Some people argue that you hire a person to do a job, you pay that person an agreed-upon rate, and you expect him or her to just do the job; what’s the need for further motivation? However, many studies have found that money, surprisingly enough, isn’t one of the top things a person needs to feel complete or content in a job. In fact, job security, advancement, type of work, and a company you’re proud to work for are highly motivating factors. Pay, benefits, and working conditions are much lower on the list that one would likely think. Personal recognition, enjoyment of a job, feelings of fulfillment in a job, and personal relationships also rate high in a variety of studies.
All of this means that money isn’t everything. (But don’t let this be an excuse to pay or reward employees unfairly!). And when it comes to money as rewards (aside from regular paychecks, of course), those in the know say that cash isn’t a good incentive or award. The reason for this is that money lacks the strong impression that a reward should make. Months after winning a cash award, people are less likely to remember the program or the feelings associated with winning the money. Instead, an object that will remind employees of the hard work spent will be more valuable to you and to the employee.