Is your business suffering a lack of morale and high turnover? You already provide adequate pay and bonuses, but your employees still feel underappreciated. That’s because money doesn’t equal appreciation. But gifts do. There are many reasons that employee gifts are better motivators than cash. Check them out below.
The value of a gift is more than just the dollar amount. A well-thought-out gift shows the giver knows you well enough to give you something you’ll love. It makes you feel the giver cares about you. If they simply gave you the cash value of the gift, it would not have the same effect. A gift makes you feel more noticed and personally connected to the giver.
Conversely, there is no way to personalize money. The only way the added value described above comes across is with a non-monetary gift.
Because of the care that goes into gift giving, recipients feel much more valued than they do from a monetary bonus. The giver spends time and effort picking out the gift for the recipient. This level of care doesn’t go unnoticed by the recipient.
But don’t take our word for it. This global survey found that non-monetary incentives are more effective for motivating employees than money.
Gifts are always a unique surprise, and they’re always new and exciting. They are also very versatile. You can choose the perfect gift to fit the theme of any gift-giving event. But money is always the same, and its meaning doesn’t change. Plus it doesn’t feel like a gift. When it’s bundled into your paycheck, it just feels like wages.
If you think money is all your employees care about, you’re sorely wrong. Employees can get money from any job. But feeling appreciated by their employer is a rare treasure most jobs don’t provide.Giving employee gifts sets you apart as more appreciative than most bosses they could work for. Appreciated employees are far less likely to leave for another job with the same or slightly better pay.
Giving gifts doesn’t just keep your long-time employees from leaving. It works on new employees, too.
If you have high turnover amongst new employees, start offering gifts before they would typically quit. For example, if many of your new hires tend to quit after 2 months, start offering a bonus gift in the second month of employment. Perhaps they were only planning on working for a couple months in the first place. But a company that shows their appreciation right off the bat may be worth sticking around.
Stop expecting money to boost morale at your business. It doesn’t work. Instead, start giving employee gifts any time your team needs a morale boost. Appreciation gifts make employees feel like winners. And employees who feel like winners act like winners.
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