Cash is King!Or is it?
Many organizations use noncash awards because of their staying power. Everyone loves money, but cash payments can lose their motivational impact over time. However, noncash awards carry trophy value that has great staying power, because each time you look at that television set or plaque you are reminded of what you or your team did to earn it.
“To the extent possible, you should select awards (or allow recipients to select) awards that are coveted by the recipients and, therefore, will be memorable.”
− Glenn Parker
If you ask people what they want, they will invariability say “cash.” But providing cash can be difficult if your budget is small or the targeted earnings in an incentive plan are modest. In addition, if you ...
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