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Word Count: 1,131
The very word conjures up images of money-a bountiful sum in cash or checks a generous amount richly deserved paid in return for good works of some kind But in todays economic and employment environment giving someone a cash reward for work beyond the call of duty-a raise or a bonus-often has less impact than the employer intended It simply isnt as surefire an employee retention tool is it seems to be 1Giving monetary rewards is like giving cash as a wedding present-useful no doubt but not very personal and not very thoughtful 2Cash rewards are one-dimensional They mainly address the employees financial needs contributing only by implication to her or his needs for emotional fulfillment and psychological satisfaction 3Bonuses and raises can trigger ill will among those who dont get them threatening workgroup or department team spirit 4Any company-including the company wooing your best people-can easily match a cash reward That can result in a bidding wars that end up seriously distorting a companys salary structure 5Cash rewards nibble away at the bottom line And if they dont do their job-motivating or retaining the good employee-theyre money wasted But the biggest reason of all is that monetary rewards for work well done often arent what employees really want even though they may not realize that How can this be Isnt money what we all want and need Well yes obviously We all need money And there is and always will be a role for bonuses raises cash gifts and stock options But when we go beyond the call of duty at work we want something else according to Bob Nelson in his book 1001 Ways to Reward Employees What we want-more than anything else--is recognition This contention has been proven in numerous studies The best way to motivate people to perform at the highest levels the most effective tool
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