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