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.
It is extremely important that organizations shift their focus from pouring money into their employee rewards programs to ensuring their proper design and implementation.
Non-monetary awards can provide a cost-effective way of assuring the employees that they are valued and appreciated for their hard work and contribution.