Organizations have tried everything for employee rewards over the years – from trophies, company branded merchandize, durables, electronics, holiday packages, gift vouchers, and even cash.
What is the best form of employee rewards?
Traditionally, regarded as a ‘no-brainer’ form of reward, cash rewards are falling out of favor of employees, reducing their impact on employee motivation. It is time for organizations to move away from the tradition of cash rewards and consider other options.
Organizations need to understand that successful employee reward programs do not need hefty budgets; what is required is an efficient and effective reward system that ensures that employees are rewarded in a meaningful way for their good performance without any delay.
Non-monetary rewards are gaining more and more popularity with organizations They can offer better results than monetary awards in form of greater engagement, higher retention, and increased productivity.