The battle between monetary and non-monetary employee recognition and reward

By Kylie Terrell, Employee Engagement Consultant at Reward Gateway

Whether employee rewards and recognition is a new concept for your business, or you’ve had a programme running for years, you’ll mostly likely ask yourself whether rewarding employees with financial rewards really has a positive impact on employee engagement, and whether that investment is worth it for your business.

When recognition for a job well done is given generously and freely between leaders and peers, your business has the potential to build a strong culture of gratitude and community. The addition of reward builds on top of that foundation with a strong employee reward system and supports employees to understand the difference between good and great. Imagine if you told your top performers 30 times a year how great they were, how valuable their contribution was, and what a huge difference to the bottom line their behaviour made but failed to ever reward them for their discretionary effort? There is a lot to consider between monetary vs. non-monetary rewards, click here to learn more.