Who Wants To Know 9 Ways to Reward Good Work That Are More Effective Than Giving Money?

And two crucial secrets to making your team work.

Research suggests that non cash rewards are more effective and less expense than cash rewards. An example of non cash reward is time off and having the choice of working on projects they like. I recently visited a company in Melbourne whose staff set the production goals and all the staff wanted as their reward was to go home when the work was done. Believe it or not the staff set the production targets 25% higher than the management team had ever expected.

This small business is now thriving and has now become a thriving national business, EVEN IN A “RECESSION”. And here’s an interesting point, they don’t hire well trained professionals because professionals have “attitude” and believe everyone should be as knowledgeable as they are, and therefore they tend to talk down to people.

So here are two of their crucial business secrets:

Secret One: They hire based on behaviours not qualifications.
Secret Two: All the systems in the business were so well defined that anyone could come into their business and become productive after 5 days, as long as they had the right behaviours.

Would you like a 25% increase in your team’s profitability?

If you want to change employee behaviour research reveals that the reward will need to be between 5 to 8 percent of an employee’s salary…IF YOU USE CASH. The facts are the best rewards are not cash and they are far more effective. Non cash rewards that are effective are often only half the value of cash rewards, but believe it or not they are far more effective!

Here are nine cheaper and far more effective ways to reward staff that than money.

1. Recognition
2. Time Off
3. A piece of the action
4. Favourite work
5. Advancement
6. Freedom
7. Personal growth
8. Fun
9. Prizes.

Secret Three: The funny thing is staff are often far more satisfied when obtaining non cash rewards and the research suggests staff satisfaction drives your businesses profits sky high.

A recent survey conducted by the Gallup organisation looked at employee attitudes and the impact on business outcomes. They found that businesses where employees had high job satisfaction also had: