The Power of Recognition
Some US companies still reward their employees with cash incentives - in spite of the now-overwhelming evidence that cash is the incentive that delivers the least
Recognition awards, as part of a though-out recognition program deliver a better return on your investment than writing out a bigger check to the top performers.
According to the Perform and Improvement Council, the latest research has made a "very strong case for non-cash rewards and recognition programs".
They argue that retaining your most productive employees, and stimulating greater productivity across the board, is not so simple in today's era of savvy, connected and strong-minded workers. Employees will often say they value cash above all else, and of course we all have bills to pay, but studies indicate that tangible rewards do more than cash to motivate achievement.
After all, an award comes with "bragging rights", while talking about one's bonus might seem in bad taste. The trophy or the incentive product remains as a symbol of achievement long after cash has been spent and forgotten.
The trophy or gift helps remind the recipient of that peak moment when it was presented in front of his or her peers.
All in all, recognition awards foster a healthier spirit of competition.