A bonus remains the best way to reward employees after major projects, according
to nearly half of chief financial executives surveyed by the staffing firm Accountemps.
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Download NowOf the 1,400 CFOs surveyed, 46 percent cited bonuses as the most effective
way to acknowledge a job well done. The second most popular response was giving
employees time off, cited by 17 percent of respondents.
Another 16 percent said a lunch or social gathering was the most effective
way to reward employees, and 15 percent said they offered no rewards after major
projects.
"When budgets are tight, non-monetary perks such as time off or a departmental
celebration can be valuable tools to acknowledge staff accomplishments on a
major project," says Max Messmer, chairperson of the staffing firm. "But
employees also expect financial compensation for their efforts, which can be
an effective retention tool."
Messmer added that recognizing personnel can benefit employers in several ways.
"The objective is to create a working environment that provides meaningful,
tangible incentives and rewards. Such a workplace attracts quality people and
creates a setting that maximizes productivity, enhances job satisfaction, and
protects the firm against the loss of good employees who may be difficult to
replace," he said.