non monetary

Non-Monetary Employee rewards – anyone?

Cash or non cash rewards…this has generated a lot of debate for the incentive program practitioners and their patrons. What is the value of tangible, non-monetary incentives as compared to hard cash? The immediate answer could be cash, but there are many who back the concept of non-monetary employee rewards. There are sort after non- cash rewards that directly influence the perceived value of the same and enhance the worth of earning the reward as they are earned and not bought.

There is an interesting dynamic when non-cash reward is received in the form of lifestyle item, an activity or travel, which is deemed as pleasurable experience. Among the most significant rewards received by an employee is the acknowledgement for a job well done, from supervisor, peers, managers or even friend and family. Social reinforcement is achieved when others know about the appreciation. In fact non-cash rewards can sometimes be more effective as compared to cash rewards in this situation, as the receiver does not have to promote that he has earned it, making it truly special. The reward becomes extraordinary, if the individual is less likely to buy it. It augments the value of earning the reward and employees puts in additional effort to receive it. Non-cash reward can be services and items that individuals are not likely to buy, attracting the attention of their colleagues and thus amplifying the trophy value of the employee reward.

-by HiFives

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HiFives Team

HiFives is a global software-as-a-service platform for employee rewards and recognition. The HiFives team partners with its clients to understand, design and deliver employee rewards and recognition program through the HiFives platform incorporating industry best practices and thought leadership.

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