The best reward to increase your staff's productivity is often the cheapest option. Check out this video to find out how you can create a win-win for you and your team and it won't be expensive.
Giving people cash rewards not only doesn't work — it's expensive. If you have a look back through previous videos, you'll find one talking about how creating cash rewards is actually counterproductive. The higher the cash reward, the lower the productivity.
People mostly use cash rewards for paying a bill or perhaps they may treat themselves to a fancy dinner. But at the end of the day, all of those types of cash rewards don't last long. The memory of the reason why they got that reward disappears very fast.
Another challenge with cash rewards is that the doling out of cash quite often becomes expected. Productivity doesn't improve, but the expectation of receiving those cash rewards still remains. The whole system becomes really ineffective and costly.
I've seen this happen far too often in both small and large businesses where the leader, the manager, the business owner takes the easy route and tries to find the one-size-fits-all reward for everybody. That can take the shape of either cash rewards or movie tickets or those sorts of things where very little thought actually goes into the reward.
The trouble with the one-sit-fits-all type of reward, such as cash or movie tickets, is that quite often it sends the wrong message and it creates the opposite effect of what you're trying to do with some sort of incentive. Having something with no thought put into it or something that's the same for everybody quite often becomes counterproductive.
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