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Do Non-Monetary Rewards Make a Difference?

Do Non-Monetary Rewards Make a Difference?. Dru Lucuta University of St. Thomas Master of Business Communication Program May, 2006. Hays Companies Background. Founded in 1994 Insurance brokerage business Headquarters in Minneapolis 250 employees Offices in 15 major US cities.

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Do Non-Monetary Rewards Make a Difference?

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  1. Do Non-Monetary Rewards Make a Difference? Dru Lucuta University of St. Thomas Master of Business Communication Program May, 2006

  2. Hays Companies Background • Founded in 1994 • Insurance brokerage business • Headquarters in Minneapolis • 250 employees • Offices in 15 major US cities

  3. Expert Opinions • Everyone has an innate need for psychological growth. • Non-monetary rewards create job retention. • Non-monetary rewards are used in an attempt to retain and nurture the best leaders.

  4. The Purpose of the Project Research Question: Would non-monetary rewards influence employee attitudes towards performance and retention?

  5. My Methods • Designed a paper survey: • Sent to 50 full-time, randomly chosen Hays Companies employees in Minneapolis office • Emailed survey as an attachment • Survey contained 14 questions And here is what I found out…

  6. Results 39 completed surveys returned out of 50 surveys administered (78% response rate)

  7. Rewards are “important” or “very important” as an influence on my performance. • Public recognition in front of other employees 33% • Growth opportunities 28% • Free trips 20% • Gift certificates 12% • Holiday party 2% • Summer picnic 2%

  8. Rewards are “important” or “very important” as an influence on my retention. • Growth opportunities 38% • Public recognition in front of other employees 25% • Free trips 25% • Gift certificates 10% • Holiday party 0% • Summer picnic 0%

  9. I am satisfied/very satisfied with the company’s current compensation system 64% of all employees surveyed indicated this.

  10. I am satisfied/very satisfied with the company’s current benefits system 50% of employees indicated they are satisfied.

  11. Non-monetary rewards would improve my work morale Only 12% answered “Yes”

  12. The answer to my research question Would non-monetary rewards influence employee attitudes towards performance and retention? YES

  13. Interpreting the Results • Only two elements were ranked as significantly important. Growth/Advancement opportunities Public recognition in front of other employees • Employees appear to be satisfied with current rewards system (salary & benefits).

  14. Recommendations • Integrate “growth opportunities” and “public recognition” in the culture of the company. • As the company grows (20 % per year current growth anticipated) rewards need to be periodically reviewed. What works today might not work two years from now.

  15. Questions?

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