“Cash is the currency of compensation,” points out HR.com. However, “It quickly becomes an expectation and entitlement when used for recognition.”
Recognition doesn’t require a big budget and shouldn’t be focused on cash. In fact, studies show that thoughtful recognition — not cash rewards, drives employee engagement.
HR.com adds, “Strong recognition requires timely and specific messages of thanks and praise, along with … a reward that is personal, meaningful, and culturally appropriate. It is not cash.”
The best kind of recognition communicates an emotion and creates a connection, such as telling your team that you appreciate and value them. Thank you notes, appreciation luncheons, and sincere praise can be used to motivate and inspire your team.
If you are looking to reward Team Members, consider an inexpensive gift that’s tailored to the recipient’s needs, instead of cash. For example, a Starbucks gift card for a coffee lover, or a transportation pass for a Team Member without a car. For more ideas, go to The Recognition Library.
It’s gestures like these that will be remembered long after the cash is spent.
Posted on Nov 5, 2012