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When Monetary Rewards Are Not Possible
Stacy Klund
December 15, 2003
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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)
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Companies reduce spending by:
Freezing raises
Halting hiring
Cutting budgets
Delaying projects
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When cash is not available . . .
How does a company motivate employees?
How does a company retain employees?
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Research question
Do employees perceive non-monetary rewards and recognition as positive influencers of their job performance and retention?
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Goals of this research
What non-monetary items are valued most?
Do the same items both motivate and retain employees?
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Survey
Population Client Service Technologies in Minneapolis 102 employees Convenience sample
Design Paper survey Inter-office mail 40 questions
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Question categories
Work-life balance
Job characteristics
Recognition
Celebrations
Rewards
Team and community involvement
Relationship with leader
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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
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Survey response
67 surveys returned
Response rate of 66%
Favorable responses reported
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Work-life balance
Flexible schedule (99%)
Leader support (88%)
Remote location (85%)
Flexible job structure (84%)
Part-time option (54%)
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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%)
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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%)
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Celebrations
Team or project celebrations (93%)
Team lunches (78%)
Team outings (75%)
Team building activities (63%)
Department celebrations (61%)
Company-wide celebrations (39%)
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Motivation and retention affected by same characteristics
Flexible work schedule
Challenging projects/assignments
Meaningful work
Opportunities to gain new skills
Paid time off
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Answer to the research question
Do employees perceive non-monetary rewards and recognition as positive influencers of their job performance and retention?
Yes!
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Recommendations for leadership group
Support flexible work arrangements
Create challenging projects and assignments
Recognize your employees
Celebrate with your team
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? ? ? ? ? ? ? ? ? ? ? ? ? ?
Questions?