Employers often use cash as an award because it is easy to obtain and distribute to their employees. Yet, employees often times do not see it as an award because it is tied to their paycheck. As Claudio Ayub points out in his article, cash goes in one pocket and out the other to pay bills; recipients do not remember what they earned in a cash incentive program. While cash may be convenient for the employer, it is not always the best motivator for employees.
A study conducted by Aberdeen Group revealed that 63% of best-in-class companies use non-cash awards, emphasizing that those types of incentives are stronger motivators for employees. Ayub adds, “There is no trophy value in cash. When was the last time you bragged about a $100 bill?” Since cash coincides with a regular paycheck, providing employees with an alternative, especially an alternative they can choose themselves, proves to be exciting and highly motivating. Many successful companies are awarding their hard working staff with a selection of gift cards, placing trophy value on workplace incentives.
Why is Trophy Value Important?
- Trophy value triggers recall. When an employee receives their award, it reminds them of the performance that lead to earning it.
- It’s a tangible item. An employee sees more than a gift card; it’s a plasma screen TV, an all-expense paid trip or a dinner with a loved-one that results in an experience they will never forget.
- It provides a story. When you reward and recognize your staff, they will remember that experience and consequently repeat the behavior that earned them that award.
What This Means to You
When choosing an effective non-cash award for your employees, it’s important to choose a reward that will be “unique and relevant to the participant so they can gain tangible evidence of their achievement and fulfill their need for acceptance, recognition and personal esteem.” An easy solution, gaining popularity in the incentive industry and meeting the requirements of a successful incentive program, is gift cards. Gift card incentive programs are non-cash rewards that lead to high trophy value with employees; providing employees with their choice of gift card creates a memorable experience not only when they receive it, but when they use it as well.
Let your employees know how appreciated they are in an effective way that keeps them motivated and loyal to your organization by visiting www.awardofchoice.com. This unique program features one card that employees can redeem for their choice of over 500 branded gift cards! Let Award of Choice work for your company and your employees.