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When Monetary Rewards Are Not Possible
Stacy Klund
December 15, 2003
Events triggering trouble
Low unemployment rate makes hiring difficult (2000 & 2001)
Attack on the World Trade Center (2001)
Recession lowers company earnings (2002)
War tightens up corporate spending (2003)
Companies reduce spending by:
Freezing raises
Halting hiring
Cutting budgets
Delaying projects
When cash is not available . . .
How does a company motivate employees?
How does a company retain employees?
Research question
Do employees perceive non-monetary rewards and recognition as positive influencers of their job performance and retention?
Goals of this research
What non-monetary items are valued most?
Do the same items both motivate and retain employees?
Survey
Population Client Service Technologies in Minneapolis 102 employees Convenience sample
Design Paper survey Inter-office mail 40 questions
Question categories
Work-life balance
Job characteristics
Recognition
Celebrations
Rewards
Team and community involvement
Relationship with leader
Survey items
I appreciate receiving public recognition for accomplishments in a group setting
It is important for me to work on assignments that increase the depth of my skills
Survey response
67 surveys returned
Response rate of 66%
Favorable responses reported
Work-life balance
Flexible schedule (99%)
Leader support (88%)
Remote location (85%)
Flexible job structure (84%)
Part-time option (54%)
Job characteristics
Meaningful work (94%)
Challenging assignments (93%)
Opportunity of new skills (93%)
Increase in depth of skills (91%)
Preparation for different career path (79%)
Formal training (52%)
Recognition
Leader verbal recognition (95%)
Leader written recognition (94%)
Peer verbal recognition (92%)
Peer written recognition (87%)
Company written recognition (82%)
Company verbal recognition (61%)
Celebrations
Team or project celebrations (93%)
Team lunches (78%)
Team outings (75%)
Team building activities (63%)
Department celebrations (61%)
Company-wide celebrations (39%)
Motivation and retention affected by same characteristics
Flexible work schedule
Challenging projects/assignments
Meaningful work
Opportunities to gain new skills
Paid time off
Answer to the research question
Do employees perceive non-monetary rewards and recognition as positive influencers of their job performance and retention?
Yes!
Recommendations for leadership group
Support flexible work arrangements
Create challenging projects and assignments
Recognize your employees
Celebrate with your team
? ? ? ? ? ? ? ? ? ? ? ? ? ?
Questions?