Interesting Insights on The Cash versus Tangible Rewards Debate

 

In reading Khim Kelly’s, Associate Professor of Accounting, from the University of Florida, and her team’s research on The Effects of Tangible Rewards versus Cash Rewards in Consecutive Sales Tournaments: A Field Experiment, I learned some fascinating insights.

It piqued my interest because it was a field study and not one of those in the university lab experiments. The setting was selling rugs in retail stores and incentivizing sales people with either cash or tangible rewards (gift cards from a choice of vendors) for achieving high-performance results over two consecutive sales campaigns, each of three months in length. The study was conducted in a Canadian retail store chain. The Incentive Research Federation has shown that companies are relying more heavily on tangible rewards these days over cash, as a reward vehicle with their various incentive and reward campaigns.

Does one work better than another? That is the question I was curious about. (more…)

Why Recognize Them When They’re Just Doing Their Job?

One of the standard complaints against recognition that some people make, is if people are doing their jobs, why do you need to recognize them?

A good friend of mine likens this to someone saying, “I love you!” to their partner when they propose to them and then never saying it again. When the partner desperately asks after a year together, “How come you never say how much you love me anymore?” the response is simply, “I told you when I first proposed. Why do I have to say it again?”

It get’s worse when the diehard cynics in the room confront the need for employee recognition by saying things like, “We pay them well enough, what more do they want?”

Yet, for many people, though not everyone, there is an inherent need to feel that they’re making a difference. They want to know that their contributions are valued and appreciated by others.

I am going to tackle this question the best way I can by painting a picture and letting you decide.

Remember the question: Should you be recognizing people when they are “just doing their job?” (more…)

Alternative Rewards To Headline 2016

Checking out what reward specialists are seeing in our future

What is one projected trend for rewards and recognition in 2016?

A recently released Korn Ferry Hay Group survey on alternative employee rewards found career development programs and training would likely expand over the next year across all employee levels. (more…)