INTANGIBLE REWARDS: A TOOL TO FOIL TALENT EROSION

G. Sindhu, Research Scholar, Anna University

Sarin Chand, II MBA, PPG Business School

INTRODUCTION
Productive workforce is the key to ensuring

organizational success.
Rewards and recognition can be powerful tools for employee motivation and performance improvement. Motivation is the driving force.

Intangible scenario.

rewards

are

assuming

greater

significance in the present tight economic

INTANGIBLE REWARDS
A form of psychic income earned in recognition of superior performance on the job is called intangible reward. It can be in form of a Thank-you letter, public acknowledgment of accomplishments, a special private lunch, smiles, nods and pats on the back encouragement to pursue ideas

MANAGEMENT GURU'S IDEAS AND PRACTICES

"Pay is your ticket to the game, but recognition is what people work for

EMPLOYEE RECOGNITION

Employee recognition is a communication tool that reinforces and rewards the most important outcomes people create for your business.

Intangible VS Tangible Rewards

Many workers leave because they don't feel valued nor a sense of belongingness. Some employees are motivated by financial rewards and others may see motivating with money as vulgar. The second group of employees is more likely to be motivated through the use of nonmonetary rewards such as being thanked publicly or receiving an extra day off.

Intangible VS Tangible Rewards

Once pay exceeds a subsistence level, intrinsic factors are stronger motivators, and staff motivation requires intrinsic rewards such as satisfaction at doing a good job and a sense of doing something worthwhile.

Pay enough so that money isnt an issue, and then give your employees high recognition, autonomy, and the opportunity to learn and grow

ADVANTAGES OF INTANGIBLE REWARDS

Memory Value Flexibility Trophy Value Less expensive

Methods of Motivation and Recognition

On-the-Spot Award

Time Off Award

Honor Award

Certificates of Appreciation
Length of Service Recognition

Opportunity

to

Learn,

Develop

and

Advance as an Employee

Methods of Motivation and Recognition

Flexible Hours Recognition Independence and Autonomy Security of service Praise or recognition Suggestion scheme Job enrichment Promotion opportunities

Successful Intangible rewarding strategies followed in corporate

Marrokal Construction Co.,

Vote for an employee of the quarter Receives an annual vacation Celebration when the company attains its annual goals Hosted a barbecue

Successful Intangible rewarding strategies followed in corporate

Cigna Group: During the busiest times of the year, executives push coffee carts around the office, serving drinks and refreshments to their colleagues.

Cisco Systems Inc.'s: CEO John Chambers hosts a monthly hour-long birthday breakfast for any employee with a birthday that month. Calgon: Calgon had an annual award for 'the best idea that didn't work. This stimulated innovation and positive behavior, not 'winning.

CONCLUSION
Monetary incentives result in employees focus more on producing just enough to get that monetary reward, and less on innovation and teamwork.

Psychologically, people desire recognition, need to feel a part of a team and want to do a good job.
Praise is inexpensive. But the outcome of praise is extremely expensive for any organization.