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Why Cash-only Rewards No Longer Cut It [INFOGRAPHIC]
3 MIN READ
Morgan Chaney
July 12, 2016

At Blueboard, we talk a lot about the effectiveness of unique, personalized rewards and recognition for employees. That’s why we loved running into this great infographic recently shared from our friends at BambooHR. Many organizations simply throw money at high performers, hoping the cash will keep them happy. However as Bamboo’s most recent study found, money isn’t always the most effective method of recognition – it’s actually the opposite.

So how can you create a recognition program that really delivers?  Follow some of these key learnings from BambooHR’s study:

 
Recognize more frequently, with authenticity:

94% of employees who receive positive recognition on a daily basis are satisfied with their jobs. But the bad news? We’re not recognizing nearly enough. Nearly half of employees reported only getting recognized a few times a year, so there’s plenty of opportunity to share the love.

Employees ranked in-person recognition from their boss as #1, which can easily include real-time feedback between meetings or in the break room (it doesn’t have to be fancy).  Elevate your recognition game by finding more moments to authentically thank your team.

Real-time feedback is the #1 way to verbally recognize

 

Mix up your reward methods:

While money still ranks high for how employees choose to be rewarded, we were excited by how many employees prefer a title promotion over a raise, and how much employees value a personalized email from top executives in lieu of cash.  

If you are rewarding with monetary gifts, do you know how they’re being utilized?  Employees often put cash bonuses towards unsatisfying open debts like credit card statements, bills or filling up the gas tank.  We want to empower employees to challenge their comfort zones, indulge in their passions, or discover something new – opportunities that build positive employer affinity and lasting memories of their reward.  

When building your rewards program, diversify with reward options that relate to the personalized needs and wants of your employees, which will require you to think more broadly than cash and gift cards (that’s why we’re here to help).

 

Interested in better ways to reward and recognize your employees? Check out our experiential reward offerings online. And be sure to check out BambooHR’s full infographic and survey summary to learn more about the intricacies of rewards and recognition, as well as their online HR software plans for SMB customers.

Infographic and research summary created with love by BambooHR.
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