Survey: Paid Bonuses Still the Best Way to Reward Employees

A new survey developed by Accountemps, a temporary staffing agency for accounting, finance and bookkeeping professionals, concluded that paid bonuses are still the most appreciated reward amongst employees. While companies are including more and more non-monetary bonuses and benefits like extra time off, departmental outings or lunches, the most preferred reward for a hard-working employee is still a cash bonus. "The objective is to create a working environment that provides meaningful, tangible incentives and rewards," said Max Messmer, chairman of Accountemps and author of "Motivating Employees for Dummies," in a statement. "Such a workplace attracts quality people and creates a setting that maximizes productivity, enhances job satisfaction and protects the firm against loss of good employees." The survey, conducted by an independent research firm, gathered responses from a random sample of over 1,400 chief financial officers in companies containing more than 20 employees. Forty-six percent of those CFOs said that monetary bonuses were the most effective reward for their team after major projects. The runner-up was time off, with 17 percent of the vote. "When budgets are tight, non-monetary perks such as time off or departmental celebrations can be valuable tools," said Messmer. "But employees also expect financial compensation for their efforts."