Why use non-cash rewards?
• Research shows it to be more effective - Items that employees would not purchase for themselves increase the value of the incentive and lead to greater effort.
• Higher emotional attachment - Highly hedonic items, such as these non-cash incentives, are thought about more frequently than cash rewards.
• Cash is easily “lost in the shuffle” - Knowing that others will know about the reward (trophy value), as well as the ease of discussing non-cash rewards, increases the value of the incentive.
• Experiences can be shared - Shared memories last longer because you’re reminded every time you interact with the people you had the experience with.