monetary vs. non-monetary awards: comparative studies
TRANSCRIPT
Monetary vs. Non- Monetary Awards:
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Comparative Studies
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many factors influence performance
Perceived value of the reward – relative to the perceived effort to attain it.
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Knowledge and Skills of those participating
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How well the rules and standings are communicated.
Overall alignment of the program design to the desired business outcomes.
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Nothing is as important as
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Nothing is as important as
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the choice to offer non-monetary awards.
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In other words –
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In other words –
the rewards you include in your program directly impact your results.
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Non-Monetary Reward Results:
32% sales increase
Tire Manufacturer Dealer Reps
for example:
Non-Monetary Reward Results:
32% sales increase
Monetary Reward Results:
22% sales increase
Tire Manufacturer Dealer Reps
for example:
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Non-Monetary Reward Results:
18.2% over objectives
Automotive Dealer Sales Managers
another example:
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Non-Monetary Reward Results:
18.2% over objectives
Monetary Reward Results:
9.5% over objectives
Automotive Dealer Sales Managers
another example:
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and finally:
Non-Monetary Reward Results:
$66,540 total revenue per rep
Window Manufacturer Dealer Reps
and finally:
Non-Monetary Reward Results:
$66,540 total revenue per rep
Monetary Reward Results:
$51,560 total revenue per rep
Window Manufacturer Dealer Reps
and finally:
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“Monetary vs. Non-Monetary Awards: Comparative Studies” Review the full research that demonstrates how non-monetary rewards are stronger motivators and drive greater results.
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