Why Cash Is Not Always King For Rewarding Employees

For employers who believe that money is the only reward that employees value, they may want to think again.  The following post offers more information.

Employers may think giving their workers cash rewards is the best way to keep them happy, but it turns out, its those non-financial awards that lead to loyalty and productivity among employees.

“Cash rewards don’t have a long lasting effect,” says Susan Heathfield, About.com Guide to Human Resources. “Most people fritter it away and don’t spend it on something tangible or significant in their lives and as a consequence its impact doesn’t last.”

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Why Cash Is Not Always King For Rewarding Employees

The importance of rewarding employees at Christmas

If the most competitive ingredient that a business has is its people, then it follows that the greatest benefit to a business is to have decisive confident people who readily take ownership of what they do.

Yet surprisingly many businesses do not retain good people. The percentage of people that leave corporations is unnecessarily high. To invest in training for the benefit of your competition may be common practice; but surely to retain such talent makes much more sense?

It is, however, a challenge to persuade employees to take ownership and to be accountable. Initiatives are implemented, structures revised, systems put in place, and training commenced, but with what result? Employees get excited; but there is not the transformation hoped for. Why? Continue Reading