Are Monetary Rewards Enough to Motivate Employees?

In this presentation, we will discuss the challenges of employee motivation, the role of rewards in increasing motivation, and non-cash alternatives that you can include in your rewards program. If you've been thinking about different ways to motivate your employees, then you might want to consider monetary incentives for performance improvement or high-quality work.

For a long time, leaders and managers have used monetary incentives to motivate high-profile employees, but the truth is that these influences often don't last as long as they should. Compensation works, but research shows that just the prospect of receiving money in the near future is a strong enough motivation to change behavior. A paycheck can set off a temporary fire, we can get a temporary raise that results in increased sales or productivity, but the problem with reward reliance is that it's never enough.

Non-monetary rewards are a great way to build rapport between teams and keep employees feeling that the company values ​​them. This benefit depends on how the employee feels about the job and the workplace, but busy and engaged employees will find emotional value in non-monetary rewards they can keep and display. It's important to make our people feel valued, to take steps to motivate our team, and to provide rewards for good work.

Offering an exciting job, ensuring that leadership is inspiring and supportive, and making everyone feel like they are an important part of the company's growth and progress are the main ways employers can encourage intrinsic employee motivation rather than offering monetary incentives. For many employers, employee incentives help reinforce positive behaviors, increase employee productivity, and stimulate productivity. Employee incentives can be any reward, program, or workplace recognition that helps motivate employees.

We'll also talk about how rewards can help boost productivity and motivation so your organization is always one step ahead. We'll find out why rewarding employees can be the key to retaining your best talent. Here we discuss the pros and cons of each category and discuss why in-kind incentives are best for a high ROI, high return employee incentive program that actually works.

1. A Global Employee Engagement Platform

2. Let's find out!
ARE MONETARY
REWARDS ENOUGH
TO MOTIVATE
EMPLOYEES?

3. NUMBERS
DON'T LIE 88%
65%
68%
of employees agree that it’s important
that employers reward employees for
great work
of employees actually prefer non-cash
incentives over monetary rewards
of HR professionals agreed that
employee recognition has a positive
impact on retention

4. MONEY ISN'T THE ONLY,
OR EVEN THE TOP,
FORM OF
RECOGNITION.
~ GALLUP

5. This is w
h
e
re
w
e
c
a
n

o
b
s
e
r
v
e

a

b
i
g

d
r
o
p

i
n

m
o
t
i
v
a
t
i
o
n
MOTIVATION
RESPECTIVE TO SALARY
EFFECTS ON
Less Motivation
Highly Motivated
Day
1
Day
31
Day
5
Day
10
Day
15
Day
20
Day
25
Moderately Motivated
Effects:
Reduces
Productivity
Increases
Turnover
Impact
Profitability
Negative
Work Culture

6. REWARDS
PENALTIES
Good Results
Poor Performance
Mantra for productive employees
(Carrots and Sticks)

7. NON-CASH INCENTIVES?
WHY YOU SHOULD FOCUS ON
Evokes engagement in
employees
Help your employees
acheive their full potential
Improves one's contribution
to the firm's success
Increases Productivity and
participation

8. Feel a part of the bigger
picture
Employees feel valued
Supportive of colleagues
GRATITUDE
GOES A LONG WAY
EXPRESSION OF
Go the extra mile

9. PEER TO PEER
APPRECIATION
ENCOURAGE
Creates a cycle of positivity
Improves employees' mental
wellbeing
Stimulates Pro-social behaviour
Motivates them to stay longer
with the company

10. 61% 59%
69%
41% 42%
48%
CONCLUSIONS
FINAL
Non-Monetary Rewards Monetary Rewards
IMPACT ON EMPLOYEES
Climate in the
workplace
Opportunities for
career development
Job flexibility
Typical Pay
scale
Raise in salary
Financial Benefits
program
IMPACT ON EMPLOYEES
It's true that money matters, but it's not everything.
(Based on a sample of 6300 WorldatWork members conducted by Hay group)

11. THANK YOU!
CONTACT US:
[phone]
[email protected]
FOLLOW US:
Advantage Club