What do employees want? Cold, hard cash, according to a recent survey by Accountemps, a financial staffing firm based in Menlo Park, Calif.
In fact, 46% of 1,400 CFOs surveyed said they feel that bonuses are the most effective way to reward team members after major projects.
CFOs were asked, "Which of the following do you feel is most effective in rewarding your team after major projects?" Their responses:
- Bonus -- 46%
- Time off -- 17%
- Departmental lunch or social gathering -- 16%
- Do not reward -- 15%
"When budgets are tight, non-monetary perks such as time off or a departmental celebration can be valuable tools to acknowledge staff accomplishments on a major project," says Max Messmer, chairman of Accountemps. "But employees also expect financial compensation for their efforts, which can be an effective retention tool."
Messmer added that recognizing personnel who go above and beyond the call of duty is essential to keeping them motivated. "The objective is to create a working environment that provides meaningful, tangible incentives and rewards. Such a workplace attracts quality people and creates a setting that maximizes productivity, enhances job satisfaction and protects the firm against the loss of good employees who may be difficult to replace," he said.