New Study Suggests Cash Might Not Just Be The Only Way To Achieve Employee Motivation

Published:Nov 23, 202308:37
New Study Suggests Cash Might Not Just Be The Only Way To Achieve Employee Motivation

The findings of a brand new examine recommend that tangible rewards encourage staff after they’re simple to make use of, pleasurable, sudden, and distinct from wage. The examine was not too long ago printed within the journal Accounting, Organizations, and
Society. A current survey of corporations in america revealed that 84 per cent spent
greater than USD 90 billion yearly on tangible worker rewards, similar to reward
playing cards, recreation journeys and merchandise in hopes of accelerating productiveness. “We found that there is, at best, mixed evidence regarding the motivational
efficacy of tangible rewards versus cash rewards,” stated Adam Presslee, an
affiliate professor on the College of Waterloo’s College of Accounting and
Finance. “It is somewhat puzzling why so many companies go to the trouble of
tangible rewards when cash rewards also lead to motivational differences.” Presslee and his co-author, College of Wisconsin-Madison’s Willie Choi, used
4 experiments to analyze the components driving the desire between
money and tangible rewards. The attributes examined embrace ease of use of the reward (fungibility), hedonic nature of the reward (need vs. want), the novelty of the reward, and the way the reward is introduced. “Rewards are constellations of attributes, and firms should focus more on the
motivational effects of the attributes associated with a reward rather than the
reward type itself,” Presslee stated. “Results confirmed that each of these
attributes – individually and in combination – increases employee effort and
performance.” The researchers suggest managers excited by motivating staff
utilizing tangible rewards could be finest served to supply tangible rewards that
incorporate these 4 attributes. [embed][/embed] “If for whatever reason tangible rewards are the only tool available, our results
show compelling evidence that employees are motivated by rewards that are
perceived as distinct from salary,” Presslee stated. “Therefore, firms looking to get the most out of their reward programs should emphasize the distinctiveness of those rewards, and the attributes above are four ways firms can do that.” Learn the Newest News and Breaking News here
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