Organizations continue to spend millions of dollars trying to motivate their employees with cash? Why, if everyone who has studied the incentive business in any depth knows these programs don’t work.
Instead you might want to try identity exactly what
motivates your employees through solid research. Determining solutions to do those things you
uncover is not the easiest approach to implementing an incentive program, but
it has proven to be the most effective.
We all love cash, so what are the reasons why using cash
incentives just don’t work? Here are a
few:
- People are already motivated. And additional cash incentives at best are effective only 20-25% of the time.
- You can’t motivate the middle 80% of your workforce with a single strategy. But you can provide an environment where they can tap into what already motivates them. An inducement won’t motivate performance if it’s not what the individual wants.
- Cash won’t buy engagement. You can’t read a human resources magazine without seeing something about employee engagement. It’s estimated that only 13% of employees worldwide are engaged at work.
- Most cash incentives are macro in nature, with little involvement by the immediate supervisor. Yet the most critical relationship exists between the employee and their immediate supervisor.
- Cash won’t necessary create better leaders, but leadership development definitely can. If you have the cash to spend, get something for it and invest in leadership development.
Cash incentives are the easy way out. Sometimes it’s just easier to give $25 than
creating a truly motivational timing.
The argument about of cash incentives has been around for
decades. To see more information on the
differences between using cash or non-cash as a motivational award, please
click here.
For more information on Ultimate
Choice Inc.’s products or services or other white papers please contact us at Ultimatechoiceinfo@cox.net
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