By Sherry Ryan
|Like a child being given a chocolate cupcake and a big hug after cleaning her room, rewards and recognition can be powerful tools |
|for employee motivation and performance improvement. Many types of rewards and recognition have direct costs associated with them,|
|such as cash bonuses and stock awards, and a wide variety of company-paid perks, like car allowances, paid parking, and gift |
|certificates. Other types of rewards and recognition may be less tangible, but still very effective. These "non-monetary" rewards |
|include formal and informal acknowledgement, assignment of more enjoyable job duties, opportunities for training, and an increased|
|role in decision-making. This paper focuses on non-monetary rewards, and as we will see, these types of rewards can be very |
|meaningful to employees and so, very motivating for performance improvement. |
|But first, let's take a quick look at the primary goals of rewards and recognition. Jack Zigon defines rewards as "something than |
|increases the frequency of an employee action" (1998). This definition points to an obvious desired outcome of rewards and |
|recognition: to improve performance. Non-monetary recognition can be very motivating, helping to build feelings of confidence and |
|satisfaction (Keller 1999). Another important goal is increased employee retention. An ASTD report on retention research |
|identified consistent employee recognition as a key factor in retaining top-performing workers. (Jimenez 1999). |
|To achieve desired goals, reward systems should be closely aligned to... [continues]
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(2010, 12). Non-Financial Rewards. StudyMode.com. Retrieved 12, 2010, from http://www.studymode.com/essays/Non-Financial-Rewards-513949.html
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"Non-Financial Rewards." StudyMode.com. 12, 2010. Accessed 12, 2010. http://www.studymode.com/essays/Non-Financial-Rewards-513949.html.