An Awards Store in Manassas, VA Explains Why Non-Cash Rewards Are Most Effective
Whether you’re the manager of a team at work, the president of a company, or even a sports coach, there are going to be times that you need your people to work harder to increase performance. What is the best way to motivate them? Well, one of the most classic motivation strategies is to implement performance incentives. There are many ways to do this, but surprisingly it has been found that non-cash incentives work the best. Here’s why from an awards shop in Manassas, VA.
1) They are Memorable
One of the main reasons why non-cash rewards are effective is that they are more memorable than a sum of cash. If an employee is rewarded with a bonus on their next paycheck, they are likely to spend it on something practical, such as groceries. They are not likely to buy a nice gift for them self with the bonus money. Therefore, six months later, the bonus will probably be forgotten because the employee will naturally attribute the extra cash to their normal monetary compensation. However, if you provide an incentive that is tangible or will create memories, then the reward will mean more to the employee, and they will remember it longer.
2) They Achieve the Right Goals
The goal of an employee incentive is to help the company meet goals. This could be done by driving more sales, increasing revenue, or increasing return on investments in some other way. In other words, employee incentives are not solely used to entice new talent. Studies have shown that top-performing companies tend to reward their salespeople with non-cash rewards. Incentives other than monetary benefits tend to produce the results that you intend for them to produce.
3) They are Personal
The thing about monetary reward is that it does not require much thought, and employees know that. It is sort of like giving your mother a gift card for Christmas; she would likely view that as you taking the easy way out, not having to shop around and look for something that really reminds you of her. The same goes for cash rewards. It is easy to give out bonuses because they are something that every person would enjoy, no matter their interests or hobbies. If you go the extra mile and take the time to think of and coordinate a unique non-cash reward that your people would enjoy, then they will feel even more appreciated when they receive the reward. Therefore, the incentive will incentivize a little extra!
For more information on ways to show your employee’s some appreciation, make sure to contact an awards store in Manassas, VA, such as Award Crafters, today.
Since 1964 Award Crafters has been designing, manufacturing and distributing Awards and Recognition Items to Local, State and Federal Government Agencies. With more than 400 current supplier partnerships, (some dating back to the 1960's) you can be confident that if we don't make it in house, we can get it.
Award Crafters
8854 Rixlew Lane
Manassas, VA 20109
(703) 818-0500
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