MOTIVATION EMPLOYEE REWARDS US - In the financial world, cash is king. So it's no wonder why 46% of chief financial officers (CFOs) prefer bonuses as their employee reward.
After Accountemps conducted a poll among 1,400 financial executives, it found that having extra time off (21%) was cited to be second most popular employee reward. In addition, 15% said they wanted to be rewarded with a departmental lunch or social gathering, while 4% wanted tickets to sporting or entertainment events.
Max Messmer, chairman of Accountemps said that performance-based bonuses can be a powerful tool for motivating and retaining employees. "For those employees who have taken on added responsibilities as a result of staff cutbacks, offering some form of cash recognition can go a long way in demonstrating these extra efforts are valued.
However, monetary bonuses may not be feasible for all companies. In which case, extra time off or department celebration can also help to boost spirits and motivate teams, Messer added.
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