The majority of incentive experts advise that employees need recognition, noting that employee incentive programs should offer monetary and direct rewards.
But, it has been found that non-monetary rewards and recognition, such as a personal thank you and ‘granting attention’ are just as effective, if not more so, in enhancing morale and loyalty, thereby increasing productivity.
In an interview with Business Week, founder and former chief executive officer of 24 Hour Fitness Mark Mastrov explained that he gives his employees the ‘personal touch,’ offering “genuine concern for peoples' lives outside of work” to create an emotional connection.
“Managers should sit down with them [sales associates] and ask what their goals and aspirations are. Ask them what they want in life and how working for the company will help achieve those goals, advises Mastrov. He also recommends getting involved and asking questions about their family, friends, and passions. He adds, “It shows that you care about who they are. It earns respect and it's the easiest thing to do."
Creativity and real concern for employees will incite employee motivation and loyalty. It will also foster a sense of self-worth and value, thereby creating a contented staff. This in turn will generate employee retention and increased productivity.