I mean it may for some, but it doesn’t for others!
In our previous blog, we explored ideas to incentivise and reward your employees through experiences and time rather than the traditional cash bonus. Rewards and recognition will always center around company culture and how you as a business put processes in place to help retain those talented employees that we all have.
In our latest blog, we will explore how experiential rewards are the perfect way to engage and motivate your team.
An experiential reward is a fantastic way to motivate and encourage standout performances at work – whether that be hitting a sales target, or simply delivering a fantastic service time and time again!
Following the pandemic of Covid-19, many of us are craving experiences and adventures that we have all missed after the last two years, and this is where experiential rewards can reward and motivate your employees whilst creating some special memories.
The thought of having a fun and enjoyable experience without the financial hit to the individual will resonate with employees on a deeper level furthering the thoughts and feelings towards fantastic company culture.
Money is brilliant when comparing it to a physical asset, you can buy physical items of your own choice however it can quickly disappear. An experience will serve as a memory, it will be something your team members will always remember and appreciate.
Be it a thrilling adrenaline-filled activity, a trip to the movies, a nice meal, or a relaxing spa day – all activities link back to time away from work, strongly encouraging a healthy work-life balance for your employees.
Whilst cash bonuses may seem like a fantastic answer, in truth they’re expensive and incredibly impersonal. Experiential rewards will show your team that you have put time and thought into the reward and because the reward on offer is so tailored to their interests, employees will often work a lot harder to get that reward, and you’ll see more return on investment as a result.
You can read part one here if you need extra ideas on how to reward your team.