Experiences Vs Monetary Rewards

Does money buy you happiness? The million-dollar question.

In today’s cash strapped, millennial booming world is money enough to truly engage and motivate your employees. Instead of offering cold hard cash, incentive trips have proven to be a more popular reward amongst many of our clients and their employees. If you’re looking to make a behavioural change amongst your team, an annual performance review with a potential pay rise or bonus might not be enough?

Alternatively, re-connecting your team away from the office environment, offering them once in a lifetime experiences or even just a simple away day maybe be the reward they’re looking for.

The once in a lifetime experience

For years, there’s been evidence to suggest millennials prefer experiences over monetary benefits. Individuals are looking for experiences that they can’t easily plan or buy. We live in a world where everything is accessible, offering something out of the ordinary, surprises employees and increases relationships and authenticity. Happier employees are likely to be more productive, feel less stressed and in a better-refreshed mood. Sometimes, it’s the break they need to get their work/life balance back on track.

Cash is considered just income  

Cash is considered easy come, easy go. Cash can be spent on food, mortgage payments and a whole range of mundane tasks. We’re not doubting that it won’t help your employees out financially, but when’s the last time a colleague was given a bonus/pay rise and they went around showing everyone their pay check. If you reward your employees with a trip or an award there’s a lasting impact. They feel proud, they go around telling their colleagues, team, friends and family. Incentive programmes make people feel like they’ve truly won something, they can’t stop talking about it.

Less transaction, more emotion

Cash can be easily forgotten. Cash doesn’t directly correlate to your brands’ vision and ethos, it’s simply a nice gesture from one person to another. An incentive trip feels more valuable, it’s something they wouldn’t normally buy. Employees are likely to take pictures for social media to show their friends and family, the photos will be a constant reminder of the fun times they had. The pictures are a reminder of your company to them, often evoking happy memories, giving them a sense of loyalty to your brand and encouraging further motivation.

Money does matter, it makes the world go around but sometimes to motivate your employees there are other ways. It’s important to remember that incentives shouldn’t just be a once a year, performance review task – if you want a behavioural change within the team, it starts with you creating a better platform.

Do you currently offer experiences and incentives as a benefit? For more advice & info visit our experience/incentive page or make an enquiry below. 

Contact the Make Happen team on +44 (0) 161 465 3308 or hello@makehappen.co.uk