Why Use Non-Cash Incentives?
Non-cash incentives have already overtaken cash rewards as a motivating force in corporate environments. Over time, organizational leaders have learned that they’re much more reliable in terms of getting the kind of performance they want to see from their employees.
But a study conducted by the Aberdeen Group has underscored the truth of the inherent value of non-cash incentives as motivational tools.
Distributed by the Incentive Research Foundation, the Aberdeen study reveals that top-rated companies with accelerated sales growth pinpoint non-cash incentives as pivotal to that growth, at a rate of 63% of study respondents.
These aren’t just organizations across the board. These are organizations with superior sales records, attributing those enviable results to non-cash incentives. Why use non-cash incentives? To boost your sales, apparently!
Every progressive organization knows that human resources are the key to creating the organizational growth and success they’re hoping to achieve. When people’s efforts are rewarded with non-cash incentives that speak to them, they feel valued and special.
There’s no question that everybody likes having money to do the things they need and want to do and to live comfortable lives. But beyond those creaturely needs, there’s a strong desire to feel recognized for contributions made at work.
Only non-cash incentives can answer that need. Being a winner is something we never forget. Working toward the goal of achieving the incentive on offer is part of that. Winners of incentives remember the work involved and the thrill of coming out on top all their lives.
The genuine charge people get from being awarded something they can enjoy and remember long into the future is one of the most compelling reasons non-cash incentives work.
Money is easily spent.
Cash rewards have long been the accepted employee motivator, but it’s the rare person who gets a memorable rush from banking a slightly fatter cheque, or a cash bonus (which is probably already earmarked for some outstanding need).
Simply, there’s no experience attached to cash. It’s spent easily, especially after it’s been through the taxation mill. A non-cash reward that offers a premium product (a plasma TV, for example), or a once-in-a-lifetime vacation in an exotic destination, will be experienced and remembered by those who achieve them.
Non-cash rewards are like getting the Blue Ribbon for your pie at the country fair. That ribbon means you won. Your pie was better than all the other pies and so, that ribbon represents a meaningful experience of rising above the competition.
Premium experiences with the leader.
Incentive Travel Group creates premium experiences that inspire and motivate your employees. Speaking directly to their most yearned-for experiences, we create incentive travel programs that light the fires in their bellies.
We bring you leading edge logistics expertise, coupled with superior planning and execution, developed over more than 20 years in the industry. With outsourced expertise creating your incentive travel program, your organization can focus on success.
Why use non-cash incentives? They’re proven to succeed where cash incentives fail. Contact us to find out how you can deploy effective non-cash incentives.