Rewards and Incentives – A Novel Approach

Rewards and IncentivesEmployee rewards and incentives are a way to recognise employees for doing a good job. These can take the form of vouchers, gifts, bonuses, and so on.

Science is finding novel ways to structure rewards and incentive programmes to get the best bang for your buck. For example studies have found, if as a company you write out a cheque to a charity, this has less impact on job satisfaction, than if instead the money is allocated to employees who then decide which charity to donate it to.  And when giving other rewards and incentives, employees get the most job satisfaction from being able to recognise each other for doing a good job, with for example gifts or cards of appreciation. Than if management decides who deserves the recognition.

It is the act of giving that makes the difference. This short video shows this novel approach to rewards and incentives. You Tube: Can money buy happiness?