Non-Monetary Incentives Gain
Non-monetary incentives have gained popularity as a means of rewarding employees, but a recent survey found cash is still king when it comes to recognizing hard work. The survey, developed by Accountemps, found that 46% of CFOs cited bonuses as the most effective way to acknowledge a job well done.
CFOs were asked, "which of the following do you feel is most effective rewarding your team after major projects?" The responses: 46% said cash bonus, 17% said time off, 16% said departmental lunch or social gathering, 15% said they do not reward, with 4% reporting "other" and another 2% reporting "don't know or no answer."
"When budgets are tight, non-monetary perks such as time off or a departmental celebration can be valuable tools to acknowledge staff accomplishments on a major project," said Accountemps Chairman Max Messmer.