I’m a free market guy so cash is king. I’d rather let people decide what they like to spend the money on. I think what’s most important is explaining the why and the what the extra cash is for in as much detail and tied to specific behavior/goals as possible. If not cash, then at least spend money on experiences (as mentioned in post) not things. We all already have too much stuff as it is.
I agree with the experiences piece. One of my favorite go to’s for my direct reports is paying for a date night/dinner with their spouse or partner. As we grow, my aspiration would be funding a trip/vacation. To your point, the key is putting up the funds and then allowing them to choose the details. I’ve never had anyone push back and say they’d rather have a cash bonus.
It's all about knowing your team and knowing what they would appreciate. In one organization petrol and cinema vouchers were a thing. When I moved to a construction company the leaders looked at me like I was mad when I suggested cinema tickets. The guys wanted KFC.
The options you've mentioned are great though. I've never thought about offering tutoring for the kids or house cleaning. As @David C Morris says below, cash is king and a Prezzi card means people can choose what they want.
Work rewards are like birthday presents - personal. When someone buys me an 'experience' present which means I have to go out and do something, I just get annoyed. Likewise, poorly chosen rewards might have the opposite effect that what's intended.
In the book 'Peak' by Chip Conley, he wrote about how he would send a cleaning crew to his managers' homes. That act was well received by his employees and their families. Also, getting to know your team should give you some insight into what really matters to them. Money is great, but it doesn't motivate everyone, and frankly in this day and age the extra money is spent before it hits your bank account.
I’m a free market guy so cash is king. I’d rather let people decide what they like to spend the money on. I think what’s most important is explaining the why and the what the extra cash is for in as much detail and tied to specific behavior/goals as possible. If not cash, then at least spend money on experiences (as mentioned in post) not things. We all already have too much stuff as it is.
I agree with the experiences piece. One of my favorite go to’s for my direct reports is paying for a date night/dinner with their spouse or partner. As we grow, my aspiration would be funding a trip/vacation. To your point, the key is putting up the funds and then allowing them to choose the details. I’ve never had anyone push back and say they’d rather have a cash bonus.
It's all about knowing your team and knowing what they would appreciate. In one organization petrol and cinema vouchers were a thing. When I moved to a construction company the leaders looked at me like I was mad when I suggested cinema tickets. The guys wanted KFC.
The options you've mentioned are great though. I've never thought about offering tutoring for the kids or house cleaning. As @David C Morris says below, cash is king and a Prezzi card means people can choose what they want.
Work rewards are like birthday presents - personal. When someone buys me an 'experience' present which means I have to go out and do something, I just get annoyed. Likewise, poorly chosen rewards might have the opposite effect that what's intended.
In the book 'Peak' by Chip Conley, he wrote about how he would send a cleaning crew to his managers' homes. That act was well received by his employees and their families. Also, getting to know your team should give you some insight into what really matters to them. Money is great, but it doesn't motivate everyone, and frankly in this day and age the extra money is spent before it hits your bank account.