In the corporate world, it is really advisable for employers to have award systems for their employees. Hard-working employees, especially those who have really allotted a lot of their time and skills for the benefit of the company, definitely need to be recognized and rewarded. Now, a lot of employers reward their employees with cash. Who does not want cash? Cash is definitely appreciated. But it turns out, nonmonetary awards are a lot better than monetary awards. If you are an employer, check out the following reasons why nonmonetary awards are more effective than cash incentive.
Nonmonetary awards can be inspiring and motivating
Trophies, medals, and plaques – these are things that grantees can definitely be bragged about. They can display these things on their office desks or even on their shelves at home. Nonmonetary awards can be displayed so that other employees would definitely be more inspired. One would find it hard not to get envious with a beautiful trophy or medal. On the other hand, grantees of cash incentives cannot really display and be proud of their checks or cold cash.
Nonmonetary awards last longer
Another great thing about nonmonetary awards is that they last longer than cash. They can stay on the shelves for a lifetime. Thus, a grantee can always be reminded of and be proud of his accomplishments. And because nonmonetary awards last longer, they can continually encourage grantees to be good at what they are good at. On the other hand, cash does not last for a long time. It is easily spent on food, gadgets, and other stuff.
Nonmonetary awards cost a lot less
Now some might say this – “why spend on nonmonetary awards? Why spend a lot of effort in buying such things when cash can simply be given?” Well, a lot of employers do not know that they would be able to save a lot of cash if they give away nonmonetary awards instead of cash. Various studies on private sectors have confirmed that. So in a company wherein numerous employees have to be recognized and awarded for their contributions, it can help a company save a lot of if they simply give away nonmonetary awards.
Nonmonetary awards have the same positive reinforcement effect
Well, some say that nonmonetary awards are believed to be not as effective as cash incentives in terms of motivation. People who say that believe that cash can motivate a person more than just a mere trophy or plaque. But surveys have shown that employees usually perceive cash incentives and awards as having the same value. And in fact, it does not usually matter if cash incentives or nonmonetary awards are given since grantees get motivated and feel appreciated at the same rate.
If you want high quality nonmonetary awards, you can do your shopping at Crystalplus.com. We sell trophies and plaques and we have provided these things to so many companies already. We also sell sports trophies, picture frames, drinkware, and other decorative ornaments that you would want for your office or even your home.