The Difference between a Monetary and non-Monetary Reward Programme
The Difference between a Monetary and non-Monetary Reward Programme
In recent years, numerous studies have been conducted in an effort to try and identify which rewards employees desire most, and whilst many employers still hold different views on whether non-Monetary rewards are the way to go, it is important to note that value and appreciation have a different meaning to different individuals.
In our many years of experience in offering employee reward programmes to different organisations, we've found that the effectiveness of rewards varies considerably. Although money holds value and is easily understood as a reward to many people, it has an immediate gratification impact but little or no lasting value. Money is quickly spent; often on routine bills and quickly forgotten.
A well constructed employee reward programme offers enough enticing reward choices to encourage each individual to set their own preferences and is designed to understand the value placed on reward incentives. Here are some advantages of a well executed non-monetary programme as per channelincentive.com:
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Motivate specific behaviour
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Build teamwork
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Enable on-going measurement and insight
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Establish a unique competitive advantage
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Provide lasting value and linkage to achievement
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Improve teamwork
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Improve administrative efficiency
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Increase ROI and profitability
PrizeVoucher Agency offers your organisation, no-matter the size; a tailor made employee reward programme that is built to understand your employees’ motivation stimulus. We encourage businesses to motivate all their employees with an integrated plan that runs across the entire organisation and delivers a flexible wide range of incentives for your employees, ensuring that all preferences are met. Contact us today on This email address is being protected from spambots. You need JavaScript enabled to view it. for your tailor made assessment.
Tags: Employee Rewards, Increase Performance, Internal Communications, Reward and Recognition , Staff Incentive