Cash Rewards Might Not Be King for Employees

July 17, 20149:55 am805 views
Cash Rewards Might Not Be King for Employees
Cash Rewards Might Not Be King for Employees

Everywhere we go, we can say that money talks. Cash will always be the king and the universal language that people speak.  Money is used to reward employees and also used to make amends with customers. Cash is always equated with power, influence and status.

 

Even though money makes the world go round, there is one problem. Everybody knows how much it’s worth. $100 on my hand is still $100 even if it was transferred to you. The value of the money is stated on the bill itself. You cannot get more than what’s written on the paper.

 

Gifts or tokens on the other hand have a different value. Subjective as what they say. You can definitely give your employees something worth $10 but might be interpreted as $100 for them. What if you are able to purchase a pair of concert tickets and give it to your top performer of the month? How would they see them?
This might sound very aggressive to you as this article suggests different forms of rewards for your employees other than cash. It may appear as another additional to your expenses. But it will surely save you a lot of excesses at the end of the year.

 

So, here are the other ways to reward your employees other than cash:

 

  1. Appreciation and Recognition. Noticing and acknowledging your employee’s hard work with a certificate of appreciation or by sending an email blast to the whole team stating one of your member’s excellent work or announcements during meetings can definitely be an alternative instead of giving away money for a job well done.

 

It may be just a piece of paper to some, but if it was awarded to the top employee in a ceremonial way, that piece of paper might turn out to be one of the most important papers that an employee could ever have.

 

  1. Flex hours/ working from home. Giving chances for top employees to work in flex hours or to work from home might mean a lot to them. This is very well appreciated by those who have families of their own, single parents or parents to several children.

 

  1. Food. Who doesn’t want free pizza? For a job well done, well, definitely a few boxes of pizza can be a very good treat for your tired yet deserving employees.

 

  1. Company car and other gadgets. Perks such as gadgets and company cars even just for a couple of months can definitely be a good representation of your appreciation.

 

  1. All-expense paid vacation or a dinner for two. Giving your employee a chance to be with their loved ones for free can be a great idea as a token of appreciation. If your top performers really helped you a lot in your company, then don’t think twice in giving them a day or two off experiencing one luxurious time with their special someone.

 

The above-mentioned are just some of the ways that can be used as alternatives for cash rewards for your company’s top performers. They can help your company deliver a lot and this can make your employees strive harder next time.

 

Read also: The Millennials Myth

Article Contributed by HR in Asia‘s Team.

Understand more of Employee Retention /  Understand more about Employee Relations

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