We all want credit. I have added things to do on my task list after they’ve been done just to check them off. I am always wearing my Apple Watch while chasing my daughter outside…or else, I stop to go put it on. I LOVE getting credit!
But, if you’re still giving cash bonuses or incentives, you AND your employees are missing out on all the credit!! When cash is doled out, regardless of how many surveys say we want cash, it’s spent on diapers and groceries and rent. No one wins in this situation. Chances are, the extra income is only perceived as helpful and not actually helpful. Moneyhabits.com refers to spending creep as an increase in expenditures thatmirrors any increase in income. I’ve certainly been there. The trip to the grocery store is up 20%, I take the toll lane, I buy a bath bomb from LUSH and a bottle of $30 wine…poof. No more bonus. And, when asked what special thing my company has done for me last year, I can’t remember. See, the company loses credit here and I don’t feel rewarded for any efforts made.
A non-cash reward, say a trip to Bermuda, a tv, or a watch can make an employee feel like their hard work is worthy of these gifts (which it is) and continue or excel in their productivity. They’ll love the credit. Then, when someone compliments them on their tan, their tv or their watch, they will be your advocate, your best advertisement…for both customers, and future employees.