19th Jan 2022
Cash Is Not King
Give them some extra money. That is a quick and easy approach. But we all know that what is quick and easy is not always the best answer. Sure, money is going to make them happy, at least temporarily. Studies show the impact of cash recognition is three to ten days.
Additional cash or gift cards received as recognition is often seen as just an extension of their salary. It mixes right into their bank account with money from their paycheck and is spent on groceries or bills. Why they received it is forgotten. There is nothing to remind them of what they accomplished, that they were recognized for it, or to encourage them to repeat those behaviors that will further your company with continued innovation. Cash has very little to no impact on long term growth and employee engagement.
If you want to engage and reinforce innovative behaviors, you may want to invest in a tangible reminder. This could be any number of different awards, certificates, or desk items. Personalized items such as insulated drinkware or coffee mugs, or even collectible coins. Items such as these create “trophy value,” something that provides a continual reminder to your employees that the company values them and the work they are doing.
We want to feel valued and valuable; we want to know that we, our work, and our ideas are important. Recognition and rewards need to be more than just money. Tangible awards create the symbolic connection to appreciation of one’s efforts that makes it an award rather than a gift. Recognizing your inventors reinforces the relationship between your organization, your inventors, and their contributions to the shared mission, vision, and values of your company.
“Since tangible non-cash rewards generate greater anticipation, discussion, and “afterglow” than cash rewards, they generate greater impact during and after the implementation of the incentive programs.” Incentive Research Foundation
Tangible awards are a better solution than cash when it comes to inventor recognition. Therefore, what you choose to recognize your inventors with, should be carefully thought out.
See some of our other helpful articles…
- How to attract, retain, and engage inventors