The battle between monetary and non-monetary employee recognition and reward

By Kylie Terrell, Employee Engagement Consultant

Whether employee rewards and recognition is a new concept for your business, or you’ve had a programme running for years, you’ll mostly likely ask yourself whether rewarding employees with financial rewards really has a positive impact on employee engagement, and whether that investment is worth it for your business.

People wrongly think they need to choose one over the other, but the truth is your employees need both non-financial recognition and financial reward.

When recognition for a job well done is given generously and freely between leaders and peers, your business has the potential to build a strong culture of gratitude and community. The addition of reward builds on top of that foundation with a strong employee reward system and supports employees to understand the difference between good and great. Imagine if you told your top performers 30 times a year how great they were, how valuable their contribution was, and what a huge difference to the bottom line their behaviour made but failed to ever reward them for their discretionary effort?

There’s a lot to consider between monetary vs. non-monetary rewards, so click here to read more.