Your SlideShare is downloading. ×
0

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Monetary vs. Non-Monetary Awards: Comparative Studies

5,383

Published on

BI WORLDWIDE's experience has shown us that non-cash rewards are actually more effective motivators than cash. …

BI WORLDWIDE's experience has shown us that non-cash rewards are actually more effective motivators than cash.

Our corporate clients remained skeptical. So they conducted their own studies. We have benefitted from their skepticism, because those studies have added to a body of data that cuts across industries. This data reinforces our original conclusion: non-cash rewards are more effective motivators. Further, some of the country’s most respected academic institutions have conducted studies which further strengthen the case for the cost-effectiveness of non-cash rewards.

Obviously, many factors influence performance: the perceived value of the reward relative to the perceived effort to attain it, knowledge and skills of those participating, how well the rules and standings are communicated, and the overall alignment of the design to the desired business outcomes. But nothing is as important as the choice to offer non-monetary awards. In other words, the rewards — which may be issued in points — must never have explicit dollar values (hence the term “non-monetary”) connected with them.

Many doubt that a non-monetary reward – a reward that does not have an explicit dollar value – can drive more performance than a monetary reward, such as money, gift cards, or debit cards. Research demonstrates that non-monetary rewards are stronger motivators and drive greater results.

http://www.biworldwide.com/white-papers/employee-engagement/monetary-vs-non-monetary-awards-comparative-studies

http://www.biworldwide.com/

Published in: Business, Lifestyle, Technology
0 Comments
3 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
5,383
On Slideshare
0
From Embeds
0
Number of Embeds
14
Actions
Shares
0
Downloads
72
Comments
0
Likes
3
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Monetary vs. Non- Monetary Awards: BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Comparative Studies
  • 2. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States many factors influence performance
  • 3. Perceived value of the reward – relative to the perceived effort to attain it. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
  • 4. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Knowledge and Skills of those participating
  • 5. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States How well the rules and standings are communicated.
  • 6. Overall alignment of the program design to the desired business outcomes. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
  • 7. Nothing is as important as BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
  • 8. Nothing is as important as BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States the choice to offer non-monetary awards.
  • 9. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States In other words –
  • 10. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States In other words – the rewards you include in your program directly impact your results.
  • 11. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Non-Monetary Reward Results: 32%sales increase Tire Manufacturer Dealer Reps for example:
  • 12. Non-Monetary Reward Results: 32%sales increase Monetary Reward Results: 22%sales increase Tire Manufacturer Dealer Reps for example: BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
  • 13. Non-Monetary Reward Results: 18.2%over objectives Automotive Dealer Sales Managers another example: BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
  • 14. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States Non-Monetary Reward Results: 18.2%over objectives Monetary Reward Results: 9.5%over objectives Automotive Dealer Sales Managers another example:
  • 15. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States and finally: Non-Monetary Reward Results: $66,540total revenue per rep Window Manufacturer Dealer Reps and finally:
  • 16. Non-Monetary Reward Results: $66,540total revenue per rep Monetary Reward Results: $51,560total revenue per rep Window Manufacturer Dealer Reps and finally: BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States
  • 17. BIWORLDWIDE.com | Australia | Canada | China | India | Latin America | United Kingdom | United States “Monetary vs. Non-MonetaryAwards: Comparative Studies” Review the full research that demonstrates how non-monetary rewards are stronger motivators and drive greater results. download our whitepaper See the complete study...
  • 18. follow us... Australia | Canada | China | India | Latin America | United Kingdom | United Satees BI WORLDWIDE uses the principles of behavioral economics to produce measurable results for our clients by driving and sustaining engagement with their employees, channel partners and customers.

×