Cash is still king, apparently, when it comes to recognizing your teams hard work. In a recent Accountemps survey, 46 percent of CFOs said bonuses were the most effective way of telling their people they have done a good job.
Among the responses these CFOs gave, time-off came in second at 21 percent, having a departmental lunch or social gathering came in at 15 percent and only four percent said tickets to sporting or entertainment events were the most effective way to reward their team.
Performance-based bonuses can be a powerful tool for motivating and retaining employees, said Max Messmer, chair of Accountemps, a staffing service for temporary accounting, finance and bookkeeping professionals. For those employees who have taken on added responsibilities as a result of staff cutbacks, offering some form of cash recognition can go a long way in demonstrating these extra efforts are valued.