3 of 33

Money

Write now Article Tools

Recognition in the workplace is certainly wonderful. Everyone likes to receive praise for their effort and hard work. But if an employer really wants to reward hard work, they'll do so monetarily.

Imagine a situation where an employee could choose between a pay raise or a boundless amount of recognition. You'd be hard pressed to find an employee who would choose the recognition over the money. And for those who would choose recognition, odds are they have plenty of money already. For the rest of us, we have to pay our bills and keep food on the table.

This is increasingly true given the state of our current economy. Our country borders on the brink of recession, if we're not in one already. Home foreclosures are reaching record highs. Inflation is becoming a bigger and bigger concern, and the dollar just can't buy what it used to. Gas prices are bordering on absurd. A pat on the back and a "Great job!" isn't going to help an individual take care of any of these problems. In tough economic times, monetary reward goes much further than recognition.

Ideally, the workplace would provide a good mix of monetary reward and recognition. The two are always more effective together. If you are constantly praising an employee for his or her work, but never giving him a pay raise, eventually he's going to lose motivation. He's going to think, "Since I'm so good at this, maybe my skills are worth more money to another company." Most likely, before long he'll seek out another job.

Treating employees right is the key to most any successful business. And those businesses know they need to reward their employees appropriately. If an employee does well, give him or her the raise that's deserved. Create a "spot bonus" plan where an employee gets a $50 or $100 bonus or gift card for doing something above and beyond the call of duty.

"Employee of the Month" plaques are nice and all, but the gesture will most likely be lost without some monetary reward as well. As idealistic as I'd like to be and say that money doesn't matter and recognition is what counts, reality is reality. Recognition makes me happy, but it doesn't mean a thing if I can't make my mortgage payments.

Learn more about this author, Sean Curtis.
Click here to send author comments or questions.

Add your voice

Know something about Motivating employees: Is money or recognition more appreciated??
We want to hear your view. Write now!